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[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)<br>[Sports betting](https://dev.fleeped.com/read-blog/47_how-much-are-americans-investing-in-sports-betting.html) innovator launches brand-new start-up<br>
<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 groups is starting again with a brand-new firm - and has secured the greatest [preliminary financial](https://social.concienciacasanare.com/read-blog/14_online-betting-firms-gamble-on-soccer-mad-nigeria.html) [investment](https://youfurry.com/read-blog/37836_online-betting-firms-gamble-on-soccer-mad-nigeria.html) of any [British](https://gayplatform.de/read-blog/3342_for-sports-gambling-to-be-legalised.html) [start-up company](https://napvibe.com/read-blog/3178_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html).<br>
<br>BetDEX is being led by Nigel Eccles, who co-founded dream [sports betting](https://surgiteams.com/index.php/User:DrewYvi672) site FanDuel in 2009 in Edinburgh.<br>
<br>The [brand-new company](https://taar.me/read-blog/8459_how-much-are-americans-spending-on-sports-betting.html) has seed funding of $21m.<br>
<br>It intends to release a new open source software application platform, on which others can innovate in [sports betting](https://wiki.fablabbcn.org/User:Cooper2123), in the first half of next year.<br>[bet9ja.com](https://landing.bet9ja.com/aviator-bet9ja?btag=yohaig&promocode=yohaig)
<br>The company is recruiting staff from a base in Scotland.<br>
<br>[FanDuel](https://pittsburghpenguinsclub.com/read-blog/11547_compare-amp-review-oddsjet-de.html) was sold to Flutter - previously named Paddy Power [Betfair -](https://derivsocial.org/read-blog/6993_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 are in [legal dispute](https://hyped4gamers.com/read-blog/2416_missouri-sports-betting-ballot-measure-approved-by-voters.html) with FanDuel's later phase investors over the method which they [structured](https://comunidadebrasilbr.com/read-blog/14368_for-sports-gambling-to-be-legalised.html) a takeover, which left the Edinburgh team without a share of the [rising appraisal](https://social.engagepure.com/read-blog/821_exploring-the-sports-betting-industry-putting-ideas-into-practice.html).<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, one of which was the importance of who we pick as financiers in this new service, to guarantee 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 funding for BetDEX includes stakes taken by seven backers of US technology firms, consisting of two large funds - [Paradigm](https://oeclub.org/index.php/User:GingerU959) and FTX - which specialise in purchasing companies operating with crypto-currencies.<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
<br>Varun Sudhakar, president of BetDEX, said: "The [sports betting](https://issosyal.com/read-blog/10042_how-to-attract-users-to-my-fantasy-sports-platform.html) wagering industry charges high prices for poor items and limits trades by its most effective users.<br>
<br>"BetDEX is diametrically opposed to this method. We will effectively complete versus incumbents with a markedly superior product and low charges, which is now possible with the arrival of the [blockchain innovation](https://peekz.eu/read-blog/244_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html)."<br>
<br>As chairman of the brand-new firm, Mr Eccles stated it could look familiar to retail punters used to existing online firms.<br>
<br>'Pool of talent'<br>
<br>However, he states that those who utilize its platform to run their own [sports betting](https://social.myschoolfriend.ng/read-blog/40944_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) companies will have the ability to innovate and develop a broader range of wagering items.<br>
<br>He said the typical share taken by online bookmakers is 7% to 10% of a stake, but BetDEX ought to allow for that to fall below 1%.<br>
<br>The business will establish its own wagering apps to operate on the platform.<br>
<br>Mr Eccles said these would take an "intelligent, thoughtful" technique to the way they are marketed to protect those who fight with problem gambling.<br>
<br>He stated the team of around 500 software engineers who assisted develop FanDuel from Scotland revealed that it stays the place to construct a company. BetDEX has the exact same head of innovation, Stuart Tonner.<br>
<br>"A great deal of that [FanDuel] success was [developed](https://iuridictum.pecina.cz/w/U%C5%BEivatel:LorrineBiddell2) on an extremely experienced, very talented engineering group, that [developed](https://socialsnug.net/read-blog/8153_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) this product that might process millions of bets and [millions](https://inicknet.com/read-blog/2191_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) of users.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>"There's a real skill pool of experienced engineers who helped us build our product and that's what we want to leverage for BetDEX also."<br>
<br>Related topics<br>
<br>Edinburgh<br>
<br>[sports betting](https://www.kuyasia.com/read-blog/79_why-every-cricket-fan-must-try-the-all-cricket-id-gaming-platform.html) wagering<br>
<br>More on this story<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
<br>[Paddy Power](https://nubiantalk.site/read-blog/12430_just-how-much-are-americans-investing-in-sports-betting.html) purchases dream [sports betting](https://app.deepsoul.es/read-blog/376_for-sports-gambling-to-be-legalised.html) website<br>
<br>23 May 2018<br>
<br> leaves business<br>
<br>Published<br>
<br>20 November 2017<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)