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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 successful technology groups is beginning once again with a brand-new company - and has actually secured the most significant initial investment of any British start-up company.
BetDEX is being led by Nigel Eccles, who co-founded fantasy sports betting wagering website FanDuel in 2009 in Edinburgh.
The brand-new company has seed funding of $21m.
It intends 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.
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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 disagreement with FanDuel's later stage financiers over the method which they structured a takeover, which left the Edinburgh group without a share of the rising evaluation.
Mr Eccles stated that a person thing he found out from the FanDuel experience was to pick investors carefully.
He informed BBC Scotland: "We took a lot of lessons from that, among which was the value of who we choose as financiers in this brand-new company, to ensure their values are aligned with ours, that they take their fiduciary responsibilities responsibly, which they're the ideal partners for us."
The $21m seed funding for BetDEX of stakes taken by seven backers of US innovation companies, consisting of two big funds - Paradigm and FTX - which specialise in buying companies running with crypto-currencies.
Varun Sudhakar, president of BetDEX, said: "The sports betting wagering industry charges high prices for poor products and limits trades by its most effective users.
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"BetDEX is diametrically opposed to this approach. We will successfully complete against incumbents with a considerably superior item and low costs, which is now possible with the arrival of the blockchain technology."
As chairman of the brand-new firm, Mr Eccles stated it could look familiar to retail punters utilized to existing online firms.
'Pool of skill'
However, he states that those who utilize its platform to run their own wagering companies will have the ability to innovate and create a wider series of sports betting products.
He said the typical share taken by online bookies is 7% to 10% of a stake, however BetDEX should permit for that to fall below 1%.
The company will develop 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 struggle with problem gaming.
He stated the team of around 500 software application engineers who assisted develop FanDuel from Scotland revealed that it stays the place to develop a company. BetDEX has the very same head of innovation, Stuart Tonner.
"A great deal of that [FanDuel] success was built on an extremely knowledgeable, very skilled engineering team, that constructed this product that might process millions of bets and countless users.
"There's a real talent swimming pool of knowledgeable engineers who helped us develop our product and that's what we desire to leverage for BetDEX too."
Related subjects
Edinburgh
sports betting wagering
More on this story
Paddy Power buys fantasy sports betting site
23 May 2018
FanDuel creator leaves company
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Published
20 November 2017
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Sports Betting Innovator Launches Brand new Start up
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