Sports betting innovator launches brand-new start-up
bet9ja.com
17 November 2021
Share
close panel
Share page
Copy link
About sharing
By Douglas Fraser
Business and economy editor, Scotland
Among Scotland's most effective innovation teams is beginning again with a new firm - and has protected the biggest initial financial investment of any British start-up company.
bit.ly
BetDEX is being led by Nigel Eccles, who co-founded dream sports betting wagering website FanDuel in 2009 in Edinburgh.
The brand-new company has seed funding of $21m.
It aims to launch a new open source software application platform, on which others can innovate in sports betting, in the very first half of next year.
bet9ja.com
The business is recruiting staff 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 disagreement with FanDuel's later stage investors over the method which they structured a takeover, which left the Edinburgh group without a share of the increasing evaluation.
Mr Eccles stated that a person thing he learned from the FanDuel experience was to pick investors thoroughly.
He informed BBC Scotland: "We took a great deal of lessons from that, among which was the value of who we select as investors in this brand-new company, to ensure their values are aligned with ours, that they take their fiduciary duties responsibly, and that they're the best partners for us."
The $21m seed funding for BetDEX includes stakes taken by seven backers of US companies, consisting of 2 big funds - Paradigm and FTX - which specialise in buying business operating with crypto-currencies.
Varun Sudhakar, primary executive of BetDEX, said: "The sports betting market charges high costs for bad items and limits trades by its most successful users.
"BetDEX is diametrically opposed to this method. We will successfully complete versus incumbents with a noticeably exceptional product and low charges, which is now possible with the development of the blockchain innovation."
bit.ly
As chairman of the brand-new company, Mr Eccles said it might look familiar to retail punters utilized to existing online firms.
'Pool of skill'
However, he says that those who utilize its platform to run their own sports betting companies will have the ability to innovate and create a wider range of sports betting products.
He said the normal share taken by online bookies is 7% to 10% of a stake, however BetDEX needs to enable that to fall listed below 1%.
The company will establish its own wagering apps to run on the platform.
Mr Eccles said these would take an "smart, thoughtful" method to the method they are marketed to secure those who have problem with problem sports betting.
He stated the group of around 500 software application engineers who assisted construct FanDuel from Scotland revealed that it stays the place to develop a company. BetDEX has the very same head of innovation, Stuart Tonner.
"A great deal of that [FanDuel] success was constructed on an extremely knowledgeable, very skilled engineering group, that constructed this item that could process millions of bets and countless users.
bit.ly
"There's a real skill swimming pool of knowledgeable engineers who helped us build our product which's what we wish to leverage for BetDEX too."
Related subjects
Edinburgh
Sports betting
More on this story
Paddy Power purchases fantasy sports betting site
23 May 2018
FanDuel creator leaves business
bit.ly
Published
20 November 2017
1
Sports Betting Innovator Launches new Start up
delmarmonte357 edited this page 11 months ago