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sports betting wagering innovator launches brand-new start-up
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17 November 2021
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By Douglas Fraser

Business and economy editor, Scotland

Among Scotland's most effective innovation teams is beginning once again with a brand-new firm - and has secured the biggest preliminary financial investment of any British .
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BetDEX is being led by Nigel Eccles, who co-founded dream sports betting website FanDuel in 2009 in Edinburgh.

The new firm has seed financing of $21m.

It aims to release a new open source software application platform, on which others can innovate in sports betting wagering, in the first half of next year.

The company is hiring personnel from a base in Scotland.

FanDuel was sold to Flutter - formerly named Paddy Power Betfair - in 2018 and is now worth more than $30bn.

However, Mr Eccles and other co-founders are in legal dispute with FanDuel's later stage financiers over the method which they structured a takeover, which left the Edinburgh team without a share of the rising assessment.

Mr Eccles said that a person thing he gained from the FanDuel experience was to choose investors thoroughly.

He informed BBC Scotland: "We took a great deal of lessons from that, among which was the value of who we pick as financiers in this brand-new company, to guarantee their values are lined up with ours, that they take their fiduciary responsibilities properly, and that they're the ideal partners for us."

The $21m seed funding for BetDEX consists of stakes taken by 7 backers of US technology companies, consisting of two large funds - Paradigm and FTX - which specialise in investing in business running with crypto-currencies.

Varun Sudhakar, primary executive of BetDEX, stated: "The sports betting wagering market charges high prices for bad products and limits trades by its most effective users.
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"BetDEX is diametrically opposed to this technique. We will effectively complete against incumbents with a considerably exceptional item and low charges, which is now possible with the development of the blockchain innovation."

As chairman of the new firm, Mr Eccles said it might look familiar to retail punters utilized to existing online firms.

'Pool of talent'

However, he states that those who utilize its platform to run their own sports betting firms will have the ability to innovate and develop a larger variety of wagering products.

He stated the common share taken by online bookmakers is 7% to 10% of a stake, but BetDEX ought to allow for that to fall below 1%.

The business will develop its own wagering apps to run on the platform.

Mr Eccles said these would take an "smart, thoughtful" method to the method they are marketed to secure those who have problem with problem gambling.

He said the team of around 500 software application engineers who assisted develop FanDuel from Scotland showed that it remains the place to build a firm. BetDEX has the very same head of technology, Stuart Tonner.

"A lot of that [FanDuel] success was built on a highly skilled, very talented engineering team, that developed this item that might process millions of bets and millions of users.

"There's a real talent swimming pool of knowledgeable engineers who assisted us construct our item which's what we desire to leverage for BetDEX too."

Related subjects

Edinburgh

Sports betting

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Published

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