Add 'Sports Betting Innovator Launches Brand-new Start-up'
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<br>[sports betting](https://truthbook.social/read-blog/8448_how-to-withdraw-from-bet9ja-8-step-guide-to-money-in-your-wins.html) wagering innovator launches brand-new start-up<br>
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<br>17 November 2021<br>
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<br>Share<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
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<br>close panel<br>
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<br>Share page<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>Copy link<br>
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<br>About sharing<br>
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<br>By [Douglas](https://bvbborussiadortmundfansclub.com/read-blog/6486_online-betting-firms-gamble-on-soccer-mad-nigeria.html) Fraser<br>
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<br>Business and economy editor, Scotland<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>One of Scotland's most effective technology teams is [starting](https://tribetok.com/read-blog/96_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) once again with a new company - and has secured the greatest preliminary investment of any British [start-up business](http://social.redemaxxi.com.br/read-blog/1679_how-to-withdraw-from-bet9ja-8-step-guide-to-money-in-your-wins.html).<br>
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<br>BetDEX is being led by Nigel Eccles, who [co-founded fantasy](https://social.ppmandi.com/read-blog/244_how-to-play-bet9ja-online.html) [sports betting](https://wavedream.wiki/index.php/User:AthenaMattes792) [wagering site](https://www.facetwig.com/read-blog/96065_things-you-need-to-understand-about-rafting-adventures.html) [FanDuel](https://social.concienciacasanare.com/read-blog/49_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) in 2009 in Edinburgh.<br>
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<br>The [brand-new firm](https://we2chat.net/read-blog/26330_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) has seed [funding](https://sabiile.com/read-blog/2116_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) of $21m.<br>
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<br>It aims to release a new open source software application platform, on which others can innovate in [sports betting](https://issosyal.com/read-blog/10864_for-sports-gambling-to-be-legalised.html), in the first half of next year.<br>
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<br>The company is recruiting staff from a base in Scotland.<br>
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<br>FanDuel was offered to Flutter - formerly [named Paddy](https://welcometohaiti.com/read-blog/15860_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) Power [Betfair](https://social.ishare.la/read-blog/1411_how-much-are-americans-investing-in-sports-betting.html) - in 2018 and is now worth more than $30bn.<br>
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<br>However, Mr Eccles and other co-founders remain in [legal conflict](https://kenyansocial.com/read-blog/1345_how-much-are-americans-spending-on-sports-betting.html) with FanDuel's later stage investors over the method in which they [structured](https://www.sportpassionhub.com/read-blog/1493_how-much-are-americans-investing-in-sports-betting.html) a takeover, which left the [Edinburgh team](https://comunidadebrasilbr.com/read-blog/14368_for-sports-gambling-to-be-legalised.html) without a share of the [rising assessment](https://we2chat.net/read-blog/26286_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html).<br>
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<br>Mr Eccles said that a person thing he discovered from the FanDuel experience was to select investors carefully.<br>
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<br>He informed BBC Scotland: "We took a great deal of lessons from that, one of which was the significance of who we choose as financiers in this brand-new business, to guarantee their worths are aligned with ours, that they take their fiduciary duties responsibly, and that they're the ideal partners for us."<br>
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<br>The $21m seed funding for BetDEX consists of stakes taken by seven backers of US innovation companies, consisting of 2 large funds - Paradigm and FTX - which specialise in investing in [business running](https://munidigital.iie.cl/wiki/index.php?title=Usuario:BelindaEnderby) with [crypto-currencies](https://welcometohaiti.com/read-blog/18263_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html).<br>
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<br>Varun Sudhakar, president of BetDEX, stated: "The [sports betting](https://peoplesmedia.co/read-blog/13119_sport-betting-industry-looks-to-protect-itself.html) market charges high prices for poor products and limitations trades by its most successful users.<br>
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<br>"BetDEX is diametrically opposed to this approach. We will successfully contend versus incumbents with a considerably superior item and low costs, which is now possible with the [arrival](https://social.stssconstruction.com/read-blog/21571_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) of the [blockchain technology](https://social.concienciacasanare.com/read-blog/36_just-how-much-are-americans-spending-on-sports-betting.html)."<br>
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<br>As chairman of the brand-new firm, Mr Eccles stated it might look familiar to retail punters used to existing online companies.<br>
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<br>'Pool of talent'<br>
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<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 series of [sports betting](https://taar.me/read-blog/8442_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) items.<br>
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<br>He said the normal share taken by online bookmakers is 7% to 10% of a stake, but BetDEX needs to enable for that to fall below 1%.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
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<br>The company will develop its own [sports betting](https://social.midnightdreamsreborns.com/read-blog/13246_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) apps to run on the platform.<br>
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<br>Mr Eccles said these would take an "intelligent, thoughtful" technique to the method they are marketed to safeguard those who have a hard time with issue gaming.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
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<br>He said the group of around 500 software application engineers who helped develop FanDuel from Scotland revealed that it stays the location to develop a firm. BetDEX has the exact same head of innovation, Stuart Tonner.<br>
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<br>"A great deal of that [FanDuel] success was built on a highly skilled, really talented engineering team, that this product that could [process millions](https://gigen.net/read-blog/18_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) of bets and millions of users.<br>
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<br>"There's a genuine skill pool of skilled engineers who helped us build our product and that's what we want to take advantage of for BetDEX as well."<br>
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<br>Related subjects<br>
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<br>Edinburgh<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>[sports betting](https://wiki.snooze-hotelsoftware.de/index.php?title=Benutzer:CharlotteSlessor) wagering<br>
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<br>More on this story<br>
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<br>[Paddy Power](https://chatkc.com/read-blog/471_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) purchases fantasy [sports betting](https://droidt99.com/read-blog/6927_for-sports-gambling-to-be-legalised.html) site<br>
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<br>23 May 2018<br>
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<br>FanDuel founder leaves business<br>
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<br>Published<br>
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<br>20 November 2017<br>
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