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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

One of Scotland's most effective innovation groups is beginning once again with a brand-new firm - and has actually secured the most significant preliminary investment of any British start-up company.

BetDEX is being led by Nigel Eccles, who co-founded fantasy sports betting wagering site FanDuel in 2009 in Edinburgh.

The new company has seed financing of $21m.

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

The business is recruiting staff 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 conflict with FanDuel's later phase investors 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 learned from the FanDuel experience was to select investors thoroughly.

He told BBC Scotland: "We took a great deal of lessons from that, among which was the importance of who we choose as financiers in this brand-new business, to ensure their values are aligned with ours, that they take their fiduciary duties responsibly, which they're the ideal partners for us."

The $21m seed financing for BetDEX includes stakes taken by seven backers of US innovation firms, consisting of 2 large funds - and FTX - which specialise in buying business running with crypto-currencies.

Varun Sudhakar, primary executive of BetDEX, stated: "The sports betting wagering industry charges high costs for bad items and limits trades by its most effective users.

"BetDEX is diametrically opposed to this method. We will effectively contend versus incumbents with a noticeably superior item and low charges, which is now possible with the introduction of the blockchain technology."

As chairman of the brand-new company, Mr Eccles said it could look familiar to retail punters used to existing online firms.

'Pool of talent'

However, he says that those who utilize its platform to run their own sports betting companies will be able to innovate and create a broader series of wagering products.

He said the normal share taken by online bookmakers is 7% to 10% of a stake, but BetDEX needs to enable that to fall listed below 1%.

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

Mr Eccles said these would take an "intelligent, thoughtful" technique to the way they are marketed to secure those who fight with problem gambling.

He stated the group of around 500 software application engineers who helped build FanDuel from Scotland revealed that it stays the place to develop a company. BetDEX has the very same head of technology, Stuart Tonner.

"A lot of that [FanDuel] success was developed on a highly proficient, extremely skilled engineering group, that developed this item that might process countless bets and countless users.

"There's a real skill pool of experienced engineers who assisted us develop our item which's what we wish to leverage for BetDEX too."

Related subjects

Edinburgh

Sports betting

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