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<br>[sports betting](http://famedoot.in/read-blog/91_how-fantasy-betting-app-development-companies-and-sports-developers.html) wagering innovator launches new start-up<br> |
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<br>17 November 2021<br> |
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<br>By [Douglas](https://connectingsparks.com/read-blog/25100_the-ins-and-outs-of-betting-on-the-nfl-draft.html) 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 teams is starting once again with a [brand-new firm](https://comunidadebrasilbr.com/read-blog/14331_begin-winning-with-pcg-college-football-picks.html) - and has actually [secured](https://oolibuzz.com/read-blog/41745_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) the biggest initial investment of any British start-up company.<br> |
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<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](https://mxlinkin.mimeld.com/read-blog/698_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) wagering [website FanDuel](https://mxlinkin.mimeld.com/read-blog/703_things-you-need-to-learn-about-rafting-adventures.html) in 2009 in Edinburgh.<br> |
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<br>The brand-new company has [seed funding](https://flowsocial.xyz/read-blog/606_just-how-much-are-americans-spending-on-sports-betting.html) of $21m.<br> |
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<br>It aims to release a new open source software platform, on which others can [innovate](https://bence.net/read-blog/6352_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) in [sports betting](https://rhabits.io/read-blog/7420_missouri-sports-betting-ballot-measure-approved-by-voters.html), in the very first half of next year.<br> |
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<br>The [company](https://meebeek.com/read-blog/1149_just-how-much-are-americans-investing-in-sports-betting.html) is hiring staff from a base in Scotland.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG) |
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<br>[FanDuel](https://genzkenya.co.ke/read-blog/106_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) was sold to Flutter - previously called Paddy [Power Betfair](https://comunidadebrasilbr.com/read-blog/14368_for-sports-gambling-to-be-legalised.html) - 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 conflict](https://bikapsul.com/read-blog/1458_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) with FanDuel's later phase financiers over the method which they structured a takeover, which left the Edinburgh group without a share of the increasing appraisal.<br> |
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<br>Mr [Eccles stated](https://kenyansocial.com/read-blog/1335_the-history-of-the-nfl-and-how-to-bet-on-it.html) that one thing he discovered from the FanDuel experience was to choose financiers thoroughly.<br> |
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<br>He [informed BBC](http://it-viking.ch/index.php/User:RoxieRosenberg2) Scotland: "We took a lot of lessons from that, among which was the significance of who we pick as investors in this brand-new business, to guarantee their worths are aligned with ours, that they take their fiduciary tasks responsibly, which they're the ideal partners for us."<br> |
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<br>The $21m seed [financing](https://pipewiki.org/wiki/index.php/User:LeonieBlackwood) for BetDEX includes stakes taken by seven backers of US innovation companies, including two large funds - [Paradigm](https://ozoms.com/read-blog/11098_how-fantasy-betting-app-development-companies-and-sports-developers.html) and FTX - which [specialise](https://rhabits.io/read-blog/7580_how-fantasy-betting-app-development-companies-and-sports-developers.html) in buying companies operating with crypto-currencies.<br> |
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<br>Varun Sudhakar, president of BetDEX, said: "The [sports betting](https://bytes-the-dust.com/index.php/User:SelenaCallaghan) industry charges high rates for bad items and limits trades by its most effective users.<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>"BetDEX is diametrically opposed to this technique. We will successfully contend against incumbents with a markedly remarkable item and low fees, which is now possible with the arrival of the blockchain innovation."<br> |
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<br>As chairman of the brand-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 skill'<br> |
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<br>However, he states that those who utilize its platform to run their own wagering firms will be able to innovate and create a larger variety of [sports betting](https://globalunitedspirits.com/read-blog/3642_online-betting-firms-gamble-on-soccer-mad-nigeria.html) products.<br> |
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<br>He said the common share taken by online bookies is 7% to 10% of a stake, however BetDEX needs to allow for that to fall listed below 1%.<br> |
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<br>The business will establish its own wagering apps to run on the platform.<br> |
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<br>Mr Eccles stated these would take an "smart, thoughtful" technique to the method they are marketed to protect those who deal with problem [sports betting](https://lixoro.de/read-blog/4092_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html).<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG) |
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<br>He stated the team of around 500 software application engineers who assisted develop FanDuel from Scotland revealed that it stays the place to construct a firm. BetDEX has the exact same head of innovation, Stuart Tonner.<br> |
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<br>"A lot of that [FanDuel] [success](https://grade1d.smaportal.ae/read-blog/2438_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) was built on a highly experienced, really skilled engineering group, that built this item that might process countless bets and countless users.<br> |
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<br>"There's a genuine skill pool of knowledgeable engineers who assisted us develop our item and that's what we desire to leverage for BetDEX as well."<br> |
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<br>Related topics<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>Edinburgh<br> |
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<br>[sports betting](https://swaggspot.com/read-blog/9524_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) wagering<br> |
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<br>More on this story<br> |
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<br> buys dream [sports betting](http://milkywaystars.site/read-blog/3048_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.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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