sports betting wagering innovator launches new start-up
17 November 2021
bet9ja.com
Share
close panel
bet9ja.com
Share page
Copy link
About sharing
By Douglas Fraser
Business and economy editor, Scotland
Among Scotland's most effective innovation groups is starting once again with a brand-new firm - and has actually protected the greatest initial financial investment of any British start-up business.
BetDEX is being led by Nigel Eccles, who co-founded fantasy sports betting website FanDuel in 2009 in Edinburgh.
bet9ja.com
The brand-new company has seed financing of $21m.
It intends to introduce a brand-new open source software application platform, on which others can innovate in sports betting wagering, in the first half of next year.
The company is hiring staff from a base in Scotland.
FanDuel was sold to Flutter - previously named Paddy Power Betfair - in 2018 and is now worth more than $30bn.
However, Mr Eccles and other co-founders are in legal conflict with FanDuel's later stage investors over the method in which they a takeover, which left the Edinburgh group without a share of the increasing valuation.
Mr Eccles said that a person thing he gained from the FanDuel experience was to select financiers thoroughly.
He told BBC Scotland: "We took a lot of lessons from that, one of which was the importance of who we choose as financiers in this new company, to guarantee their values are aligned with ours, that they take their fiduciary tasks properly, and that they're the right partners for us."
bet9ja.com
The $21m seed financing for BetDEX consists of stakes taken by 7 backers of US innovation companies, consisting of two large funds - Paradigm and FTX - which specialise in buying companies running with crypto-currencies.
Varun Sudhakar, president of BetDEX, stated: "The sports betting wagering industry charges high costs for bad products and limitations trades by its most effective users.
"BetDEX is diametrically opposed to this approach. We will effectively complete versus incumbents with a markedly superior item and low charges, which is now possible with the introduction of the blockchain technology."
As chairman of the new firm, Mr Eccles said it could look familiar to retail punters utilized to existing online companies.
'Pool of talent'
However, he states that those who utilize its platform to run their own sports betting firms will be able to innovate and produce a broader variety of sports betting items.
He said the normal share taken by online bookmakers is 7% to 10% of a stake, but BetDEX ought to enable that to fall listed below 1%.
The business will establish its own wagering apps to operate on the platform.
Mr Eccles stated these would take an "smart, thoughtful" approach to the way they are marketed to secure those who have problem with problem sports betting.
He said the group of around 500 software application engineers who helped develop FanDuel from Scotland revealed that it stays the place to build a company. BetDEX has the exact same head of innovation, Stuart Tonner.
bit.ly
"A great deal of that [FanDuel] success was constructed on a highly proficient, very talented engineering group, that built this product that might process millions of bets and countless users.
"There's a real talent swimming pool of knowledgeable engineers who helped us construct our product which's what we want to leverage for BetDEX also."
Related topics
Edinburgh
sports betting wagering
More on this story
Paddy Power buys fantasy sports betting site
bet9ja.com
23 May 2018
FanDuel founder leaves business
Published
20 November 2017
1
Sports Betting Innovator Launches new Start-up
Elizbeth Kemp edited this page 2025-01-17 07:08:10 +00:00