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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

Among Scotland's most successful technology groups is beginning once again with a brand-new firm - and has secured the most significant preliminary 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.

The new company has seed funding of $21m.

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

The company is recruiting staff from a base in Scotland.
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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 phase investors over the way in 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 learned from the FanDuel experience was to choose financiers thoroughly.

He told BBC Scotland: "We took a great deal of lessons from that, among which was the value of who we pick as financiers in this brand-new organization, to ensure their values are aligned with ours, that they take their fiduciary duties properly, which they're the right partners for us."
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The $21m seed funding for BetDEX includes stakes taken by seven backers of US technology companies, including 2 big funds - Paradigm and FTX - which in buying business operating with crypto-currencies.

Varun Sudhakar, president of BetDEX, stated: "The sports betting wagering industry charges high rates for poor products and limitations trades by its most effective users.

"BetDEX is diametrically opposed to this approach. We will effectively complete against incumbents with a markedly remarkable product and low fees, which is now possible with the advent of the blockchain technology."

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

'Pool of skill'

However, he states that those who utilize its platform to run their own wagering firms will have the ability to innovate and develop a larger variety of sports betting products.

He stated the common 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 wagering apps to operate on the platform.

Mr Eccles stated these would take an "intelligent, thoughtful" method to the method they are marketed to protect those who battle with problem sports betting.

He said the team of around 500 software engineers who assisted build FanDuel from Scotland revealed that it remains the place to develop a company. BetDEX has the exact same head of innovation, Stuart Tonner.

"A lot of that [FanDuel] success was constructed on a highly knowledgeable, extremely skilled engineering team, that built this product that might process countless bets and countless users.

"There's a genuine talent swimming pool of knowledgeable engineers who helped us build our product and that's what we wish to utilize for BetDEX also."

Related topics

Edinburgh

Sports betting

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FanDuel creator leaves business

Published

20 November 2017
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