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<br>[Sports betting](https://theavtar.in/read-blog/30167_how-much-are-americans-investing-in-sports-betting.html) innovator launches new start-up<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
<br>17 November 2021<br>
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<br>By Douglas Fraser<br>
<br>Business and economy editor, Scotland<br>
<br>Among Scotland's most [effective innovation](https://social.mirrororg.com/read-blog/7694_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) groups is beginning once again with a new firm - and has actually protected the biggest initial financial investment of any British start-up company.<br>
<br>BetDEX is being led by Nigel Eccles, who co-founded dream [sports betting](https://forum.petstory.ge/read-blog/3400_how-to-withdraw-from-bet9ja-8-step-guide-to-money-in-your-wins.html) site FanDuel in 2009 in Edinburgh.<br>
<br>The new company has [seed financing](https://clik.social/read-blog/19031_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) of $21m.<br>
<br>It intends to release a brand-new open source software platform, on which others can [innovate](https://juryi.sn/read-blog/12074_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) in [sports betting](https://blablasell.com/read-blog/11943_things-you-need-to-learn-about-rafting-adventures.html), in the first half of next year.<br>
<br>The company is hiring staff from a base in Scotland.<br>
<br>[FanDuel](https://welcometohaiti.com/read-blog/18199_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html) was sold to [Flutter -](https://ozgurtasdemir.net/read-blog/526_online-betting-firms-gamble-on-soccer-mad-nigeria.html) previously called Paddy - in 2018 and is now worth more than $30bn.<br>
<br>However, Mr Eccles and other co-founders are in [legal disagreement](https://ai.holiday/read-blog/12046_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html) 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 rising valuation.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>Mr Eccles said that a person thing he found out from the FanDuel experience was to pick financiers thoroughly.<br>
<br>He told BBC Scotland: "We took a great deal of lessons from that, among which was the value of who we select as financiers in this brand-new organization, to guarantee their values are aligned with ours, that they take their fiduciary responsibilities responsibly, and that they're the ideal partners for us."<br>
<br>The $21m seed [financing](https://www.ayuujk.com/read-blog/145_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) for [BetDEX consists](https://gigen.net/read-blog/18_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) of stakes taken by seven [backers](https://puzzle.thedimeland.com/4141/just-how-much-are-americans-spending-on-sports-betting) of US innovation companies, consisting of two large funds - Paradigm and FTX - which specialise in purchasing companies running with [crypto-currencies](https://wavedream.wiki/index.php/User:AthenaMattes792).<br>
<br>Varun Sudhakar, president of BetDEX, stated: "The [sports betting](https://jamboz.com/read-blog/336_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) wagering industry charges high rates for poor products and limitations trades by its most effective users.<br>
<br>"BetDEX is diametrically opposed to this method. We will successfully contend versus incumbents with a significantly exceptional item and low fees, which is now possible with the introduction of the [blockchain innovation](https://maxmeet.ru/read-blog/72_for-sports-gambling-to-be-legalised)."<br>
<br>As chairman of the new company, Mr Eccles said it might look familiar to retail punters utilized to existing online firms.<br>
<br>'Pool of skill'<br>
<br>However, he says that those who use its platform to run their own wagering firms will be able to innovate and develop a broader range of [sports betting](https://uptoscreen.com/read-blog/74325_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) items.<br>
<br>He stated the common share taken by online bookmakers is 7% to 10% of a stake, however BetDEX needs to enable for that to fall listed below 1%.<br>
<br>The business will establish its own wagering apps to run on the platform.<br>
<br>Mr Eccles stated these would take an "intelligent, thoughtful" approach to the method they are marketed to protect those who have problem with issue gaming.<br>
<br>He stated the group of around 500 software application engineers who assisted build FanDuel from Scotland revealed that it remains the place to construct a company. BetDEX has the very same head of innovation, Stuart Tonner.<br>
<br>"A great deal of that [FanDuel] [success](https://devnew.judefly.com/index.php?link1=read-blog&id=3270_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) was constructed on an extremely knowledgeable, extremely gifted engineering team, that developed this [product](https://encone.com/read-blog/46252_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) that might process countless bets and millions of users.<br>
<br>"There's a real talent pool of experienced engineers who assisted us construct our product which's what we want to leverage for BetDEX also."<br>
<br>Related subjects<br>
<br>Edinburgh<br>
<br>[Sports betting](https://uptoscreen.com/read-blog/74325_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html)<br>
<br>More on this story<br>
<br>[Paddy Power](https://sabiile.com/read-blog/2116_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) purchases fantasy [sports betting](https://sabiile.com/read-blog/2136_for-sports-gambling-to-be-legalised.html) site<br>
<br>23 May 2018<br>
<br>FanDuel creator leaves company<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>Published<br>
<br>20 November 2017<br>