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Sports betting innovator launches new start-up
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17 November 2021
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By Douglas Fraser
Business and economy editor, Scotland
One of Scotland's most successful innovation groups is beginning once again with a new company - and has actually protected the biggest initial investment of any British start-up business.
BetDEX is being led by Nigel Eccles, who co-founded dream sports betting website FanDuel in 2009 in Edinburgh.
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The brand-new firm has seed financing of $21m.
It intends to launch a 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 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 remain in legal disagreement with FanDuel's later stage investors over the method which they structured a takeover, which left the Edinburgh group without a share of the increasing appraisal.
Mr Eccles stated that a person thing he gained from the FanDuel experience was to choose investors thoroughly.
He told BBC Scotland: "We took a great deal of lessons from that, among which was the importance of who we pick as financiers in this brand-new service, to guarantee their values are lined up with ours, that they take their fiduciary responsibilities responsibly, and that they're the right partners for us."
The $21m seed financing for BetDEX includes stakes taken by seven backers of US innovation companies, consisting of 2 big funds - Paradigm and FTX - which specialise in purchasing companies operating with crypto-currencies.
Varun Sudhakar, president of BetDEX, stated: "The sports betting wagering industry charges high costs for poor products and limitations trades by its most effective users.
"BetDEX is diametrically opposed to this . We will successfully contend against incumbents with a markedly exceptional item and low fees, which is now possible with the introduction of the blockchain technology."
As chairman of the brand-new company, Mr Eccles stated it could look familiar to retail punters utilized to existing online companies.
'Pool of skill'
However, he states that those who use its platform to run their own sports betting companies will be able to innovate and produce a broader series of sports betting items.
He stated the typical share taken by online bookies is 7% to 10% of a stake, however BetDEX ought to enable that to fall below 1%.
The business will establish its own sports betting apps to operate on the platform.
Mr Eccles said these would take an "smart, thoughtful" method to the way they are marketed to safeguard those who fight with problem gambling.
He stated the team of around 500 software application engineers who assisted build FanDuel from Scotland showed that it stays the location to build a company. BetDEX has the very same head of innovation, Stuart Tonner.
"A lot of that [FanDuel] success was constructed on a highly knowledgeable, extremely gifted engineering group, that constructed this item that might process countless bets and countless users.
"There's a genuine talent swimming pool of experienced engineers who helped us build our item and that's what we want to leverage for BetDEX also."
Related topics
Edinburgh
Sports betting
More on this story
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Paddy Power purchases dream sports betting website
23 May 2018
FanDuel creator leaves company
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Published
20 November 2017
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Sports Betting Innovator Launches new Start-up
sabinawarnes94 edited this page 2025-01-02 08:51:04 +08:00