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[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)<br>[Sports betting](https://fishtanklive.wiki/User:Rhoda66U0030571) 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>About sharing<br>
<br>By Douglas Fraser<br>
<br>Business and economy editor, Scotland<br>
<br>One of Scotland's most [successful technology](https://sportysocialspace.com/read-blog/11991_things-you-need-to-know-about-rafting-adventures.html) groups is beginning once again with a [brand-new firm](http://stotep.com/read-blog/3932_how-much-are-americans-spending-on-sports-betting.html) - and has actually [secured](https://jamesrodriguezclub.com/read-blog/6207_how-are-betting-odds-calculated.html) the most significant initial investment of any British start-up business.<br>
<br>BetDEX is being led by Nigel Eccles, who co-founded dream [sports betting](https://social.midnightdreamsreborns.com/read-blog/13204_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) [wagering website](https://mysuccessdarpan.com/read-blog/12662_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) FanDuel in 2009 in Edinburgh.<br>
<br>The new firm has [seed financing](https://hcsxy2024.com/read-blog/2054_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) of $21m.<br>
<br>It aims to introduce a brand-new open source software platform, on which others can innovate in [sports betting](https://kiigasofthub.com/read-blog/10109_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) wagering, in the very first half of next year.<br>
<br>The business is recruiting staff from a base in Scotland.<br>
<br>FanDuel was offered to Flutter - previously called Paddy Power [Betfair](https://social.ppmandi.com/read-blog/238_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) - in 2018 and is now worth more than $30bn.<br>
<br>However, Mr Eccles and other co-founders remain in legal conflict with FanDuel's later [stage investors](https://social.updum.com/read-blog/233_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html) over the method which they [structured](https://iochats.com/read-blog/30905_things-you-need-to-learn-about-rafting-adventures.html) a takeover, which left the [Edinburgh team](https://aladin.social/read-blog/60905_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) without a share of the [rising valuation](https://app.deepsoul.es/read-blog/356_how-to-withdraw-from-bet9ja-8-step-guide-to-money-in-your-wins.html).<br>
<br>Mr Eccles said that one thing he gained from the FanDuel experience was to [carefully](https://18plus.fun/read-blog/21_things-you-need-to-understand-about-rafting-adventures.html).<br>
<br>He told BBC Scotland: "We took a lot of lessons from that, one of which was the value of who we choose as investors in this new company, to ensure their values are lined up with ours, that they take their fiduciary tasks responsibly, and that they're the best partners for us."<br>
<br>The $21m seed [financing](https://inicknet.com/read-blog/2259_online-betting-firms-gamble-on-soccer-mad-nigeria.html) for BetDEX includes stakes taken by 7 backers of US technology companies, consisting of two large funds - Paradigm and FTX - which [specialise](https://nexthub.live/read-blog/92_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) in investing in [companies running](http://archmageriseswiki.com/index.php/User:TraciKnaggs0) with [crypto-currencies](https://rhabits.io/read-blog/7333_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html).<br>
<br>Varun Sudhakar, chief executive of BetDEX, said: "The [sports betting](https://skylockr.app/read-blog/204_for-sports-gambling-to-be-legalised.html) wagering industry charges high rates for poor products and limitations trades by its most effective users.<br>
<br>"BetDEX is diametrically opposed to this technique. We will successfully [contend](https://forum.petstory.ge/read-blog/3422_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) against incumbents with a markedly exceptional item and low costs, which is now possible with the [development](https://infinirealm.com/read-blog/8235_the-ins-and-outs-of-betting-on-the-nfl-draft.html) of the blockchain technology."<br>
<br>As chairman of the new firm, Mr Eccles said it might look familiar to retail punters utilized to existing online companies.<br>
<br>'Pool of talent'<br>
<br>However, he states that those who utilize its platform to run their own [sports betting](https://www.womplaz.com/read-blog/95_enhance-your-business-opportunities-with-efficient-sports-apps.html) firms will be able to innovate and produce a broader variety of [sports betting](https://bexopro.com/read-blog/2842_how-much-are-americans-investing-in-sports-betting.html) products.<br>
<br>He stated the common share taken by online bookmakers is 7% to 10% of a stake, however BetDEX should permit that to fall listed below 1%.<br>
<br>The company will establish its own [sports betting](https://www.miptrucking.net/read-blog/1275_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) apps to operate on the platform.<br>
<br>Mr Eccles stated these would take an "intelligent, thoughtful" approach to the method they are marketed to protect those who fight with issue gaming.<br>
<br>He stated the group of around 500 software application engineers who helped construct FanDuel from Scotland revealed that it remains the location to build a company. BetDEX has the very same head of innovation, Stuart Tonner.<br>
<br>"A great deal of that [FanDuel] success was built on an extremely knowledgeable, extremely gifted [engineering](https://youslade.com/read-blog/41505_why-every-cricket-fan-ought-to-try-the-all-cricket-id-gaming-platform.html) group, that built this item that could process millions of bets and millions of users.<br>
<br>"There's a genuine talent pool of experienced engineers who helped us construct our item which's what we want to leverage for BetDEX also."<br>
<br>Related topics<br>
<br>Edinburgh<br>
<br>[Sports betting](https://sfqatest.sociofans.com/read-blog/663_things-you-need-to-understand-about-rafting-adventures.html)<br>
<br>More on this story<br>
<br>Paddy Power purchases dream [sports betting](https://juryi.sn/read-blog/12014_why-every-cricket-fan-ought-to-try-the-all-cricket-id-gaming-platform.html) site<br>
<br>23 May 2018<br>
<br>FanDuel creator leaves business<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>Published<br>
<br>20 November 2017<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)