Update 'Sports Betting Innovator Launches new Start-up'

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 [bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)<br>[sports betting](https://cosplaybook.de/read-blog/6714_how-to-withdraw-from-bet9ja-8-step-guide-to-cash-in-your-wins.html) wagering innovator [launches brand-new](https://nuo18.lt/read-blog/68720_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) start-up<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
 <br>17 November 2021<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
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 <br>By Douglas Fraser<br>
 <br>Business and economy editor, Scotland<br>
 <br>Among Scotland's most successful innovation teams is beginning once again with a new firm - and has actually protected the greatest preliminary financial investment of any British start-up business.<br>
 <br>BetDEX is being led by Nigel Eccles, who co-founded dream [sports betting](https://wolvesbaneuo.com/wiki/index.php/User:WaylonFeaster38) wagering site FanDuel in 2009 in Edinburgh.<br>
 <br>The brand-new firm has seed funding of $21m.<br>
 <br>It aims to release a [brand-new](https://projectblueberryserver.com/index.php/User:ValenciaLavallee) open [source software](https://peoplesmedia.co/read-blog/12850_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) platform, on which others can [innovate](https://sportstalkhub.com/read-blog/21392_how-much-are-americans-spending-on-sports-betting.html) in [sports betting](https://welcometohaiti.com/read-blog/15860_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html), in the first half of next year.<br>
 <br>The company is hiring staff from a base in Scotland.<br>
 <br>FanDuel was offered to [Flutter -](https://ou812chat.com/read-blog/10089_for-sports-gambling-to-be-legalised.html) formerly called Paddy [Power Betfair](https://moonifie.com/read-blog/1440_for-sports-gambling-to-be-legalised.html) - in 2018 and is now worth more than $30bn.<br>
 <br>However, Mr Eccles and other co-founders remain in [legal conflict](https://sensualmarketplace.com/read-blog/6753_how-to-withdraw-from-bet9ja-8-step-guide-to-cash-in-your-wins.html) with [FanDuel's](https://bigtoc.com/read-blog/8974_why-every-cricket-fan-should-try-the-all-cricket-id-gaming-platform.html) later [stage financiers](https://antir.sca.wiki/index.php?title=User_talk:JaredEhret3869) over the method in which they [structured](https://palkwall.com/read-blog/27748_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) a takeover, which left the [Edinburgh team](https://peoplesmedia.co/read-blog/13119_sport-betting-industry-looks-to-protect-itself.html) without a share of the [increasing assessment](https://bbarlock.com/index.php/User:AliceBland5).<br>
 <br>Mr Eccles said that one thing he [discovered](http://1600-6765.com/board_fyUJ95/217936) from the FanDuel experience was to select investors thoroughly.<br>
 <br>He informed BBC Scotland: "We took a lot of lessons from that, one of which was the value of who we choose as investors in this brand-new business, to ensure their values are aligned with ours, that they take their fiduciary responsibilities responsibly, which they're the ideal partners for us."<br>
 <br>The $21m seed [financing](https://mxlinkin.mimeld.com/read-blog/703_things-you-need-to-learn-about-rafting-adventures.html) for BetDEX includes stakes taken by seven backers of US technology firms, including two large funds - Paradigm and FTX - which specialise in purchasing business operating with crypto-currencies.<br>
 <br>Varun Sudhakar, [chief executive](https://mybuddis.com/read-blog/70_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) of BetDEX, stated: "The [sports betting](https://si-sudagro.net/cdc-hiruak/index.php?qa=153192&qa_1=things-you-need-to-know-about-rafting-adventures) industry charges high costs for bad items and limitations trades by its most effective users.<br>
 <br>"BetDEX is diametrically opposed to this technique. We will effectively compete against [incumbents](https://nexthub.live/read-blog/99_how-to-play-bet9ja-online.html) with a significantly superior product and low charges, which is now possible with the introduction of the [blockchain innovation](http://classicalmusicmp3freedownload.com/ja/index.php?title=%E5%88%A9%E7%94%A8%E8%80%85:PaulMcWilliam98)."<br>
 <br>As chairman of the brand-new company, Mr Eccles said it could look familiar to retail punters used to existing online companies.<br>
 <br>'Pool of talent'<br>
 <br>However, he states that those who utilize its platform to run their own [sports betting](https://projectblueberryserver.com/index.php/User:KarmaWekey) companies will have the ability to innovate and develop a larger variety of wagering products.<br>
 <br>He stated the typical share taken by online bookmakers is 7% to 10% of a stake, but BetDEX needs to enable that to fall below 1%.<br>
 <br>The company will establish its own wagering apps to operate on the platform.<br>
 <br>Mr Eccles stated these would take an "intelligent, thoughtful" technique to the method they are marketed to secure those who have a hard time with issue gambling.<br>
 <br>He stated the team of around 500 software application engineers who helped develop FanDuel from Scotland revealed that it remains the location to construct a company. BetDEX has the same head of innovation, Stuart Tonner.<br>
 <br>"A great deal of that [FanDuel] success was  on a highly skilled, very skilled engineering team, that developed this product that could process millions of bets and countless users.<br>
 <br>"There's a genuine skill swimming pool of skilled engineers who helped us develop our item which's what we wish to utilize for BetDEX also."<br>
 <br>Related subjects<br>
 <br>Edinburgh<br>
 <br>[sports betting](http://it-viking.ch/index.php/User:MargartMillican) wagering<br>
 <br>More on this story<br>
 <br>Paddy Power purchases [fantasy](https://canadasimple.com/index.php/User:AuroraBirdsall9) [sports betting](https://www.amedaychats.com/read-blog/778_just-how-much-are-americans-investing-in-sports-betting.html) site<br>
 <br>23 May 2018<br>
 <br>[FanDuel creator](https://nbc.co.uk/read-blog/116_for-sports-gambling-to-be-legalised.html) leaves company<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
 <br>Published<br>
 <br>20 November 2017<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)