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[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)<br>[Sports betting](https://noaisocial.pro/read-blog/2353_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) innovator launches new start-up<br>
<br>17 November 2021<br>
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<br>About sharing<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
<br>By Douglas Fraser<br>
<br>Business and economy editor, Scotland<br>
<br>One of Scotland's most successful technology teams is beginning once again with a [brand-new company](https://iuridictum.pecina.cz/w/U%C5%BEivatel:LorrineBiddell2) - and has [protected](https://sportify.brandnitions.com/read-blog/47_sport-betting-industry-aims-to-protect-itself.html) the greatest [initial financial](https://socialsnug.net/read-blog/7747_why-every-cricket-fan-ought-to-try-the-all-cricket-id-gaming-platform.html) [investment](https://wooshbit.com/read-blog/18740_for-sports-gambling-to-be-legalised.html) of any British start-up business.<br>
<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](https://online-learning-initiative.org/wiki/index.php/User:EZSJudy148) wagering website [FanDuel](https://bexopro.com/read-blog/2788_why-every-cricket-fan-must-try-the-all-cricket-id-gaming-platform.html) in 2009 in Edinburgh.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>The new company has seed funding of $21m.<br>
<br>It intends to launch a brand-new open source software application platform, on which others can innovate in [sports betting](https://social.concienciacasanare.com/read-blog/16_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html), in the very first half of next year.<br>
<br>The company is [recruiting personnel](https://wiki.rrtn.org/wiki/index.php/User:RosalindKeir672) from a base in Scotland.<br>
<br>FanDuel was sold to [Flutter -](https://demo.wowonderstudio.com/read-blog/2604_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) previously named Paddy Power 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 investors over the way in which they structured a takeover, which left the Edinburgh team without a share of the [rising evaluation](https://richonline.club/read-blog/4358_online-betting-firms-gamble-on-soccer-mad-nigeria.html).<br>
<br>Mr Eccles said that a person thing he gained from the FanDuel experience was to select investors carefully.<br>
<br>He told BBC Scotland: "We took a lot of lessons from that, one of which was the significance of who we choose as investors in this new organization, to guarantee their values are aligned with ours, that they take their fiduciary duties properly, and that they're the best partners for us."<br>
<br>The $21m seed funding for BetDEX includes stakes taken by seven backers of US innovation companies, consisting of two large funds - Paradigm and FTX - which [specialise](https://learn.ivlc.com/read-blog/43_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) in purchasing companies running with [crypto-currencies](https://younetwork.app/read-blog/8724_the-ins-and-outs-of-betting-on-the-nfl-draft.html).<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
<br>Varun Sudhakar, [president](https://mysuccessdarpan.com/read-blog/12340_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) of BetDEX, stated: "The [sports betting](https://derivsocial.org/read-blog/6993_things-you-need-to-learn-about-rafting-adventures.html) market charges high costs for poor items and limits trades by its most effective users.<br>
<br>"BetDEX is diametrically opposed to this [approach](https://www.opentx.cz/index.php/U%C5%BEivatel:LouisGleason216). We will successfully [compete versus](https://bence.net/read-blog/6420_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) [incumbents](https://drapia.org/11-WIKI/index.php/User:VirgieThiel23) with a noticeably superior item and low costs, which is now possible with the development of the blockchain technology."<br>
<br>As chairman of the brand-new firm, Mr Eccles said it might look familiar to retail punters utilized to existing online firms.<br>
<br>'Pool of talent'<br>
<br>However, he states that those who use its platform to run their own wagering companies will be able to innovate and produce a broader series of wagering items.<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>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
<br>The business will develop its own wagering 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 battle with problem gambling.<br>
<br>He said the group of around 500 software application engineers who assisted develop FanDuel from Scotland showed that it stays the place to develop a firm. BetDEX has the very same head of technology, Stuart Tonner.<br>
<br>"A great deal of that [FanDuel] success was built on an extremely knowledgeable, really [talented engineering](https://friends.win/read-blog/20704_just-how-much-are-americans-investing-in-sports-betting.html) group, that built this product that might process countless bets and millions of users.<br>
<br>"There's a real talent pool of skilled engineers who helped us construct our product which's what we wish to take advantage of for BetDEX also."<br>
<br>Related topics<br>
<br>Edinburgh<br>
<br>[Sports betting](https://drapia.org/11-WIKI/index.php/User:ClevelandRoby89)<br>
<br>More on this story<br>
<br>Paddy Power purchases dream [sports betting](https://www.contraband.ch/read-blog/41833_sport-betting-industry-looks-to-protect-itself.html) site<br>
<br>23 May 2018<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
<br>FanDuel creator leaves company<br>
<br>Published<br>
<br>20 November 2017<br>