bet9ja.com
Sports betting innovator launches brand-new start-up
17 November 2021
Share
close panel
Share page
bit.ly
Copy link
About sharing
By Douglas Fraser
Business and economy editor, Scotland
Among Scotland's most effective innovation groups is starting again with a brand-new firm - and has secured the greatest preliminary financial investment of any British start-up company.
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 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.
bet9ja.com
The company is recruiting 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 dispute with FanDuel's later phase investors over the method which they structured a takeover, which left the Edinburgh team without a share of the rising appraisal.
Mr Eccles said that one thing he gained from the FanDuel experience was to pick financiers thoroughly.
He informed BBC Scotland: "We took a great deal of lessons from that, one of which was the importance of who we pick as financiers in this new service, to guarantee their worths are aligned with ours, that they take their fiduciary responsibilities responsibly, and that they're the ideal partners for us."
The $21m seed funding for BetDEX includes stakes taken by seven backers of US technology firms, consisting of two large funds - Paradigm and FTX - which specialise in purchasing companies operating with crypto-currencies.
bet9ja.com
Varun Sudhakar, president of BetDEX, said: "The sports betting wagering industry charges high prices for poor items and limits trades by its most effective users.
"BetDEX is diametrically opposed to this method. We will effectively complete versus incumbents with a markedly superior product and low charges, which is now possible with the arrival of the blockchain innovation."
As chairman of the brand-new firm, Mr Eccles stated it could look familiar to retail punters used to existing online firms.
'Pool of talent'
However, he states that those who utilize its platform to run their own sports betting companies will have the ability to innovate and develop a broader range of wagering items.
He said the typical share taken by online bookmakers is 7% to 10% of a stake, but BetDEX ought to allow for that to fall below 1%.
The business will establish its own wagering apps to operate on the platform.
Mr Eccles said these would take an "intelligent, thoughtful" technique to the way they are marketed to protect those who fight with problem gambling.
He stated the team of around 500 software engineers who assisted develop FanDuel from Scotland revealed that it stays the place to construct a company. BetDEX has the exact same head of innovation, Stuart Tonner.
"A great deal of that [FanDuel] success was developed on an extremely experienced, very talented engineering group, that developed this product that might process millions of bets and millions of users.
bit.ly
"There's a real skill pool of experienced engineers who helped us build our product and that's what we want to leverage for BetDEX also."
Related topics
Edinburgh
sports betting wagering
More on this story
bet9ja.com
Paddy Power purchases dream sports betting website
23 May 2018
leaves business
Published
20 November 2017
bet9ja.com
1
Sports Betting Innovator Launches new Start-up
raymondherron4 edited this page 2025-01-01 22:59:53 -06:00