BetHog’s Eccles Pushes Back on ‘Crypto = Criminal’ Narrative Amid Sportradar Allegations
Nigel Eccles challenges claims linking crypto casinos to illegality after BetHog’s mention in short-seller reports on Sportradar.
BetHog CEO and FanDuel co-founder Nigel Eccles has pushed back against what he describes as a persistent industry narrative equating crypto casinos with illegal gambling, after his company was named in a short-seller report alleging links between Sportradar and unlicensed operators.
Earlier this week, reports by Muddy Waters and Callisto Research—published as part of investment theses—claimed Sportradar derives a significant share of its revenue from operators active in unregulated or prohibited markets.
The Callisto report cites BetHog as one such platform. The report characterizes the platform as “a crypto casino with a fake license” and“supposedly ‘Anjouan-licensed.’”
Eccles’ comments are part of a wider interview with Gambling Insider, set to be published next week.
Eccles: ‘Crypto Is Just a Means of Payment’
Responding to the inclusion, Eccles rejected the broader framing of crypto operators as inherently illegitimate. He argued such narratives misunderstand how the sector operates.
Crypto is just a means of payment… and it’s an incredible innovation,” he said.
Eccles pointed to long-standing inefficiencies in traditional payment systems in the gambling industry, drawing on his experience at FanDuel.
He also questioned the methodology behind the reports, suggesting they relied on superficial associations rather than detailed analysis.
“They just pick a name… and then make the accusation,” he said. He added that such coverage often rests on a broader assumption:
If you’re in crypto, you’re like, obviously a criminal.”
Eccles pointed to BetHog’s U.S. corporate structure and use of Know Your Customer (KYC) procedures as evidence that crypto-based operators can work within structured compliance frameworks.
Licensing Realities for Startup Gambling Companies
On licensing, Eccles framed jurisdictions such as Anjouan as a practical option for early-stage operators navigating structural barriers to entry.
We’re on Anjouan licensed. Honestly, we find it to be a good license as a startup, very early-stage startup,” he said.
He contrasted this with more established jurisdictions. Eccles argued that licensing frameworks in markets such as Curaçao are often better suited to large-scale operators with extensive legal and compliance resources.
These licenses are great if you’re a 500-person company with a legal team… as an early stage startup, we can’t operate at that level,” Eccles said.
Eccles suggested the industry lacks a tiered licensing approach. He noted smaller operators often must meet the same standards as multi-billion-dollar companies from the outset.
As a result, he argued, more accessible licensing pathways can serve as an entry point for startups building products before scaling into more complex regulatory environments.
Sportradar Denies Wrongdoing
Sportradar, whose stock slid after the release of the reports, has denied allegations that it knowingly works with illegal operators. The company said the reports included “several factual inaccuracies” and noted the authors intended to “profit from stock disruption.”
These reports demonstrate a fundamental misunderstanding of our business and the industry… Sportradar works exclusively with licensed operators, follows strict global compliance, and due diligence standards, and we stand by our independently audited financial statements, risk disclosures, and information provided to investors and regulators,” the company told Gambling Insider.
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