sports betting wagering innovator launches brand-new start-up
17 November 2021
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By Douglas Fraser
Business and economy editor, Scotland
Among Scotland's most effective technology teams is starting once again with a new firm - and has secured the biggest initial investment of any British start-up business.
BetDEX is being led by Nigel Eccles, who co-founded dream sports betting site FanDuel in 2009 in Edinburgh.
The brand-new firm has seed financing of $21m.
It intends to introduce a new open source software platform, on which others can innovate in sports betting wagering, in the first half of next year.
The company is recruiting personnel from a base in Scotland.
FanDuel was sold to Flutter - formerly called Paddy Power Betfair - in 2018 and is now worth more than $30bn.
However, Mr Eccles and other co-founders remain in legal dispute with FanDuel's later phase financiers over the method which they structured a takeover, which left the Edinburgh team without a share of the rising evaluation.
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Mr Eccles said that one thing he gained from the FanDuel experience was to pick financiers carefully.
He told BBC Scotland: "We took a great deal of lessons from that, among which was the value of who we pick as financiers in this new business, to ensure their worths are lined up with ours, that they take their fiduciary duties properly, which they're the ideal partners for us."
The $21m seed financing for BetDEX consists of stakes taken by 7 of US technology companies, including two large funds - Paradigm and FTX - which specialise in investing in business running with crypto-currencies.
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Varun Sudhakar, primary executive of BetDEX, stated: "The sports betting market charges high rates for poor items and limits trades by its most effective users.
"BetDEX is diametrically opposed to this method. We will successfully contend versus incumbents with a noticeably remarkable item and low charges, which is now possible with the arrival of the blockchain technology."
As chairman of the brand-new company, Mr Eccles said it might look familiar to retail punters used to existing online companies.
'Pool of skill'
However, he says that those who use its platform to run their own sports betting companies will have the ability to innovate and produce a wider variety of wagering products.
He said the typical share taken by online bookies is 7% to 10% of a stake, however BetDEX needs to permit for that to fall listed below 1%.
The company will establish its own sports betting apps to run on the platform.
Mr Eccles stated these would take an "intelligent, thoughtful" approach to the method they are marketed to secure those who fight with issue sports betting.
He stated the team of around 500 software application engineers who assisted construct FanDuel from Scotland revealed that it stays the location to develop a firm. BetDEX has the very same head of technology, Stuart Tonner.
"A lot of that [FanDuel] success was developed on an extremely knowledgeable, extremely gifted engineering group, that developed this product that could process millions of bets and countless users.
"There's a real skill pool of knowledgeable engineers who assisted us construct our product and that's what we wish to leverage for BetDEX also."
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1
Sports Betting Innovator Launches new Start-up
enriquea57681 edited this page 2025-01-04 08:03:04 +08:00