Lay-offs at Fanduel after co-founder's exit

Edinburgh fantasy sports company FanDuel has laid off a number of staff after the departure of Chief Executive Officer Nigel Eccles amid a revaluation of the company.

Nigel and Lesley Eccles set up FanDuel. Picture: Malcolm McCurrach

The company, which is based largely in New York as its main businesses are in America, still maintains a significant prescence in both Edinuirgh, where it was founded, and Glasgow.

FanDuel expanded rapidly several years ago after an explosion in the popularity of fantasy sports in America, where it is reckoned to be a multi-billion dollar industry.

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FanDuel posted a loss of £140m according to the most recent filed accounts as it struggled to bounce back from a series of legal actions launched by authorities in America, who suspect fantasy sports is a form of sports betting, which is illegal in most US states.

While there are no figures on how many staff have lost their jobs, it is reported by Daily Business Groups that the layoffs are on the product side of the company.

New CEO Matt King is making sweeping changes after Mr Eccles’ departure following an abortive merger with rival DraftKings.