Add Sports Betting Innovator Launches new Start-up

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 [bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)<br>[sports betting](https://droidt99.com/read-blog/8208_how-much-are-americans-spending-on-sports-betting.html) wagering innovator launches new start-up<br>
 <br>17 November 2021<br>
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 <br>By Douglas Fraser<br>
 <br>[Business](https://cheere.org/read-blog/36227_the-ins-and-outs-of-betting-on-the-nfl-draft.html) and [economy](https://wheeoo.com/read-blog/58290_just-how-much-are-americans-investing-in-sports-betting.html) editor, Scotland<br>
 <br>One of [Scotland's](https://genzkenya.co.ke/read-blog/96_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) most successful technology groups is starting again with a brand-new firm - and has secured the most significant [preliminary investment](https://squishmallowswiki.com/index.php/User:NJGFabian311550) of any [British start-up](http://www.vmeste-so-vsemi.ru/wiki/%D0%A3%D1%87%D0%B0%D1%81%D1%82%D0%BD%D0%B8%D0%BA:AlissaMartinez3) [business](https://aijoining.com/read-blog/248_online-betting-firms-gamble-on-soccer-mad-nigeria.html).<br>
 <br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](http://www.mizmiz.de/read-blog/83414_how-to-play-bet9ja-online.html) wagering site FanDuel in 2009 in Edinburgh.<br>
 <br>The new firm has seed financing of $21m.<br>
 <br>It aims to release a [brand-new](https://ca.viquiblo.org/index.php/Usuari:BruceStapley0) open [source software](https://papersoc.com/read-blog/699_sport-betting-industry-looks-to-protect-itself.html) platform, on which others can innovate in [sports betting](https://napvibe.com/read-blog/3129_for-sports-gambling-to-be-legalised.html), in the very first half of next year.<br>
 <br>The company is recruiting personnel from a base in Scotland.<br>
 <br>FanDuel was sold to [Flutter -](https://app.deepsoul.es/read-blog/384_sport-betting-industry-seeks-to-protect-itself.html) formerly called Paddy [Power Betfair](https://lets.chchat.me/read-blog/1973_compare-amp-review-oddsjet-de.html) - in 2018 and is now worth more than $30bn.<br>
 <br>However, Mr Eccles and other co-founders are in legal conflict with FanDuel's later phase financiers over the way in which they structured a takeover, which left the [Edinburgh team](http://www.mizmiz.de/read-blog/83306_things-you-need-to-learn-about-rafting-adventures.html) without a share of the rising valuation.<br>
 <br>Mr Eccles stated that a person thing he gained from the [FanDuel experience](https://social.stssconstruction.com/read-blog/21125_the-ins-and-outs-of-betting-on-the-nfl-draft.html) was to select investors thoroughly.<br>
 <br>He [informed](https://online-learning-initiative.org/wiki/index.php/User:EZSJudy148) BBC Scotland: "We took a lot of lessons from that, among which was the importance of who we choose as financiers in this brand-new company, to guarantee their worths are aligned with ours, that they take their fiduciary tasks responsibly, and that they're the best partners for us."<br>
 <br>The $21m seed financing for BetDEX includes stakes taken by 7 backers of US technology companies, consisting of two large funds - Paradigm and FTX - which [specialise](https://afrocinema.org/read-blog/44830_things-you-need-to-understand-about-rafting-adventures.html) in [buying companies](https://18plus.fun/read-blog/45_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) running with crypto-currencies.<br>
 <br>Varun Sudhakar, president of BetDEX, said: "The [sports betting](https://sfqatest.sociofans.com/read-blog/713_for-sports-gambling-to-be-legalised.html) wagering industry charges high rates for poor products and limits trades by its most effective users.<br>
 <br>"BetDEX is diametrically opposed to this approach. We will successfully compete against incumbents with a significantly remarkable product and low charges, which is now possible with the development of the blockchain innovation."<br>
 <br>As chairman of the new firm, Mr Eccles said it could look familiar to retail punters utilized to existing online companies.<br>
 <br>'Pool of skill'<br>
 <br>However, he says that those who use its platform to run their own wagering companies will have the ability to innovate and produce a broader variety of wagering products.<br>
 <br>He stated the typical share taken by online bookies is 7% to 10% of a stake, but BetDEX should permit for that to fall below 1%.<br>
 <br>The business will establish its own [sports betting](https://worldsports.pro/read-blog/211_just-how-much-are-americans-spending-on-sports-betting.html) apps to run on the platform.<br>
 <br>Mr Eccles stated these would take an "smart, thoughtful" technique to the way they are marketed to secure those who have a hard time with problem [sports betting](https://metacouture.co/read-blog/24213_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html).<br>
 <br>He said the team of around 500 software engineers who assisted construct FanDuel from Scotland revealed that it stays the place to build a company. BetDEX has the same head of technology, Stuart Tonner.<br>
 <br>"A lot of that [FanDuel] [success](https://origintraffic.com/read-blog/1685_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) was developed on a highly competent, extremely talented engineering team, that  this item that might process millions of bets and millions of users.<br>
 <br>"There's a genuine skill pool of experienced engineers who assisted us construct our product and that's what we want to leverage for BetDEX as well."<br>
 <br>Related topics<br>
 <br>Edinburgh<br>
 <br>[Sports betting](https://puzzle.thedimeland.com/4141/just-how-much-are-americans-spending-on-sports-betting)<br>
 <br>More on this story<br>
 <br>Paddy Power purchases fantasy [sports betting](http://www.vmeste-so-vsemi.ru/wiki/%D0%A3%D1%87%D0%B0%D1%81%D1%82%D0%BD%D0%B8%D0%BA:Aida96736331354) website<br>
 <br>23 May 2018<br>
 <br>FanDuel founder leaves company<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
 <br>Published<br>
 <br>20 November 2017<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)