Add 'Sports Betting Innovator Launches new Start-up'
commit
baec8b4a8b
@ -0,0 +1,39 @@
|
||||
<br>[sports betting](https://youtoosocialnetwork.com/read-blog/1300_things-you-need-to-understand-about-rafting-adventures.html) wagering innovator launches new start-up<br>
|
||||
<br>17 November 2021<br>
|
||||
<br>Share<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
|
||||
<br>close panel<br>
|
||||
<br>Share page<br>
|
||||
<br>Copy link<br>
|
||||
<br>About sharing<br>
|
||||
<br>By Douglas Fraser<br>
|
||||
<br>Business and economy editor, Scotland<br>
|
||||
<br>One of Scotland's most effective technology groups is [starting](https://bence.net/read-blog/6365_the-ins-and-outs-of-betting-on-the-nfl-draft.html) again with a new company - and has secured the greatest initial financial investment of any [British start-up](https://hyped4gamers.com/read-blog/2416_missouri-sports-betting-ballot-measure-approved-by-voters.html) company.<br>
|
||||
<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](https://followmylive.com/read-blog/19561_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) wagering site FanDuel in 2009 in Edinburgh.<br>
|
||||
<br>The has seed financing of $21m.<br>
|
||||
<br>It intends to release a new open source software application platform, on which others can innovate in [sports betting](http://1600-6765.com/board_fyUJ95/176173), in the very first half of next year.<br>
|
||||
<br>The [business](https://bytes-the-dust.com/index.php/User:JimJenkinson549) is recruiting staff from a base in Scotland.<br>
|
||||
<br>FanDuel was sold to Flutter - previously called Paddy Power Betfair - in 2018 and is now worth more than $30bn.<br>
|
||||
<br>However, Mr Eccles and other co-founders are in legal dispute with FanDuel's later phase investors over the way in which they structured a takeover, which left the Edinburgh group without a share of the [increasing valuation](https://maxmeet.ru/read-blog/74_things-you-need-to-learn-about-rafting-adventures).<br>
|
||||
<br>Mr Eccles stated that one thing he gained from the [FanDuel experience](http://www.seferpanim.com/read-blog/378_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) was to pick financiers thoroughly.<br>
|
||||
<br>He told BBC Scotland: "We took a lot of lessons from that, among which was the significance of who we select as investors in this brand-new business, to ensure their worths are lined up with ours, that they take their fiduciary duties responsibly, and that they're the ideal partners for us."<br>
|
||||
<br>The $21m seed financing for BetDEX consists of stakes taken by 7 [backers](https://www.characterlist.com/read-blog/840_how-much-are-americans-investing-in-sports-betting.html) of US innovation firms, consisting of two big funds - Paradigm and FTX - which specialise in buying companies [running](https://social.engagepure.com/read-blog/821_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) with [crypto-currencies](http://video.firstkick.live/read-blog/4662_online-betting-firms-gamble-on-soccer-mad-nigeria.html).<br>
|
||||
<br>Varun Sudhakar, president of BetDEX, said: "The [sports betting](https://derivsocial.org/read-blog/6993_things-you-need-to-learn-about-rafting-adventures.html) wagering industry charges high costs for bad products and limits trades by its most successful users.<br>
|
||||
<br>"BetDEX is [diametrically opposed](https://letustalk.co.in/read-blog/11472_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html) to this [approach](https://chateando.net/read-blog/229_sport-betting-industry-wants-to-protect-itself.html). We will successfully contend against [incumbents](http://woorichat.com/read-blog/10318_online-betting-firms-gamble-on-soccer-mad-nigeria.html) with a [markedly exceptional](https://cheere.org/read-blog/36227_the-ins-and-outs-of-betting-on-the-nfl-draft.html) item and low costs, which is now possible with the introduction of the [blockchain technology](https://customerscomm.com/read-blog/3718_how-to-attract-users-to-my-fantasy-sports-platform.html)."<br>
|
||||
<br>As chairman of the new firm, Mr Eccles stated it might look familiar to retail punters utilized to existing online firms.<br>
|
||||
<br>'Pool of talent'<br>
|
||||
<br>However, he says that those who use its platform to run their own [sports betting](https://sundaycareers.com/read-blog/2754_sport-betting-industry-aims-to-protect-itself.html) firms will have the ability to innovate and create a wider variety of wagering products.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
|
||||
<br>He stated the normal share taken by online bookmakers is 7% to 10% of a stake, but BetDEX should allow for that to fall listed below 1%.<br>
|
||||
<br>The company will develop its own [sports betting](https://metacouture.co/read-blog/24232_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) apps to run on the platform.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
|
||||
<br>Mr Eccles stated these would take an "intelligent, thoughtful" technique to the way they are marketed to secure those who have problem with issue gaming.<br>
|
||||
<br>He said the group of around 500 software application engineers who assisted build FanDuel from Scotland revealed that it remains the location to build a firm. BetDEX has the same head of technology, Stuart Tonner.<br>
|
||||
<br>"A great deal of that [FanDuel] success was [constructed](https://friendspo.com/read-blog/28891_just-how-much-are-americans-investing-in-sports-betting.html) on a highly competent, extremely talented engineering team, that [constructed](https://lovn1world.com/read-blog/2414_missouri-sports-betting-ballot-measure-approved-by-voters.html) this [product](https://app.deepsoul.es/read-blog/384_sport-betting-industry-seeks-to-protect-itself.html) that might process countless bets and countless users.<br>
|
||||
<br>"There's a genuine talent pool of knowledgeable engineers who helped us develop our item which's what we wish to take advantage of for BetDEX also."<br>
|
||||
<br>Related topics<br>
|
||||
<br>Edinburgh<br>
|
||||
<br>[Sports betting](https://bigtoc.com/read-blog/8969_sport-betting-industry-seeks-to-protect-itself.html)<br>
|
||||
<br>More on this story<br>
|
||||
<br>[Paddy Power](https://wheeoo.com/read-blog/57815_begin-winning-with-pcg-college-football-picks.html) purchases fantasy [sports betting](https://sportstalkhub.com/read-blog/21417_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) website<br>
|
||||
<br>23 May 2018<br>
|
||||
<br>FanDuel [founder leaves](https://www.heesah.com/read-blog/2290_how-to-attract-users-to-my-fantasy-sports-platform.html) business<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
|
||||
<br>Published<br>
|
||||
<br>20 November 2017<br>
|
||||
Loading…
Reference in New Issue