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<br>[sports betting](http://kitsap.whigdev.com/read-blog/3091_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) wagering innovator launches new start-up<br>
<br>17 November 2021<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>By Douglas Fraser<br>
<br>Business and economy editor, Scotland<br>
<br>One of [Scotland's](https://social.sktorrent.eu/read-blog/8783_things-you-need-to-learn-about-rafting-adventures.html) most effective innovation groups is starting again with a [brand-new firm](https://bigtoc.com/read-blog/8958_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) - and has actually secured the most significant initial financial [investment](https://tribetok.com/read-blog/96_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) of any British start-up [business](https://theconnectly.com/read-blog/4146_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html).<br>
<br>BetDEX is being led by Nigel Eccles, who co-founded dream [sports betting](https://seenoor.com/read-blog/436_sport-betting-industry-aims-to-protect-itself.html) site FanDuel in 2009 in [Edinburgh](https://noaisocial.pro/read-blog/2352_things-you-need-to-understand-about-rafting-adventures.html).<br>
<br>The new [company](https://grade1d.smaportal.ae/read-blog/2420_how-fantasy-betting-app-development-companies-and-sports-developers.html) has [seed financing](https://santosfcfansclub.com/read-blog/7612_enhance-your-business-opportunities-with-efficient-sports-apps.html) of $21m.<br>
<br>It aims to introduce a new open source software platform, on which others can innovate in [sports betting](https://seenoor.com/read-blog/426_how-fantasy-betting-app-development-companies-and-sports-developers.html), in the first half of next year.<br>
<br>The [company](https://oeclub.org/index.php/User:KatriceLuu27) is [recruiting personnel](https://bexopro.com/read-blog/2788_why-every-cricket-fan-must-try-the-all-cricket-id-gaming-platform.html) from a base in Scotland.<br>
<br>FanDuel was sold to Flutter - formerly called Paddy Power 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](https://peekz.eu/read-blog/244_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) later stage financiers over the method which they structured a takeover, which left the Edinburgh group without a share of the increasing assessment.<br>
<br>Mr Eccles stated that one thing he found out from the [FanDuel experience](https://origintraffic.com/read-blog/1685_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) was to select financiers thoroughly.<br>
<br>He [informed BBC](https://www.womplaz.com/read-blog/103_the-ins-and-outs-of-betting-on-the-nfl-draft.html) Scotland: "We took a lot of lessons from that, among which was the value of who we pick as investors in this new service, to guarantee their values are lined up with ours, that they take their fiduciary duties responsibly, which they're the best partners for us."<br>
<br>The $21m seed funding for BetDEX includes stakes taken by 7 backers of US technology companies, consisting of 2 big funds - Paradigm and FTX - which specialise in investing in business running with crypto-currencies.<br>
<br>Varun Sudhakar, [chief executive](https://socialsnug.net/read-blog/8156_compare-amp-review-oddsjet-de.html) of BetDEX, said: "The [sports betting](https://kiigasofthub.com/read-blog/10136_sport-betting-industry-looks-to-protect-itself.html) industry charges high costs for bad items and limitations trades by its most effective users.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>"BetDEX is diametrically opposed to this approach. We will successfully contend versus [incumbents](http://famedoot.in/read-blog/104_how-much-are-americans-spending-on-sports-betting.html) with a significantly [exceptional product](https://issosyal.com/read-blog/10055_the-ins-and-outs-of-betting-on-the-nfl-draft.html) and low charges, which is now possible with the advent of the blockchain innovation."<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>As chairman of the brand-new firm, Mr Eccles said it might look familiar to retail punters utilized to existing online companies.<br>
<br>'Pool of talent'<br>
<br>However, he states that those who use its platform to run their own [sports betting](https://santosfcfansclub.com/read-blog/7620_how-to-attract-users-to-my-fantasy-sports-platform.html) firms will be able to innovate and develop a wider series of [sports betting](https://followmylive.com/read-blog/19561_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) items.<br>
<br>He stated the typical share taken by online bookmakers is 7% to 10% of a stake, however BetDEX should permit that to fall below 1%.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>The company will develop its own [sports betting](https://terra.planetv.wtf/read-blog/680_.html) apps to run on the platform.<br>
<br>Mr Eccles stated these would take an "intelligent, thoughtful" approach to the way they are marketed to safeguard those who have a hard time with problem gambling.<br>
<br>He stated the group of around 500 software engineers who helped build FanDuel from Scotland revealed that it remains the place to develop a firm. BetDEX has the exact same head of innovation, Stuart Tonner.<br>
<br>"A lot of that [FanDuel] success was developed on a highly proficient, very skilled engineering group, that developed this item that might [process millions](https://ou812chat.com/read-blog/10089_for-sports-gambling-to-be-legalised.html) of bets and [countless](https://africasfaces.com/read-blog/5848_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) users.<br>
<br>"There's a genuine skill pool of skilled engineers who helped us construct our product and that's what we wish to utilize for BetDEX also."<br>
<br>Related topics<br>
<br>Edinburgh<br>
<br>[Sports betting](https://sportysocialspace.com/read-blog/12018_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html)<br>
<br>More on this story<br>
<br>[Paddy Power](https://islider.ru/read-blog/41313_begin-winning-with-pcg-college-football-picks.html) buys dream [sports betting](https://hcsxy2024.com/read-blog/2048_sport-betting-industry-seeks-to-protect-itself.html) website<br>
<br>23 May 2018<br>
<br>FanDuel founder leaves business<br>
<br>Published<br>
<br>20 November 2017<br>