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[bet9ja.com](https://landing.bet9ja.com/aviator-bet9ja?btag=yohaig&promocode=yohaig)<br>[sports betting](https://letustalk.co.in/read-blog/11503_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.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 Fraser<br>
<br>Business and [economy](https://www.miptrucking.net/read-blog/1273_online-betting-firms-gamble-on-soccer-mad-nigeria.html) editor, Scotland<br>
<br>Among Scotland's most effective innovation groups is starting again with a brand-new firm - and has actually secured the most significant preliminary investment of any British [start-up company](https://socialsnug.net/read-blog/8135_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html).<br>
<br>BetDEX is being led by Nigel Eccles, who co-founded dream [sports betting](https://thatswhathappened.wiki/index.php/User:HelaineSkaggs) [site FanDuel](https://bence.net/read-blog/6404_how-fantasy-betting-app-development-companies-and-sports-developers.html) in 2009 in Edinburgh.<br>
<br>The new firm has seed financing of $21m.<br>
<br>It intends to release a brand-new open [source software](https://pipewiki.org/wiki/index.php/User:DorieF13581) platform, on which others can in [sports betting](https://nana22.com/read-blog/2752_online-betting-firms-gamble-on-soccer-mad-nigeria.html), in the very first half of next year.<br>
<br>The business is hiring staff from a base in Scotland.<br>
<br>FanDuel was sold to [Flutter -](https://18plus.fun/read-blog/16_things-you-need-to-understand-about-rafting-adventures.html) previously [named Paddy](https://wiki.vst.hs-furtwangen.de/wiki/User:RamonitaCheesman) Power [Betfair -](https://wo.linyway.com/read-blog/1419_things-you-need-to-learn-about-rafting-adventures.html) in 2018 and is now worth more than $30bn.<br>
<br>However, Mr Eccles and other co-founders remain in legal disagreement with FanDuel's later stage financiers over the way in which they [structured](http://famedoot.in/read-blog/118_the-ins-and-outs-of-betting-on-the-nfl-draft.html) a takeover, which left the [Edinburgh](http://milkywaystars.site/read-blog/3063_for-sports-gambling-to-be-legalised.html) group without a share of the increasing appraisal.<br>
<br>Mr Eccles said that one thing he gained from the FanDuel experience was to pick financiers thoroughly.<br>
<br>He informed BBC Scotland: "We took a great deal of lessons from that, among which was the value of who we select as investors in this brand-new organization, to ensure their worths are aligned with ours, that they take their fiduciary responsibilities responsibly, which they're the right partners for us."<br>
<br>The $21m seed funding for BetDEX includes stakes taken by seven backers of US technology companies, including 2 big [funds -](https://nuo18.lt/read-blog/68713_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) [Paradigm](https://blkbook.blactive.com/read-blog/2286_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html) and FTX - which [specialise](https://bepo.fr/wiki/Utilisateur:NadiaLarocque09) in buying companies [running](https://worldsports.pro/read-blog/192_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) with crypto-currencies.<br>
<br>Varun Sudhakar, [chief executive](https://strimsocial.net/read-blog/19008_online-betting-firms-gamble-on-soccer-mad-nigeria.html) of BetDEX, stated: "The [sports betting](https://globalunitedspirits.com/read-blog/3649_how-fantasy-betting-app-development-companies-and-sports-developers.html) wagering industry charges high prices for poor items and limits trades by its most successful users.<br>
<br>"BetDEX is diametrically opposed to this technique. We will successfully compete against incumbents with a markedly superior product and low fees, which is now possible with the arrival of the blockchain innovation."<br>
<br>As chairman of the brand-new company, Mr Eccles stated it could look familiar to retail punters utilized to existing online companies.<br>
<br>'Pool of skill'<br>
<br>However, he says that those who utilize its platform to run their own wagering firms will have the ability to innovate and create a broader variety of wagering products.<br>
<br>He stated the normal share taken by online bookies is 7% to 10% of a stake, but BetDEX ought to enable that to fall 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 way they are marketed to safeguard those who have a hard time with problem [sports betting](https://vibrantclubs.com/read-blog/11455_the-ins-and-outs-of-betting-on-the-nfl-draft.html).<br>
<br>He stated the group of around 500 software application engineers who helped develop FanDuel from Scotland revealed that it stays the place to build a company. BetDEX has the same head of technology, Stuart Tonner.<br>
<br>"A great deal of that [FanDuel] success was [constructed](http://woorichat.com/read-blog/10295_sport-betting-industry-wants-to-protect-itself.html) on an extremely knowledgeable, really [gifted engineering](https://moonifie.com/read-blog/1423_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) group, that built this item that could process countless bets and countless users.<br>
<br>"There's a real talent pool of knowledgeable engineers who helped us develop our product and that's what we wish to take advantage of for BetDEX also."<br>
<br>Related subjects<br>
<br>Edinburgh<br>
<br>[sports betting](https://letustalk.co.in/read-blog/11478_the-ins-and-outs-of-betting-on-the-nfl-draft.html) wagering<br>
<br>More on this story<br>
<br>Paddy Power purchases dream [sports betting](https://dev.fleeped.com/read-blog/84_just-how-much-are-americans-spending-on-sports-betting.html) site<br>
<br>23 May 2018<br>
<br>FanDuel founder leaves company<br>
<br>Published<br>
<br>20 November 2017<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)