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<br>[sports betting](https://aijoining.com/read-blog/248_online-betting-firms-gamble-on-soccer-mad-nigeria.html) wagering innovator [launches](https://social.midnightdreamsreborns.com/read-blog/13246_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) new start-up<br>
<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>One of Scotland's most [effective technology](https://www.jaitun.com/read-blog/15255_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) teams is beginning again with a brand-new firm - and has secured the most significant preliminary financial investment of any British start-up business.<br>
<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](http://milkywaystars.site/read-blog/3048_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) site FanDuel in 2009 in Edinburgh.<br>
<br>The [brand-new firm](https://chatkc.com/read-blog/497_how-fantasy-betting-app-development-companies-and-sports-developers.html) has [seed funding](https://www.opentx.cz/index.php/U%C5%BEivatel:JanetteAngel) of $21m.<br>
<br>It intends to release a brand-new open source software application platform, on which others can innovate in [sports betting](https://almightyblondeone.com/index.php/User:EvangelineS81) wagering, in the very first half of next year.<br>
<br>The company is hiring staff from a base in Scotland.<br>
<br>FanDuel was sold to [Flutter -](https://wiki.ragnaworld.net/index.php?title=User:FionaDavisson9) previously named Paddy [Power Betfair](https://social.ishare.la/read-blog/1455_how-to-play-bet9ja-online.html) - in 2018 and is now worth more than $30bn.<br>
<br>However, Mr Eccles and other co-founders are in legal conflict with FanDuel's later stage investors over the method which they structured a takeover, which left the Edinburgh team without a share of the rising assessment.<br>
<br>Mr Eccles said that a person thing he gained from the [FanDuel experience](https://richonline.club/read-blog/4367_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) was to [choose financiers](https://miderde.de/index.php?title=Benutzer:Junior83E61) thoroughly.<br>
<br>He [informed BBC](https://socialsnug.net/read-blog/8156_compare-amp-review-oddsjet-de.html) Scotland: "We took a great deal of lessons from that, among which was the importance of who we choose as investors in this brand-new company, to guarantee their worths are lined up with ours, that they take their fiduciary responsibilities properly, which they're the ideal partners for us."<br>
<br>The $21m seed [funding](https://theavtar.in/read-blog/30164_sport-betting-industry-wants-to-protect-itself.html) for BetDEX includes stakes taken by seven backers of US innovation companies, including 2 large [funds -](https://grade1d.smaportal.ae/read-blog/2402_sport-betting-industry-looks-to-protect-itself.html) Paradigm and FTX - which specialise in purchasing business running with crypto-currencies.<br>
<br>Varun Sudhakar, president of BetDEX, said: "The [sports betting](https://noaisocial.pro/read-blog/2358_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) market charges high costs for poor items and limitations trades by its most effective users.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>"BetDEX is diametrically opposed to this technique. We will successfully compete against incumbents with a markedly exceptional product and low fees, which is now possible with the advent of the blockchain innovation."<br>
<br>As chairman of the brand-new company, Mr Eccles stated it could look familiar to retail punters used to existing online firms.<br>
<br>'Pool of skill'<br>
<br>However, he says that those who use its platform to run their own [sports betting](https://almightyblondeone.com/index.php/User:EvangelineS81) companies will have the ability to innovate and develop a larger variety of [sports betting](https://globalunitedspirits.com/read-blog/3642_online-betting-firms-gamble-on-soccer-mad-nigeria.html) products.<br>
<br>He said the typical share taken by online bookies is 7% to 10% of a stake, but BetDEX ought to permit that to fall listed below 1%.<br>
<br>The company will develop its own [sports betting](https://vishwakarmacommunity.org/read-blog/7969_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) apps to run on the platform.<br>
<br>Mr Eccles said these would take an "smart, thoughtful" method to the way they are marketed to protect those who have a hard time with problem gaming.<br>
<br>He stated the group of around 500 software application engineers who assisted develop FanDuel from Scotland revealed that it remains the place to construct a firm. BetDEX has the same head of technology, Stuart Tonner.<br>
<br>"A lot of that [FanDuel] success was [constructed](https://sensualmarketplace.com/read-blog/6553_things-you-need-to-learn-about-rafting-adventures.html) on an extremely competent, very skilled engineering group, that developed this product that might process countless bets and [millions](http://bedfordfalls.live/read-blog/112814_how-to-play-bet9ja-online.html) of users.<br>
<br>"There's a genuine skill swimming pool of experienced engineers who helped us construct our product which's what we wish to take advantage of for BetDEX too."<br>
<br>Related topics<br>
<br>Edinburgh<br>
<br>[sports betting](https://followmylive.com/read-blog/19561_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) wagering<br>
<br>More on this story<br>
<br>Paddy Power purchases fantasy [sports betting](https://globalabout.com/read-blog/16961_online-betting-firms-gamble-on-soccer-mad-nigeria.html) website<br>
<br>23 May 2018<br>
<br> leaves business<br>
<br>Published<br>
<br>20 November 2017<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)