A SCOTTISH internet company that provides “fantasy sports” games to American customers has made a pair of senior appointments as it predicts it will be profitable by the end of the year.
Edinburgh-based FanDuel has named former Disney and Medic Animal executive Mike Nuttall as its vice-president of engineering in Edinburgh, while Mark Irace has joined as vice-president of marketing and will be based in the United States.
Chief Executive Nigel Eccles told Scotland on Sunday that he expects to hire a further ten staff this year to take the company’s headcount up to about 60. Half of the staff are based in Edinburgh, with the rest working in North America.
FanDuel is one of only a handful of firms that offer online fantasy sports games that run over the course of a day, rather than for the duration of an entire sporting season. It paid out $50 million (£32m) in prize money last year.
Eccles said: “Our turnover has grown from $1m in 2011 to $5m last year and we expect to hit $15m this year.”
The company has raised $18m of investment through three funding rounds, with Bullpen Capital, Comcast Ventures, Pentech Ventures, Piton Capital and Scottish Enterprise all pumping in cash.
Shaun Millican, a partner at accountancy firm Johnston Carmichael, which is working with FanDuel, said: “The daily model it has introduced is quickly establishing itself in the North American sports fantasy market and has real potential to make the firm a huge international success story.”