sports betting wagering innovator launches brand-new start-up
bet9ja.com
17 November 2021
bit.ly
Share
close panel
Share page
Copy link
About sharing
bet9ja.com
By Douglas Fraser
Business and economy editor, Scotland
Among Scotland's most effective technology groups is beginning again with a brand-new firm - and has protected the biggest preliminary financial 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.
The brand-new firm 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 very first half of next year.
The company is recruiting personnel from a base in Scotland.
bet9ja.com
FanDuel was sold to Flutter - previously called Paddy Power - in 2018 and is now worth more than $30bn.
However, Mr Eccles and other co-founders remain in legal conflict with FanDuel's later phase financiers over the method which they structured a takeover, which left the Edinburgh group without a share of the increasing evaluation.
Mr Eccles said that one thing he discovered from the FanDuel experience was to pick financiers carefully.
He told BBC Scotland: "We took a lot of lessons from that, among which was the importance of who we pick as financiers in this new business, to guarantee their values are lined up with ours, that they take their fiduciary responsibilities responsibly, which they're the right partners for us."
The $21m seed funding for BetDEX consists of stakes taken by seven backers of US technology firms, consisting of two large funds - Paradigm and FTX - which specialise in purchasing business operating with crypto-currencies.
Varun Sudhakar, president of BetDEX, said: "The sports betting industry charges high rates for bad items and limits trades by its most successful users.
"BetDEX is diametrically opposed to this approach. We will effectively contend versus incumbents with a markedly remarkable item and low charges, which is now possible with the development of the blockchain innovation."
bet9ja.com
As chairman of the new company, Mr Eccles said it might look familiar to retail punters used to existing online firms.
'Pool of talent'
However, he says that those who use its platform to run their own wagering companies will have the ability to innovate and create a broader series of sports betting products.
He stated the common share taken by online bookmakers is 7% to 10% of a stake, but BetDEX ought to permit that to fall listed below 1%.
The business will establish its own sports betting apps to operate on the platform.
bet9ja.com
Mr Eccles said these would take an "intelligent, thoughtful" approach to the method they are marketed to secure those who struggle with problem sports betting.
He stated the group of around 500 software application engineers who assisted develop FanDuel from Scotland revealed that it stays the location to construct a company. BetDEX has the same head of innovation, Stuart Tonner.
"A great deal of that [FanDuel] success was developed on an extremely proficient, very skilled engineering team, that developed this item that could process countless bets and countless users.
"There's a genuine talent swimming pool of knowledgeable engineers who assisted us develop our product and that's what we desire to take advantage of for BetDEX too."
Related subjects
Edinburgh
sports betting wagering
More on this story
Paddy Power buys dream sports betting site
23 May 2018
FanDuel founder leaves business
Published
20 November 2017
1
Sports Betting Innovator Launches new Start-up
debvandorn4573 edited this page 2025-01-06 05:12:54 +00:00