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<br>[Sports betting](https://vishwakarmacommunity.org/read-blog/7857_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) innovator launches [brand-new](https://jamesrodriguezclub.com/read-blog/6205_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) start-up<br> |
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<br>17 November 2021<br> |
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<br>Share<br> |
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<br>close panel<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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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](https://www.proathletediscuss.com/read-blog/449_just-how-much-are-americans-investing-in-sports-betting.html) and economy editor, Scotland<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>One of Scotland's most effective technology teams is beginning once again with a brand-new company - and has actually secured the greatest initial financial investment of any [British start-up](http://social.redemaxxi.com.br/read-blog/1678_compare-amp-review-oddsjet-de.html) [company](https://www.drawlfest.com/read-blog/13675_how-are-betting-odds-calculated.html).<br> |
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<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](https://www.social.united-tuesday.org/read-blog/19467_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) site in 2009 in Edinburgh.<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>The [brand-new company](https://alumni.myra.ac.in/read-blog/148768_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) has seed financing of $21m.<br> |
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<br>It aims to introduce a [brand-new](https://mypungi.com/read-blog/7519_for-sports-gambling-to-be-legalised.html) open source software [application](https://ozoms.com/read-blog/11106_how-to-withdraw-from-bet9ja-8-step-guide-to-money-in-your-wins.html) platform, on which others can [innovate](https://profesional.id/read-blog/113_compare-amp-review-oddsjet-de.html) in [sports betting](https://nuo18.lt/read-blog/68711_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html), in the first half of next year.<br> |
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<br>The business is [hiring personnel](https://sportify.brandnitions.com/read-blog/43_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) from a base in Scotland.<br> |
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<br>FanDuel was sold to Flutter - formerly called Paddy Power Betfair - in 2018 and is now worth more than $30bn.<br> |
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<br>However, Mr Eccles and other co-founders are in legal dispute with [FanDuel's](https://profesional.id/read-blog/113_compare-amp-review-oddsjet-de.html) later [stage investors](https://social.concienciacasanare.com/read-blog/30_the-ins-and-outs-of-betting-on-the-nfl-draft.html) over the method which they [structured](https://redebuck.com.br/read-blog/22128_how-are-betting-odds-calculated.html) a takeover, which left the Edinburgh group without a share of the rising valuation.<br> |
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<br>Mr Eccles said that one thing he [learned](https://infosocial.top/read-blog/4038_the-history-of-the-nfl-and-how-to-bank-on-it.html) from the FanDuel experience was to choose [investors](https://wow.t-mobility.co.il/read-blog/45_the-history-of-the-nfl-and-how-to-bet-on-it.html) thoroughly.<br> |
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<br>He [informed BBC](https://theavtar.in/read-blog/30185_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) Scotland: "We took a lot of lessons from that, one of which was the importance of who we pick as investors in this new company, to ensure their values are aligned 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 funding for BetDEX consists of stakes taken by seven backers of US technology firms, including two big funds - Paradigm and FTX - which specialise in [purchasing companies](https://almightyblondeone.com/index.php/User:RileyRlu2663) operating with crypto-currencies.<br> |
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<br>Varun Sudhakar, [president](https://globalairgunner.com/read-blog/20130_the-ins-and-outs-of-betting-on-the-nfl-draft.html) of BetDEX, stated: "The [sports betting](https://woodsrunners.com/index.php/User:Lola10N938321556) market charges high costs for bad items and limits trades by its most successful users.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG) |
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<br>"BetDEX is diametrically opposed to this technique. We will effectively compete against incumbents with a significantly superior product and low costs, which is now possible with the [introduction](https://namesdev.com/read-blog/15165_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) of the blockchain innovation."<br> |
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<br>As chairman of the new firm, Mr Eccles said it might look familiar to retail punters utilized to existing online firms.<br> |
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<br>'Pool of talent'<br> |
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<br>However, he says that those who utilize its platform to run their own wagering companies will be able to innovate and create a broader variety of wagering products.<br> |
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<br>He said the normal share taken by online bookmakers is 7% to 10% of a stake, but BetDEX should enable that to fall below 1%.<br> |
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<br>The company will develop its own [sports betting](https://www.miptrucking.net/read-blog/1285_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) apps to operate on the platform.<br> |
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<br>Mr Eccles said these would take an "intelligent, thoughtful" method to the method they are marketed to protect those who struggle with problem gambling.<br> |
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<br>He said the team of around 500 software engineers who assisted develop FanDuel from Scotland showed that it stays the location to construct a company. BetDEX has the same head of innovation, Stuart Tonner.<br> |
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<br>"A lot of that [FanDuel] success was developed on a highly knowledgeable, extremely skilled engineering group, that [constructed](https://firstamendment.tv/read-blog/76093_how-fantasy-betting-app-development-companies-and-sports-developers.html) this product that might process millions of bets and countless users.<br> |
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<br>"There's a real talent pool of knowledgeable engineers who assisted us build our product which's what we want to take advantage of for BetDEX too."<br> |
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<br>Related subjects<br> |
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<br>Edinburgh<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>[Sports betting](https://social.mirrororg.com/read-blog/7669_how-much-are-americans-spending-on-sports-betting.html)<br> |
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<br>More on this story<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG) |
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<br>[Paddy Power](https://philadelphiaflyersclub.com/read-blog/8447_how-to-withdraw-from-bet9ja-8-step-guide-to-cash-in-your-wins.html) purchases fantasy [sports betting](https://theavtar.in/read-blog/30168_things-you-need-to-understand-about-rafting-adventures.html) website<br> |
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<br>23 May 2018<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>FanDuel creator leaves company<br> |
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<br>Published<br> |
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<br>20 November 2017<br> |
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