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[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)<br> [innovator launches](https://lixoro.de/read-blog/3785_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) new start-up<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>17 November 2021<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>Share<br> |
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<br>close panel<br> |
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<br>Share page<br> |
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<br>Copy link<br> |
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<br>About sharing<br> |
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<br>By Douglas Fraser<br> |
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<br>Business and economy editor, Scotland<br> |
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<br>One of [Scotland's](https://twoplustwoequal.com/read-blog/58983_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) most effective innovation teams is starting once again with a [brand-new company](https://younivix.com/read-blog/29903_compare-amp-review-oddsjet-de.html) - and has secured the biggest initial [investment](https://peekz.eu/read-blog/216_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) of any [British](https://systemcheck-wiki.de/index.php?title=Benutzer:Guy11713062) start-up [company](https://disgaeawiki.info/index.php/User:TatianaYost4).<br> |
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<br>BetDEX is being led by Nigel Eccles, who co-founded dream [sports betting](https://noaisocial.pro/read-blog/2364_things-you-need-to-know-about-rafting-adventures.html) [wagering](https://customerscomm.com/read-blog/3706_for-sports-gambling-to-be-legalised.html) site FanDuel in 2009 in Edinburgh.<br> |
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<br>The new firm has [seed funding](https://posthaos.ru/read-blog/172_how-to-withdraw-from-bet9ja-8-step-guide-to-cash-in-your-wins.html) of $21m.<br> |
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<br>It intends to introduce a [brand-new](https://social.japrime.id/read-blog/23465_how-to-play-bet9ja-online.html) open source software application platform, on which others can innovate in [sports betting](https://youtoosocialnetwork.com/read-blog/1282_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html), in the first half of next year.<br> |
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<br>The company is [recruiting personnel](https://youtoosocialnetwork.com/read-blog/1282_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) from a base in Scotland.<br> |
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<br>[FanDuel](https://social.midnightdreamsreborns.com/read-blog/13330_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) was offered to Flutter - previously named Paddy Power Betfair - in 2018 and is now worth more than $30bn.<br> |
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<br>However, Mr Eccles and other co-founders are in legal dispute with FanDuel's later [stage financiers](https://higgledy-piggledy.xyz/index.php/User:MadonnaFrayne5) over the method which they structured a takeover, which left the Edinburgh group without a share of the increasing assessment.<br> |
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<br>Mr Eccles stated that a person thing he gained from the FanDuel experience was to [pick financiers](https://unightlifetalk.site/read-blog/2615_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) thoroughly.<br> |
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<br>He informed BBC Scotland: "We took a great deal of lessons from that, among which was the value of who we select as financiers in this brand-new company, to ensure their worths are aligned with ours, that they take their fiduciary responsibilities responsibly, which they're the best partners for us."<br> |
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<br>The $21m seed [financing](https://inicknet.com/read-blog/2180_the-ins-and-outs-of-betting-on-the-nfl-draft.html) for BetDEX includes stakes taken by seven backers of US innovation companies, consisting of two big funds - Paradigm and FTX - which specialise in purchasing business running with crypto-currencies.<br> |
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<br>Varun Sudhakar, president of BetDEX, stated: "The [sports betting](https://social.oneworldonesai.com/read-blog/1571_sport-betting-industry-wants-to-protect-itself.html) wagering market charges high costs for poor items and limitations trades by its most effective users.<br> |
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<br>"BetDEX is diametrically opposed to this method. We will successfully contend versus incumbents with a noticeably superior item and low fees, which is now possible with the introduction of the blockchain technology."<br> |
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<br>As chairman of the new firm, Mr Eccles stated it might look familiar to retail punters used to existing online companies.<br> |
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<br>'Pool of talent'<br> |
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<br>However, he says that those who utilize its platform to run their own [sports betting](https://cozwo.com/read-blog/8502_for-sports-gambling-to-be-legalised.html) companies will have the ability to innovate and produce a wider variety of [sports betting](https://mixup.wiki/index.php/User:ChelseaDeluca4) items.<br> |
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<br>He stated the normal share taken by online bookmakers is 7% to 10% of a stake, however BetDEX needs to enable for that to fall below 1%.<br> |
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<br>The company will establish its own wagering apps to run on the platform.<br> |
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<br>Mr Eccles stated these would take an "intelligent, 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 group of around 500 software engineers who helped build FanDuel from Scotland revealed that it stays the location to build a company. BetDEX has the very same head of technology, Stuart Tonner.<br> |
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<br>"A great deal of that [FanDuel] [success](https://firstamendment.tv/read-blog/76094_the-ins-and-outs-of-betting-on-the-nfl-draft.html) was constructed on an [extremely](https://demo.shoudyhosting.com/qtoa/?qa=86582/uk-betting-firms-gamble-on-us-after-sports-wager-ruling) experienced, really gifted engineering team, that constructed this product that could [process millions](https://www.heesah.com/read-blog/2212_the-ins-and-outs-of-betting-on-the-nfl-draft.html) of bets and [countless](https://unitedstatesofbiafra.com/read-blog/63_start-winning-with-pcg-college-football-picks.html) users.<br> |
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<br>"There's a real talent swimming pool of experienced engineers who helped us build our product and that's what we want to take advantage of for BetDEX as well."<br> |
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<br>Related subjects<br> |
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<br>Edinburgh<br> |
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<br>[Sports betting](https://kiigasofthub.com/read-blog/10117_things-you-need-to-know-about-rafting-adventures.html)<br> |
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<br>More on this story<br> |
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<br>[Paddy Power](https://noaisocial.pro/read-blog/2341_just-how-much-are-americans-spending-on-sports-betting.html) buys dream [sports betting](http://ringturbine.com:80/index.php/User:DelorisRountree) site<br> |
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<br>23 May 2018<br> |
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<br>[FanDuel founder](https://wow.twinear.com/read-blog/980_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) leaves company<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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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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