bet9ja.com
Sports betting innovator new start-up

17 November 2021

Share

close panel

Share page

Copy link

About sharing

By Douglas Fraser
bit.ly
Business and economy editor, Scotland

One of Scotland's most effective innovation groups is beginning once again with a new firm - and has actually secured the greatest initial investment of any British start-up company.
bet9ja.com
BetDEX is being led by Nigel Eccles, who co-founded dream sports betting wagering site FanDuel in 2009 in Edinburgh.

The new firm has seed funding of $21m.

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

The business is recruiting staff from a base in Scotland.

FanDuel was offered 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 conflict with FanDuel's later phase financiers over the method in which they structured a takeover, which left the Edinburgh group without a share of the increasing valuation.

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

He told BBC Scotland: "We took a great deal of lessons from that, among which was the value of who we pick as investors in this brand-new business, to guarantee their worths are lined up with ours, that they take their fiduciary duties responsibly, which they're the best partners for us."

The $21m seed financing for BetDEX consists of stakes taken by 7 backers of US technology companies, consisting of 2 big funds - Paradigm and FTX - which specialise in purchasing companies running with crypto-currencies.
bet9ja.com
Varun Sudhakar, president of BetDEX, stated: "The sports betting industry charges high prices for poor items and limits trades by its most effective users.

"BetDEX is diametrically opposed to this technique. We will successfully compete versus incumbents with a noticeably remarkable item and low fees, which is now possible with the introduction of the blockchain technology."

As chairman of the brand-new firm, Mr Eccles stated 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 firms will be able to innovate and create a larger variety of sports betting items.
bet9ja.com
He said the normal share taken by online bookmakers is 7% to 10% of a stake, however BetDEX should enable that to fall below 1%.

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

Mr Eccles stated these would take an "intelligent, thoughtful" method to the way they are marketed to safeguard those who have problem with problem gaming.
bet9ja.com
He stated the team of around 500 software application engineers who helped build FanDuel from Scotland revealed that it remains the location to develop a firm. BetDEX has the same head of innovation, Stuart Tonner.

"A great deal of that [FanDuel] success was built on an extremely skilled, very talented 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 wish to utilize for BetDEX as well."

Related topics

Edinburgh
bit.ly
Sports betting

More on this story

Paddy Power buys fantasy sports betting site

23 May 2018

FanDuel founder leaves business

Published

20 November 2017