Sports betting innovator launches start-up
17 November 2021
Share
close panel
bit.ly
Share page
Copy link
About sharing
By Douglas Fraser
Business and economy editor, Scotland
One of Scotland's most successful technology groups is starting again with a new firm - and has actually protected the most significant preliminary financial investment of any British start-up business.
BetDEX is being led by Nigel Eccles, who co-founded dream sports betting wagering website FanDuel in 2009 in Edinburgh.
The brand-new firm has seed financing of $21m.
It aims to release a new open source software platform, on which others can innovate in sports betting, in the very first half of next year.
The business is hiring staff from a base in Scotland.
FanDuel was offered to Flutter - previously called Paddy Power Betfair - in 2018 and is now worth more than $30bn.
bet9ja.com
However, Mr Eccles and other co-founders are in legal disagreement with FanDuel's later phase financiers over the way in which they structured a takeover, which left the Edinburgh team without a share of the increasing assessment.
Mr Eccles said that a person thing he gained from the FanDuel experience was to choose financiers carefully.
bet9ja.com
He told BBC Scotland: "We took a lot of lessons from that, one of which was the importance of who we select as financiers in this brand-new service, to guarantee their worths are lined up with ours, that they take their fiduciary responsibilities responsibly, 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 2 large funds - Paradigm and FTX - which specialise in investing in companies operating with crypto-currencies.
Varun Sudhakar, primary executive of BetDEX, said: "The sports betting market charges high costs for bad items and limits trades by its most successful users.
bet9ja.com
"BetDEX is diametrically opposed to this method. We will effectively contend versus incumbents with a significantly remarkable item and low fees, 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 companies.
bit.ly
'Pool of talent'
bet9ja.com
However, he says that those who utilize its platform to run their own wagering firms will have the ability to innovate and produce a larger variety of wagering items.
He stated the common share taken by online bookies is 7% to 10% of a stake, however BetDEX ought to permit that to fall listed below 1%.
The company will develop its own wagering apps to operate on the platform.
Mr Eccles stated these would take an "smart, thoughtful" technique to the way they are marketed to secure those who deal with issue gaming.
He stated the group of around 500 software engineers who assisted build FanDuel from Scotland revealed that it remains the place to construct a firm. BetDEX has the same head of technology, Stuart Tonner.
"A lot of that [FanDuel] success was built on an extremely proficient, extremely gifted engineering group, that built this product that could process millions of bets and millions of users.
"There's a real skill pool of skilled engineers who helped us build our product and that's what we wish to utilize for BetDEX as well."
Related topics
Edinburgh
Sports betting
More on this story
Paddy Power purchases dream sports betting site
23 May 2018
FanDuel creator leaves company
Published
20 November 2017
bet9ja.com
1
Sports Betting Innovator Launches new Start up
lachlan89u666 edited this page 2 months ago