bet9ja-promo-code-yohaig

Sports betting innovator launches brand-new start-up

17 November 2021

Share

close panel

Share page

Copy link

About sharing

By Douglas Fraser

Business and economy editor, Scotland

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

BetDEX is being led by Nigel Eccles, who co-founded dream sports betting website FanDuel in 2009 in Edinburgh.
bet9ja.com
The brand-new firm has seed funding of $21m.

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

The business is hiring staff from a base in Scotland.

FanDuel was offered to Flutter - previously 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 financiers over the method which they structured a takeover, which left the Edinburgh team without a share of the increasing valuation.
bet9ja.com
Mr Eccles said that a person thing he found out from the FanDuel experience was to choose financiers thoroughly.
bet9ja.com
He told BBC Scotland: "We took a lot of lessons from that, one of which was the significance of who we choose as financiers in this brand-new organization, to guarantee their worths are aligned with ours, that they take their fiduciary responsibilities properly, which they're the right partners for us."
bet9ja.com
The $21m seed funding for BetDEX consists of stakes taken by 7 backers of US technology firms, including 2 big funds - Paradigm and FTX - which specialise in buying companies with crypto-currencies.
bit.ly
Varun Sudhakar, president of BetDEX, said: "The sports betting market charges high prices for poor products and limitations trades by its most effective users.

"BetDEX is diametrically opposed to this approach. We will successfully compete against incumbents with a noticeably exceptional 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 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 firms will be able to innovate and create a wider range of sports betting products.

He stated the normal share taken by online bookies is 7% to 10% of a stake, however BetDEX needs to enable that to fall below 1%.

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

Mr Eccles stated these would take an "smart, thoughtful" technique to the method they are marketed to protect those who fight with problem gambling.

He said the team of around 500 software application engineers who assisted develop FanDuel from Scotland showed that it remains the place to construct a company. BetDEX has the exact same head of innovation, Stuart Tonner.

"A lot of that [FanDuel] success was developed on a highly knowledgeable, extremely skilled engineering group, that built this product that could process millions of bets and millions of users.

"There's a genuine skill swimming pool of knowledgeable engineers who helped us construct our item which's what we desire to utilize for BetDEX too."

Related subjects
bit.ly
Edinburgh

sports betting wagering

More on this story

Paddy Power purchases fantasy sports betting site

23 May 2018

FanDuel founder leaves business

Published

20 November 2017