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[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)<br>[Sports betting](https://www.etymologiewebsite.nl/wiki/Gebruiker:LourdesMoen4) innovator launches new start-up<br>
<br>17 November 2021<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
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<br>By Douglas Fraser<br>
<br>Business and economy editor, Scotland<br>
<br>Among Scotland's most effective technology groups is starting again with a brand-new firm - and has secured the most significant preliminary financial investment of any British start-up [business](https://younetwork.app/read-blog/8724_the-ins-and-outs-of-betting-on-the-nfl-draft.html).<br>
<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](https://drapia.org/11-WIKI/index.php/User:VirgieThiel23) [site FanDuel](https://mxlinkin.mimeld.com/read-blog/659_how-to-attract-users-to-my-fantasy-sports-platform.html) in 2009 in Edinburgh.<br>
<br>The new firm has seed financing of $21m.<br>
<br>It intends to launch a new open source software application platform, on which others can [innovate](https://wikibase.imfd.cl/wiki/User:AhmedCohn8) in [sports betting](https://theconnectly.com/read-blog/4224_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html), in the very first half of next year.<br>
<br>The [company](https://systemcheck-wiki.de/index.php?title=Benutzer:EmanuelPike) is recruiting staff from a base in Scotland.<br>
<br>FanDuel was offered to Flutter - formerly called Paddy Power Betfair - in 2018 and is now worth more than $30bn.<br>
<br>However, Mr Eccles and other co-founders remain in legal dispute with FanDuel's later [phase financiers](https://globalabout.com/read-blog/16954_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) over the way in which they structured a takeover, which left the [Edinburgh team](https://thatswhathappened.wiki/index.php/User:AlfredKroger0) without a share of the [increasing assessment](https://vishwakarmacommunity.org/read-blog/7969_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html).<br>
<br>Mr Eccles said that a person thing he gained from the FanDuel experience was to pick financiers thoroughly.<br>
<br>He informed BBC Scotland: "We took a lot of lessons from that, among which was the significance of who we choose as investors in this new business, to guarantee their values are lined up with ours, that they take their fiduciary duties responsibly, and that they're the best partners for us."<br>
<br>The $21m seed financing for BetDEX consists of stakes taken by 7 [backers](https://uconnect.ae/read-blog/173434_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) of US innovation firms, including 2 large funds - Paradigm and FTX - which specialise in investing in companies running with [crypto-currencies](https://demo.wowonderstudio.com/read-blog/2553_how-fantasy-betting-app-development-companies-and-sports-developers.html).<br>
<br>Varun Sudhakar, primary executive of BetDEX, said: "The [sports betting](https://meta.mactan.com.br/read-blog/23692_start-winning-with-pcg-college-football-picks.html) wagering industry charges high costs for poor products and limits trades by its most effective users.<br>
<br>"BetDEX is [diametrically opposed](https://nexthub.live/read-blog/90_the-history-of-the-nfl-and-how-to-bet-on-it.html) to this approach. We will against incumbents with a considerably exceptional product and low fees, which is now possible with the arrival of the [blockchain innovation](https://devnew.judefly.com/index.php?link1=read-blog&id=3270_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html)."<br>
<br>As chairman of the new firm, Mr Eccles stated it might look familiar to retail punters utilized to existing online firms.<br>
<br>'Pool of skill'<br>
<br>However, he says that those who use its platform to run their own wagering firms will be able to innovate and create a larger variety of [sports betting](https://bdstarter.com/sports-minister-tracey-crouch-resigns-over-hold-up-to-betting-crackdown-3/) items.<br>
<br>He stated the common share taken by online bookmakers is 7% to 10% of a stake, however BetDEX ought to enable that to fall below 1%.<br>
<br>The business will develop its own [sports betting](https://profesional.id/read-blog/127_things-you-need-to-understand-about-rafting-adventures.html) 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 fight with issue gaming.<br>
<br>He said the team of around 500 software application engineers who helped build FanDuel from Scotland showed that it stays the location to develop a company. BetDEX has the very same head of technology, Stuart Tonner.<br>
<br>"A lot of that [FanDuel] [success](https://micircle.in/read-blog/684_how-are-betting-odds-calculated.html) was built on a highly skilled, really skilled engineering team, that constructed this item that could process countless bets and millions of users.<br>
<br>"There's a genuine talent pool of experienced engineers who assisted us develop our product and that's what we wish to take advantage of for BetDEX too."<br>
<br>Related subjects<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
<br>Edinburgh<br>
<br>[sports betting](https://infinirealm.com/read-blog/8168_how-to-play-bet9ja-online.html) wagering<br>
<br>More on this story<br>
<br>Paddy Power buys fantasy [sports betting](https://social.stssconstruction.com/read-blog/21571_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) website<br>
<br>23 May 2018<br>
<br>[FanDuel founder](https://customerscomm.com/read-blog/3709_just-how-much-are-americans-investing-in-sports-betting.html) leaves business<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
<br>Published<br>
<br>20 November 2017<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)