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<br>[Sports betting](https://cosplaybook.de/read-blog/7099_sport-betting-industry-aims-to-protect-itself.html) innovator launches [brand-new](https://app.galaxiesunion.com/read-blog/13145_sport-betting-industry-seeks-to-protect-itself.html) start-up<br> |
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<br>17 November 2021<br> |
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<br>About sharing<br> |
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<br>By Douglas Fraser<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>Business and economy editor, Scotland<br> |
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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 protected the greatest initial financial investment of any British start-up [company](https://terra.planetv.wtf/read-blog/684_.html).<br> |
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<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](https://redmonde.es/read-blog/209_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) wagering site FanDuel in 2009 in Edinburgh.<br> |
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<br>The new company has seed funding of $21m.<br> |
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<br>It aims to release a brand-new open [source software](https://parentingliteracy.com/wiki/index.php/User:ZakDavenport51) application platform, on which others can innovate in [sports betting](https://bundas24.com/read-blog/180832_how-fantasy-betting-app-development-companies-and-sports-developers.html) wagering, in the first half of next year.<br> |
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<br>The [business](http://titotit.com/xe/?document_srl=772972) is recruiting personnel from a base in [Scotland](https://bexopro.com/read-blog/2893_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html).<br> |
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<br>[FanDuel](https://antir.sca.wiki/index.php?title=User:CorneliusWorthin) was offered to Flutter - previously named Paddy Power Betfair - in 2018 and is now worth more than $30bn.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG) |
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<br>However, Mr Eccles and other co-founders are in [legal dispute](https://devnew.judefly.com/index.php?link1=read-blog&id=3251_compare-amp-review-oddsjet-de.html) with FanDuel's later stage investors over the method which they structured a takeover, which left the [Edinburgh](https://www.tobeop.com/how-much-are-americans-spending-on-sports-betting/) group without a share of the [increasing valuation](https://coptr.digipres.org/index.php/User:SheriU12632).<br> |
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<br>Mr Eccles said that a person thing he gained from the [FanDuel experience](https://mgnm.uk/read-blog/3124_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) was to choose investors [carefully](https://heatwave.app/read-blog/387_the-ins-and-outs-of-betting-on-the-nfl-draft.html).<br> |
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<br>He told BBC Scotland: "We took a great deal of lessons from that, among which was the value of who we choose as financiers in this brand-new business, to ensure their values are aligned with ours, that they take their fiduciary tasks responsibly, and that they're the best partners for us."<br> |
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<br>The $21m seed financing for BetDEX consists of stakes taken by 7 [backers](https://iochats.com/read-blog/30878_just-how-much-are-americans-investing-in-sports-betting.html) of US technology companies, including two large funds - Paradigm and FTX - which specialise in operating with crypto-currencies.<br> |
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<br>Varun Sudhakar, chief executive of BetDEX, said: "The [sports betting](https://nana22.com/read-blog/2752_online-betting-firms-gamble-on-soccer-mad-nigeria.html) wagering market charges high prices for bad products and limitations trades by its most successful users.<br> |
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<br>"BetDEX is diametrically opposed to this method. We will successfully [compete](https://thewion.com/read-blog/186654_how-much-are-americans-spending-on-sports-betting.html) against incumbents with a markedly exceptional item and low fees, which is now possible with the advent of the [blockchain technology](https://nubiantalk.site/read-blog/12424_for-sports-gambling-to-be-legalised.html)."<br> |
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<br>As chairman of the new company, Mr Eccles stated it could look familiar to retail punters used to existing online companies.<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 wagering firms will be able to innovate and produce a wider series of wagering items.<br> |
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<br>He stated the common share taken by online bookies is 7% to 10% of a stake, but BetDEX needs to permit for that to fall below 1%.<br> |
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<br>The business will develop its own [sports betting](https://woodsrunners.com/index.php/User:JaymeShropshire) apps to operate on the platform.<br> |
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<br>Mr Eccles said these would take an "smart, thoughtful" technique to the way they are marketed to secure those who fight with issue gaming.<br> |
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<br>He stated the team of around 500 software application engineers who helped develop FanDuel from Scotland revealed that it remains the place to build a firm. BetDEX has the same head of technology, Stuart Tonner.<br> |
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<br>"A great deal of that [FanDuel] [success](https://firstamendment.tv/read-blog/72754_how-to-withdraw-from-bet9ja-8-step-guide-to-money-in-your-wins.html) was built on an extremely proficient, really skilled engineering team, that [developed](https://chatkc.com/read-blog/448_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) this item that could [process millions](https://www.jaitun.com/read-blog/15206_just-how-much-are-americans-investing-in-sports-betting.html) of bets and countless users.<br> |
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<br>"There's a real talent swimming pool of skilled engineers who helped us construct our product which's what we wish to take advantage of for BetDEX too."<br> |
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<br>Related topics<br> |
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<br>Edinburgh<br> |
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<br>[Sports betting](http://www.engel-und-waisen.de/index.php/Benutzer:BartFurr7558266)<br> |
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<br>More on this story<br> |
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<br>Paddy Power purchases fantasy [sports betting](https://app.theremoteinternship.com/read-blog/25815_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) site<br> |
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<br>23 May 2018<br> |
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<br>[FanDuel founder](http://milkywaystars.site/read-blog/3038_things-you-need-to-understand-about-rafting-adventures.html) leaves company<br> |
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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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