Update 'Sports Betting Innovator Launches Brand-new Start-up'

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 <br>[sports betting](https://globalairgunner.com/read-blog/20353_start-off-winning-with-pcg-college-football-picks.html) wagering innovator launches new start-up<br>
 <br>17 November 2021<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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 <br>By [Douglas](https://systemcheck-wiki.de/index.php?title=Benutzer:EmanuelPike) Fraser<br>
 <br>Business and economy editor, Scotland<br>
 <br>One of Scotland's most effective innovation groups is starting once again with a new company - and has secured the most significant [initial investment](https://friendspo.com/read-blog/28891_just-how-much-are-americans-investing-in-sports-betting.html) of any British start-up [business](https://social.ppmandi.com/read-blog/244_how-to-play-bet9ja-online.html).<br>
 <br>BetDEX is being led by Nigel Eccles, who co-founded dream [sports betting](https://social.myschoolfriend.ng/read-blog/40918_why-every-cricket-fan-should-try-the-all-cricket-id-gaming-platform.html) wagering site FanDuel in 2009 in Edinburgh.<br>
 <br>The brand-new company has seed financing of $21m.<br>
 <br>It intends to release a new open source software platform, on which others can innovate in [sports betting](https://napvibe.com/read-blog/3178_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) wagering, in the first half of next year.<br>
 <br>The company is [hiring staff](https://theavtar.in/read-blog/30164_sport-betting-industry-wants-to-protect-itself.html) from a base in Scotland.<br>
 <br>[FanDuel](https://napolifansclub.com/read-blog/22863_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) was offered to Flutter - formerly [named Paddy](https://ifairy.world/read-blog/1567_just-how-much-are-americans-spending-on-sports-betting.html) [Power Betfair](https://santosfcfansclub.com/read-blog/7617_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) - in 2018 and is now worth more than $30bn.<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
 <br>However, Mr Eccles and other co-founders are in legal dispute with FanDuel's later [stage financiers](http://titotit.com/xe/?document_srl=813361) over the way in which they [structured](https://papersoc.com/read-blog/699_sport-betting-industry-looks-to-protect-itself.html) a takeover, which left the [Edinburgh team](https://inicknet.com/read-blog/2177_the-ins-and-outs-of-betting-on-the-nfl-draft.html) without a share of the .<br>
 <br>Mr Eccles said that a person thing he gained from the FanDuel experience was to choose investors thoroughly.<br>
 <br>He told BBC Scotland: "We took a lot of lessons from that, among which was the value of who we choose as investors in this brand-new company, to ensure their worths 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 for BetDEX includes stakes taken by 7 backers of US innovation firms, consisting of two large funds - Paradigm and FTX - which [specialise](https://www.characterlist.com/read-blog/829_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) in buying business operating with [crypto-currencies](http://energymarine.net/?option=com_k2&view=itemlist&task=user&id=1187990).<br>
 <br>Varun Sudhakar, [primary executive](https://redebuck.com.br/read-blog/22672_things-you-need-to-learn-about-rafting-adventures.html) of BetDEX, said: "The [sports betting](http://yijichain.com/read-blog/15123_enhance-your-business-opportunities-with-efficient-sports-apps.html) market charges high rates for bad products and limits trades by its most successful users.<br>
 <br>"BetDEX is diametrically opposed to this technique. We will effectively contend against incumbents with a significantly exceptional item and low fees, which is now possible with the [development](https://loveyou.az/read-blog/17451_how-fantasy-betting-app-development-companies-and-sports-developers.html) of the [blockchain technology](http://archmageriseswiki.com/index.php/User:KarolinRicketts)."<br>
 <br>As chairman of the brand-new company, Mr Eccles said it could 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 [sports betting](https://connectworld.app/read-blog/216_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) companies will be able to innovate and develop a broader variety of [sports betting](http://www.larsaluarna.se/index.php/User:SkyeFalbo806) items.<br>
 <br>He said the normal share taken by online bookmakers is 7% to 10% of a stake, but BetDEX needs to allow for that to fall below 1%.<br>
 <br>The business will develop its own wagering apps to run on the platform.<br>
 <br>Mr Eccles said these would take an "intelligent, thoughtful" method to the way they are marketed to protect those who have problem with problem [sports betting](https://iuridictum.pecina.cz/w/U%C5%BEivatel:RachelPate3166).<br>
 <br>He stated the group of around 500 software application engineers who helped develop FanDuel from Scotland showed that it remains the place to build a firm. BetDEX has the very same head of innovation, Stuart Tonner.<br>
 <br>"A great deal of that [FanDuel] success was [constructed](https://mixup.wiki/index.php/User:RBCRoxanna) on an extremely experienced, extremely skilled engineering group, that [constructed](https://southwales.com/read-blog/340_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) this item that might process millions of bets and millions of users.<br>
 <br>"There's a real skill pool of skilled engineers who helped us build our item and that's what we wish to leverage for BetDEX too."<br>
 <br>Related subjects<br>
 <br>Edinburgh<br>
 <br>[sports betting](https://wavedream.wiki/index.php/User:HueyBejah189) wagering<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
 <br>More on this story<br>
 <br>Paddy Power buys fantasy [sports betting](https://lovn1world.com/read-blog/2414_missouri-sports-betting-ballot-measure-approved-by-voters.html) website<br>
 <br>23 May 2018<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
 <br>FanDuel creator leaves business<br>
 <br>Published<br>
 <br>20 November 2017<br>