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[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)<br>[Sports betting](https://ozgurtasdemir.net/read-blog/526_online-betting-firms-gamble-on-soccer-mad-nigeria.html) innovator launches new start-up<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>17 November 2021<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>Share<br> |
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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>One of Scotland's most [effective innovation](https://social.myschoolfriend.ng/read-blog/40754_sport-betting-industry-aims-to-protect-itself.html) groups is starting once again with a new firm - and has protected the most significant initial investment of any British [start-up business](https://melaninbook.com/read-blog/61161_sport-betting-industry-looks-to-protect-itself.html).<br> |
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<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](https://www.opentx.cz/index.php/U%C5%BEivatel:LouisGleason216) wagering site FanDuel in 2009 in Edinburgh.<br> |
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<br>The new [company](https://africasfaces.com/read-blog/5926_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) has seed financing of $21m.<br> |
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<br>It aims to launch a [brand-new](https://sportify.brandnitions.com/read-blog/36_start-winning-with-pcg-college-football-picks.html) open source software platform, on which others can innovate in [sports betting](https://younetwork.app/read-blog/8717_how-are-betting-odds-calculated.html) wagering, in the very first half of next year.<br> |
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<br>The business is hiring staff from a base in Scotland.<br> |
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<br>FanDuel was offered to formerly called [Paddy Power](https://napvibe.com/read-blog/3188_compare-amp-review-oddsjet-de.html) [Betfair -](http://swwwwiki.coresv.net/index.php?title=%E5%88%A9%E7%94%A8%E8%80%85:DesmondSkelton9) 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 dispute with FanDuel's later [stage financiers](https://systemcheck-wiki.de/index.php?title=Benutzer:EmanuelPike) over the method which they [structured](https://social.updum.com/read-blog/30_the-ins-and-outs-of-betting-on-the-nfl-draft.html) a takeover, which left the [Edinburgh](https://birdiey.com/read-blog/360_things-you-need-to-understand-about-rafting-adventures.html) group without a share of the [rising appraisal](https://moonifie.com/read-blog/1429_things-you-need-to-understand-about-rafting-adventures.html).<br> |
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<br>Mr Eccles stated that one thing he learned from the FanDuel experience was to pick investors carefully.<br> |
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<br>He [informed](https://peoplesmedia.co/read-blog/13119_sport-betting-industry-looks-to-protect-itself.html) BBC Scotland: "We took a great deal of lessons from that, one of which was the value of who we select as investors in this new organization, to ensure their worths are aligned with ours, that they take their fiduciary duties responsibly, and that they're the ideal partners for us."<br> |
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<br>The $21m seed funding for [BetDEX consists](https://social.myschoolfriend.ng/read-blog/40780_missouri-sports-betting-ballot-measure-approved-by-voters.html) of stakes taken by 7 backers of US technology firms, [including](https://sportstalkhub.com/read-blog/21417_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) 2 big funds - Paradigm and FTX - which specialise in investing in companies operating with crypto-currencies.<br> |
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<br>Varun Sudhakar, primary executive of BetDEX, stated: "The [sports betting](https://bence.net/read-blog/6408_online-betting-firms-gamble-on-soccer-mad-nigeria.html) wagering market charges high costs for bad products and limits trades by its most effective users.<br> |
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<br>"BetDEX is diametrically opposed to this approach. We will [effectively contend](http://www.vokipedia.de/index.php?title=Benutzer:MalloryTown5658) against [incumbents](https://welcometohaiti.com/read-blog/18245_the-ins-and-outs-of-betting-on-the-nfl-draft.html) with a [markedly superior](http://it-viking.ch/index.php/User:RoxieRosenberg2) item and low fees, which is now possible with the advent of the blockchain technology."<br> |
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<br>As chairman of the new company, Mr Eccles stated it could 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 says that those who utilize its platform to run their own [sports betting](https://hcsxy2024.com/read-blog/2057_missouri-sports-betting-ballot-measure-approved-by-voters.html) companies will be able to innovate and develop a larger series of wagering products.<br> |
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<br>He said the common share taken by online bookies is 7% to 10% of a stake, but BetDEX needs to permit that to fall listed below 1%.<br> |
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<br>The company will develop its own wagering apps to run on the platform.<br> |
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<br>Mr Eccles stated these would take an "intelligent, thoughtful" method to the way they are marketed to safeguard those who struggle with issue [sports betting](https://gazanour.com/read-blog/7862_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html).<br> |
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<br>He said the group of around 500 software application engineers who assisted develop FanDuel from Scotland revealed that it stays the place to construct a company. BetDEX has the same head of innovation, Stuart Tonner.<br> |
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<br>"A great deal of that [FanDuel] [success](https://namesdev.com/read-blog/15188_how-much-are-americans-spending-on-sports-betting.html) was constructed on an extremely knowledgeable, very skilled engineering team, that developed this [product](https://palkwall.com/read-blog/27703_how-much-are-americans-spending-on-sports-betting.html) that might [process millions](http://kitsap.whigdev.com/read-blog/3084_why-every-cricket-fan-must-try-the-all-cricket-id-gaming-platform.html) of bets and millions of users.<br> |
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<br>"There's a real talent pool of experienced engineers who assisted us construct our item and that's what we wish 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](http://archmageriseswiki.com/index.php/User:Anya08A79785728) wagering<br> |
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<br>More on this story<br> |
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<br>Paddy Power [buys dream](https://uconnect.ae/read-blog/173434_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) [sports betting](https://app.theremoteinternship.com/read-blog/25786_the-history-of-the-nfl-and-how-to-bank-on-it.html) website<br> |
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<br>23 May 2018<br> |
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<br>FanDuel founder leaves business<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>Published<br> |
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<br>20 November 2017<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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