sports betting wagering innovator launches brand-new start-up
17 November 2021
Share
close panel
Share page
Copy link
About sharing
By Douglas Fraser
Business and economy editor, Scotland
One of Scotland's most effective innovation teams is beginning again with a new firm - and has actually secured the greatest initial financial investment of any British start-up company.
BetDEX is being led by Nigel Eccles, who co-founded dream sports betting site FanDuel in 2009 in Edinburgh.
The new company has seed funding of $21m.
It intends to introduce a brand-new open source software platform, on which others can innovate in sports betting, in the very first half of next year.
The business is recruiting personnel from a base in Scotland.
FanDuel was offered to Flutter - formerly named Paddy Power Betfair - in 2018 and is now worth more than $30bn.
However, Mr Eccles and other co-founders are in legal disagreement with FanDuel's later phase financiers over the method in which they structured a takeover, which left the Edinburgh group without a share of the rising evaluation.
Mr Eccles said that one thing he found out from the FanDuel experience was to pick investors carefully.
bet9ja.com
He told BBC Scotland: "We took a great deal of lessons from that, one of which was the value of who we choose as financiers in this new service, to guarantee their values are lined up with ours, that they take their fiduciary responsibilities responsibly, and that they're the ideal partners for us."
bet9ja.com
The $21m seed financing for BetDEX includes stakes taken by 7 backers of US technology firms, including two large funds - Paradigm and FTX - which specialise in purchasing business running with .
Varun Sudhakar, president of BetDEX, said: "The sports betting market charges high prices for poor products and limits trades by its most effective users.
bit.ly
"BetDEX is diametrically opposed to this approach. We will effectively complete against incumbents with a considerably superior item and low fees, which is now possible with the arrival of the blockchain technology."
bet9ja.com
As chairman of the brand-new company, Mr Eccles stated it might look familiar to retail punters used to existing online companies.
'Pool of talent'
However, he says that those who use its platform to run their own wagering companies will be able to innovate and develop a broader series of sports betting items.
bet9ja.com
He stated the typical share taken by online bookies is 7% to 10% of a stake, however BetDEX needs to enable that to fall listed below 1%.
The company will establish its own sports betting apps to operate on the platform.
Mr Eccles stated these would take an "intelligent, thoughtful" approach to the method they are marketed to protect those who struggle with problem sports betting.
He stated the team of around 500 software application engineers who assisted develop FanDuel from Scotland showed that it remains the location to develop a company. BetDEX has the same head of innovation, Stuart Tonner.
"A lot of that [FanDuel] success was developed on a highly knowledgeable, extremely gifted engineering team, that built this item that could process millions of bets and millions of users.
"There's a genuine skill swimming pool of knowledgeable engineers who helped us develop our item which's what we want to take advantage of for BetDEX as well."
Related topics
bet9ja.com
Edinburgh
Sports betting
bet9ja.com
More on this story
Paddy Power buys dream sports betting website
23 May 2018
FanDuel creator leaves company
Published
20 November 2017
1
Sports Betting Innovator Launches new Start-up
dkibetsy834306 edited this page 2025-01-02 12:31:35 +08:00