Add Sports Betting Innovator Launches Brand-new Start-up
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<br>[sports betting](https://pipewiki.org/wiki/index.php/User:DorieF13581) wagering innovator launches [brand-new](http://wiki.faramirfiction.com/index.php?title=User:CelsaBrubaker) start-up<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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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>
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<br>Copy link<br>
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<br>About sharing<br>
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<br>By Douglas Fraser<br>
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<br>Business and economy editor, Scotland<br>
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<br>Among Scotland's most effective innovation groups is starting again with a brand-new company - and has secured the most significant preliminary financial investment of any British start-up [company](https://sfqatest.sociofans.com/read-blog/709_the-ins-and-outs-of-betting-on-the-nfl-draft.html).<br>
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<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](https://app.theremoteinternship.com/read-blog/25808_how-much-are-americans-spending-on-sports-betting.html) wagering website FanDuel in 2009 in Edinburgh.<br>
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<br>The new firm has [seed funding](https://www.tobeop.com/best-u-s-sports-betting-sites-sportsbooks-for-2024/) of $21m.<br>
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<br>It aims to launch a new open source software platform, on which others can in [sports betting](http://social.redemaxxi.com.br/read-blog/1670_for-sports-gambling-to-be-legalised.html), in the first half of next year.<br>
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<br>The business is recruiting personnel from a base in Scotland.<br>
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<br>[FanDuel](https://heatwave.app/read-blog/539_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) was sold to [Flutter -](https://theconnectly.com/read-blog/4457_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) previously named Paddy Power [Betfair -](https://nexthub.live/read-blog/79_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.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 with FanDuel's later [phase financiers](https://sportify.brandnitions.com/read-blog/57_how-to-play-bet9ja-online.html) over the method which they structured a takeover, which left the [Edinburgh](https://www.grandtribunal.org/wiki/User:Adele99D9745) group without a share of the increasing valuation.<br>
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<br>Mr [Eccles stated](https://wooshbit.com/read-blog/18740_for-sports-gambling-to-be-legalised.html) that a person thing he gained from the FanDuel experience was to select [investors](https://voggisper.com/read-blog/1399_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html) thoroughly.<br>
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<br>He told BBC Scotland: "We took a lot of lessons from that, one of which was the value of who we pick as financiers in this brand-new service, to ensure their worths are lined up with ours, that they take their fiduciary duties properly, which they're the right partners for us."<br>
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<br>The $21m seed [financing](https://www.ayuujk.com/read-blog/82_the-ins-and-outs-of-betting-on-the-nfl-draft.html) for BetDEX includes stakes taken by 7 backers of US innovation firms, including two large funds - Paradigm and FTX - which [specialise](https://community.0dte.com/index.php?link1=read-blog&id=1_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) in investing in companies running with [crypto-currencies](https://sfqatest.sociofans.com/read-blog/654_the-ins-and-outs-of-betting-on-the-nfl-draft.html).<br>
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<br>Varun Sudhakar, [chief executive](https://canadasimple.com/index.php/User:InezChill8803) of BetDEX, said: "The [sports betting](http://lifethelife.com/read-blog/4909_how-are-betting-odds-calculated.html) wagering market charges high prices for bad products and limits trades by its most successful users.<br>
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<br>"BetDEX is [diametrically opposed](https://app.theremoteinternship.com/read-blog/25850_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) to this [technique](https://swaggspot.com/read-blog/9537_for-sports-gambling-to-be-legalised.html). We will [effectively contend](http://famedoot.in/read-blog/79_online-betting-firms-gamble-on-soccer-mad-nigeria.html) against incumbents with a significantly superior item and low costs, which is now possible with the [development](https://sportify.brandnitions.com/read-blog/62_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) of the blockchain technology."<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>As chairman of the new firm, Mr Eccles stated it might look familiar to retail punters utilized to existing online firms.<br>
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<br>'Pool of skill'<br>
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<br>However, he states that those who use its platform to run their own wagering firms will have the ability to innovate and create a wider range of wagering items.<br>
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<br>He said the normal share taken by online bookmakers is 7% to 10% of a stake, however BetDEX needs to permit for that to fall below 1%.<br>
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<br>The company will establish its own wagering apps to operate on the platform.<br>
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<br>Mr Eccles stated these would take an "smart, thoughtful" approach to the method they are marketed to protect those who have a hard time with problem gambling.<br>
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<br>He stated the team of around 500 software engineers who helped construct FanDuel from Scotland revealed that it remains the place to construct a company. BetDEX has the exact same head of technology, Stuart Tonner.<br>
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<br>"A lot of that [FanDuel] success was built on a highly proficient, really [skilled engineering](https://social.ishare.la/read-blog/1410_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) group, that constructed this item that might process millions of bets and millions of users.<br>
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<br>"There's a real skill pool of experienced engineers who helped us develop our product and that's what we desire to utilize for BetDEX also."<br>
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<br>Related topics<br>
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<br>Edinburgh<br>
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<br>[sports betting](https://usvs.ms/read-blog/823_why-every-cricket-fan-must-try-the-all-cricket-id-gaming-platform.html) wagering<br>
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<br>More on this story<br>
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<br>Paddy Power buys fantasy [sports betting](https://bbarlock.com/index.php/User:BettyeBey25) website<br>
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<br>23 May 2018<br>
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<br>[FanDuel creator](https://pipewiki.org/wiki/index.php/User:DorieF13581) leaves company<br>
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<br>Published<br>
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<br>20 November 2017<br>
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