bet9ja.com
Sports betting innovator launches brand-new start-up
17 November 2021
bet9ja.com
Share
close panel
Share page
Copy link
About sharing
By Douglas Fraser
Business and economy editor, Scotland
One of Scotland's most effective technology teams is beginning once again with a new firm - and has actually protected the biggest initial investment of any British start-up business.
BetDEX is being led by Nigel Eccles, who co-founded dream sports betting site FanDuel in 2009 in Edinburgh.
The brand-new company has seed financing of $21m.
It intends to introduce a brand-new open source software platform, on which others can innovate in sports betting wagering, in the very first half of next year.
The company is hiring personnel from a base in Scotland.
FanDuel was sold to Flutter - formerly called Paddy Power Betfair - in 2018 and is now worth more than $30bn.
However, Mr Eccles and other co-founders are in legal dispute with FanDuel's later phase financiers over the method which they structured a takeover, which left the Edinburgh group without a share of the increasing evaluation.
Mr Eccles said that one thing he gained from the FanDuel experience was to choose investors carefully.
He told BBC Scotland: "We took a great deal of lessons from that, among which was the value of who we choose as investors in this new business, to ensure their values are aligned with ours, that they take their fiduciary responsibilities 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 technology firms, including 2 large funds - Paradigm and FTX - which specialise in buying companies running with .
Varun Sudhakar, president of BetDEX, said: "The sports betting wagering industry charges high rates for bad products and limits trades by its most successful users.
"BetDEX is diametrically opposed to this method. We will successfully complete versus incumbents with a considerably remarkable item and low fees, which is now possible with the development of the blockchain technology."
As chairman of the new firm, Mr Eccles said it might look familiar to retail punters utilized to existing online firms.
'Pool of talent'
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 items.
He said the common share taken by online bookies is 7% to 10% of a stake, however BetDEX ought to allow for that to fall below 1%.
The business will develop its own sports betting apps to operate on the platform.
Mr Eccles said these would take an "intelligent, thoughtful" technique to the method they are marketed to secure those who have problem with issue sports betting.
He stated the group of around 500 software application engineers who assisted develop FanDuel from Scotland showed that it stays the place to build a firm. BetDEX has the very same head of innovation, Stuart Tonner.
"A great deal of that [FanDuel] success was developed on an extremely skilled, very gifted engineering group, that built this item that could process millions of bets and countless users.
"There's a real skill swimming pool of skilled engineers who helped us build our item which's what we desire to take advantage of for BetDEX also."
Related topics
Edinburgh
sports betting wagering
More on this story
Paddy Power purchases fantasy sports betting site
23 May 2018
FanDuel creator leaves business
bet9ja.com
Published
20 November 2017
1
Sports Betting Innovator Launches Brand new Start up
martimontgomer edited this page 1 week ago