BetDEX raise £21m to launch ‘first decentralised betting platform’
In aims to transform the consumer sports betting industry, £21m ($28.26m) has been raised by three former FanDuel execs.
BetDEX, founded by Nigel Eccles, Varun Sudhakar and Stuart Tonner, focuses on positioning itself as the ‘world’s first decentralised betting platform’, combining sports betting with blockchain technology.
Set to launch in early 2022, BetDEX will be based in Scotland and will focus on hiring positions across a range of functions.
The trio will offer a fully decentralised protocol built on the public blockchain, Solana, providing customers with fast and low-cost trades. It will allow third parties to build their own innovations and applications on top of the platform.
The San Francisco-based crypto investent firms, Paradigm and FTX led the funding round, marking it as the largest-ever seed investmenet secured by a UK startup.
Eccles commented on the investment, saying: “It’s exciting to be founding the business with Varun and Stuart and to be building it in Scotland. We are energised to have the backing and wealth of expertise that comes with having Paradigm and FTX as cornerstone investors.”
Sudhakar, said: “The sports betting industry charges high prices for poor products and limits trades by its most successful users.
“BetDEX is diametrically opposed to this approach, we will successfully compete against incumbents with a markedly superior product and low fees, which is now possible with the advent of the blockchain technology. Winners will always be welcome on our protocol.”
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