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sports betting wagering innovator launches new start-up

17 November 2021

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By Douglas Fraser

Business and economy editor, Scotland

One of Scotland's most effective technology teams is starting once again with a brand-new firm - and has actually protected the most significant initial financial investment of any British start-up company.

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

The new firm has seed funding of $21m.

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

The company is hiring staff from a base in Scotland.
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FanDuel was offered to Flutter - formerly named Paddy Power Betfair - in 2018 and is now worth more than $30bn.
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However, Mr Eccles and other co-founders remain in legal disagreement with FanDuel's later stage financiers over the method which they structured a takeover, which left the Edinburgh team without a share of the .

Mr Eccles stated that a person thing he gained from the FanDuel experience was to choose financiers thoroughly.

He informed BBC Scotland: "We took a great deal of lessons from that, one of which was the value of who we pick as investors in this brand-new business, to ensure their worths are aligned with ours, that they take their fiduciary duties responsibly, and that they're the best partners for us."

The $21m seed financing for BetDEX consists of stakes taken by seven backers of US innovation companies, consisting of two big funds - Paradigm and FTX - which specialise in investing in companies running with crypto-currencies.

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

"BetDEX is diametrically opposed to this technique. We will effectively complete against incumbents with a markedly exceptional product and low costs, which is now possible with the development of the blockchain technology."

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

'Pool of talent'

However, he states that those who use its platform to run their own sports betting companies will have the ability to innovate and produce a larger range of sports betting items.

He stated the common share taken by online bookies is 7% to 10% of a stake, however BetDEX must allow for that to fall listed below 1%.

The company will establish its own wagering apps to operate on the platform.
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Mr Eccles said these would take an "smart, thoughtful" technique to the method they are marketed to secure those who fight with problem sports betting.

He stated the group of around 500 software application engineers who assisted build FanDuel from Scotland revealed that it remains the location to construct a firm. BetDEX has the very same head of technology, Stuart Tonner.

"A great deal of that [FanDuel] success was constructed on an extremely knowledgeable, very skilled engineering group, that built this item that might process countless bets and countless users.

"There's a genuine talent swimming pool of experienced engineers who helped us construct our product and that's what we desire to take advantage of for BetDEX as well."

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Edinburgh

Sports betting

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Published

20 November 2017