bet9ja-promotion-code-yohaig

bit.ly
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 editor, Scotland

Among Scotland's most effective technology teams is starting again with a brand-new firm - and has secured the greatest 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 firm has seed funding of $21m.

It aims to launch a new open source software 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 sold to Flutter - formerly 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 financiers over the method which they structured a takeover, which left the Edinburgh team without a share of the rising assessment.

Mr Eccles stated that a person thing he gained from the FanDuel experience was to choose financiers carefully.

He informed BBC Scotland: "We took a great deal of lessons from that, one of which was the significance of who we choose as financiers in this brand-new service, to ensure their worths are lined up with ours, that they take their fiduciary responsibilities properly, which they're the right partners for us."

The $21m seed funding for BetDEX includes stakes taken by 7 backers of US technology firms, including 2 big funds - Paradigm and FTX - which specialise in investing in business running with crypto-currencies.

Varun Sudhakar, president of BetDEX, stated: "The sports betting wagering industry charges high costs for poor products and limits trades by its most effective users.

"BetDEX is diametrically opposed to this technique. We will effectively compete versus incumbents with a markedly superior product and low charges, which is now possible with the development of the blockchain technology."

As chairman of the new firm, Mr Eccles stated it could look familiar to retail punters utilized to existing online companies.
bet9ja.com
'Pool of talent'

However, he states that those who use its platform to run their own sports betting firms will be able to innovate and produce a wider series of wagering items.

He stated the common share taken by online bookmakers is 7% to 10% of a stake, but BetDEX should permit that to fall listed below 1%.

The company will establish its own wagering apps to operate on the platform.

Mr Eccles said these would take an "smart, thoughtful" approach to the method they are marketed to protect those who have a hard time with problem gaming.
bet9ja.com
He stated the group of around 500 software engineers who assisted construct FanDuel from Scotland revealed that it remains the location to construct a company. BetDEX has the very same head of technology, Stuart Tonner.
bet9ja.com
"A great deal of that [FanDuel] success was built on a highly knowledgeable, really gifted engineering group, that built this product that could process countless bets and countless users.

"There's a genuine skill pool of skilled engineers who assisted us develop our item and that's what we want to utilize for BetDEX too."
bit.ly
Related subjects

Edinburgh

sports betting wagering

More on this story

Paddy Power purchases dream sports betting site

23 May 2018

FanDuel creator leaves business

Published

20 November 2017
bet9ja.com