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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 technology groups is beginning again with a new firm - and has secured the biggest initial financial investment of any British start-up business.

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

The new firm has seed financing 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 business is hiring personnel from a base in Scotland.

FanDuel was offered to Flutter - formerly called Betfair - in 2018 and is now worth more than $30bn.
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However, Mr Eccles and other co-founders are in legal conflict with FanDuel's later stage financiers over the way in which they structured a takeover, which left the Edinburgh team without a share of the increasing appraisal.

Mr Eccles said that a person thing he learned from the FanDuel experience was to pick investors carefully.

He told BBC Scotland: "We took a lot of lessons from that, among which was the significance of who we choose as financiers in this brand-new service, to guarantee their values are lined up with ours, that they take their fiduciary tasks properly, and that 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, consisting of two large funds - Paradigm and FTX - which specialise in investing in business running with crypto-currencies.

Varun Sudhakar, primary executive of BetDEX, stated: "The sports betting wagering market charges high rates for poor products and limits trades by its most successful users.

"BetDEX is diametrically opposed to this method. We will effectively compete versus incumbents with a markedly exceptional item and low charges, which is now possible with the introduction of the blockchain innovation."

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

'Pool of talent'
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However, he says that those who use its platform to run their own wagering firms will have the ability to innovate and create a larger range of wagering products.

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

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

Mr Eccles said these would take an "smart, thoughtful" approach to the way they are marketed to secure those who fight with problem gaming.

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

"A great deal of that [FanDuel] success was developed on a highly proficient, extremely gifted engineering team, that developed this item that could process countless bets and millions of users.

"There's a real talent pool of knowledgeable engineers who assisted us construct our item and that's what we desire to take advantage of for BetDEX as well."

Related subjects

Edinburgh

Sports betting

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