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sports betting wagering innovator launches brand-new start-up
17 November 2021
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By Douglas Fraser
Business and economy editor, Scotland
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Among Scotland's most successful innovation teams is starting again with a new company - and has protected the most significant preliminary financial investment of any British start-up business.
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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 brand-new open source software application platform, on which others can innovate in sports betting wagering, in the very first half of next year.
The company is recruiting staff from a base in Scotland.
FanDuel was sold to formerly named 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 phase investors over the method which they structured a takeover, which left the Edinburgh group without a share of the increasing assessment.
Mr Eccles said that a person thing he discovered from the FanDuel experience was to pick financiers thoroughly.
He told BBC Scotland: "We took a great deal of lessons from that, among which was the significance of who we select as investors in this new company, to guarantee their values are aligned with ours, that they take their fiduciary tasks responsibly, and that they're the ideal partners for us."
The $21m seed financing for BetDEX includes stakes taken by 7 backers of US technology companies, including 2 large funds - Paradigm and FTX - which specialise in purchasing business operating with crypto-currencies.
Varun Sudhakar, president of BetDEX, said: "The sports betting wagering market charges high prices for bad items and limits trades by its most successful users.
"BetDEX is diametrically opposed to this approach. We will effectively compete versus incumbents with a markedly remarkable product and low fees, which is now possible with the arrival of the blockchain innovation."
As chairman of the brand-new company, Mr Eccles stated it could look familiar to retail punters utilized to existing online companies.
'Pool of talent'
However, he says that those who utilize its platform to run their own wagering firms will have the ability to innovate and develop a broader variety of sports betting items.
He said the normal share taken by online bookmakers is 7% to 10% of a stake, however BetDEX needs to permit that to fall below 1%.
The company will develop its own wagering apps to run on the platform.
Mr Eccles stated these would take an "intelligent, thoughtful" technique to the way they are marketed to protect those who battle with issue gaming.
He said the group of around 500 software engineers who assisted construct FanDuel from Scotland showed that it remains the place to build a firm. BetDEX has the very same head of technology, Stuart Tonner.
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"A lot of that [FanDuel] success was developed on a highly knowledgeable, extremely skilled engineering team, that constructed this product that could process countless 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 desire to utilize for BetDEX too."
Related subjects
Edinburgh
sports betting wagering
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FanDuel creator leaves company
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Sports Betting Innovator Launches new Start up
willisabate483 edited this page 3 months ago