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<br>[Sports betting](https://ou812chat.com/read-blog/9113_how-to-play-bet9ja-online.html) innovator launches new start-up<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
<br>17 November 2021<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>By Douglas Fraser<br>
<br>Business and [economy](https://harrykaneclub.com/read-blog/10229_sport-betting-industry-wants-to-protect-itself.html) editor, Scotland<br>
<br>Among Scotland's most effective technology groups is beginning again with a brand-new firm - and has actually the greatest 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://www.kuyasia.com/read-blog/67_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) wagering website FanDuel in 2009 in Edinburgh.<br>
<br>The new firm has [seed financing](https://wo.linyway.com/read-blog/1747_just-how-much-are-americans-investing-in-sports-betting.html) of $21m.<br>
<br>It aims to introduce a new open source software [application](https://jamboz.com/read-blog/342_for-sports-gambling-to-be-legalised.html) platform, on which others can [innovate](https://2flab.com/read-blog/849_just-how-much-are-americans-investing-in-sports-betting.html) in [sports betting](https://onetable.world/read-blog/103194_online-betting-firms-gamble-on-soccer-mad-nigeria.html) wagering, in the very first half of next year.<br>
<br>The business is recruiting personnel from a base in Scotland.<br>
<br>FanDuel was sold to Flutter - previously [named Paddy](https://lovn1world.com/read-blog/2432_how-are-betting-odds-calculated.html) [Power Betfair](https://ai.ceo/read-blog/244242_enhance-your-business-opportunities-with-efficient-sports-apps.html) - in 2018 and is now worth more than $30bn.<br>
<br>However, Mr Eccles and other co-founders remain in [legal disagreement](https://farmwoo.com/read-blog/9545_how-are-betting-odds-calculated.html) with [FanDuel's](https://farmwoo.com/read-blog/9526_sport-betting-industry-seeks-to-protect-itself.html) later stage financiers over the method which they structured a takeover, which left the Edinburgh team without a share of the rising valuation.<br>
<br>Mr Eccles said that one thing he learned from the [FanDuel experience](https://social.engagepure.com/read-blog/819_missouri-sports-betting-ballot-measure-approved-by-voters.html) was to select financiers thoroughly.<br>
<br>He informed BBC Scotland: "We took a lot of lessons from that, among which was the significance of who we pick as financiers in this brand-new company, to guarantee their values are lined up with ours, that they take their fiduciary duties properly, which they're the right partners for us."<br>
<br>The $21m seed funding for BetDEX includes stakes taken by 7 backers of US innovation firms, consisting of two large funds - Paradigm and FTX - which specialise in purchasing business running with crypto-currencies.<br>
<br>Varun Sudhakar, primary executive of BetDEX, said: "The [sports betting](https://issosyal.com/read-blog/10037_things-you-need-to-learn-about-rafting-adventures.html) wagering market charges high costs for bad items and limitations trades by its most effective users.<br>
<br>"BetDEX is [diametrically opposed](https://forum.subchems.com/read-blog/3853_just-how-much-are-americans-spending-on-sports-betting.html) to this method. We will effectively compete versus incumbents with a markedly exceptional item and low fees, which is now possible with the [introduction](http://www.vokipedia.de/index.php?title=Benutzer:Jaimie8851) of the blockchain technology."<br>
<br>As chairman of the new firm, Mr Eccles stated it might look familiar to retail punters utilized to existing online companies.<br>
<br>'Pool of skill'<br>
<br>However, he says that those who use its platform to run their own wagering firms will have the ability to innovate and develop a wider series of [sports betting](https://marketchat.in/read-blog/2625_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) products.<br>
<br>He said the typical share taken by online bookies is 7% to 10% of a stake, however BetDEX ought to permit for that to fall listed below 1%.<br>
<br>The company will develop its own wagering apps to operate on the platform.<br>
<br>Mr Eccles said these would take an "smart, thoughtful" method to the method they are marketed to secure those who have problem with problem [sports betting](https://ca.viquiblo.org/index.php/Usuari:BruceStapley0).<br>
<br>He stated the group of around 500 software application engineers who helped build FanDuel from Scotland showed that it remains the place to develop a firm. BetDEX has the exact same head of innovation, Stuart Tonner.<br>
<br>"A great deal of that [FanDuel] success was constructed on a highly competent, really talented engineering group, that built this item that could process countless bets and [countless](https://netgork.com/read-blog/112772_how-are-betting-odds-calculated.html) users.<br>
<br>"There's a real talent swimming pool of knowledgeable engineers who helped us construct our item and that's what we wish to utilize for BetDEX also."<br>
<br>Related subjects<br>
<br>Edinburgh<br>
<br>[sports betting](https://juryi.sn/read-blog/12101_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) wagering<br>
<br>More on this story<br>
<br>[Paddy Power](https://lets.chchat.me/read-blog/1776_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) buys dream [sports betting](https://globalunitedspirits.com/read-blog/3613_begin-winning-with-pcg-college-football-picks.html) website<br>
<br>23 May 2018<br>
<br>FanDuel creator leaves business<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
<br>Published<br>
<br>20 November 2017<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)