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<br>[Sports betting](https://friendza.enroles.com/read-blog/31622_sport-betting-industry-looks-to-protect-itself.html) [innovator launches](https://aijoining.com/read-blog/248_online-betting-firms-gamble-on-soccer-mad-nigeria.html) new start-up<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>17 November 2021<br>
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<br>About sharing<br>
<br>By Douglas Fraser<br>
<br>Business and economy editor, Scotland<br>
<br>Among Scotland's most successful innovation groups is starting again with a brand-new company - and has actually protected the biggest initial financial investment of any British start-up company.<br>
<br>BetDEX is being led by Nigel Eccles, who co-founded dream [sports betting](https://demo.wowonderstudio.com/read-blog/2553_how-fantasy-betting-app-development-companies-and-sports-developers.html) [site FanDuel](https://farmwoo.com/read-blog/9534_online-betting-firms-gamble-on-soccer-mad-nigeria.html) in 2009 in [Edinburgh](https://squishmallowswiki.com/index.php/User:AvisIrh342).<br>
<br>The new [company](https://thefreedommovement.ca/read-blog/19389_sport-betting-industry-looks-to-protect-itself.html) has [seed funding](https://ai.holiday/read-blog/12051_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) of $21m.<br>
<br>It [intends](https://newcastleunitedfansclub.com/read-blog/13553_why-every-cricket-fan-ought-to-try-the-all-cricket-id-gaming-platform.html) to introduce a new open source software platform, on which others can innovate in [sports betting](https://gayplatform.de/read-blog/3342_for-sports-gambling-to-be-legalised.html), in the very first half of next year.<br>
<br>The company is [recruiting staff](https://social.updum.com/read-blog/36_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) from a base in Scotland.<br>
<br>FanDuel was offered to [Flutter -](https://ozoms.com/read-blog/11093_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) previously called Paddy Power [Betfair](https://energypowerworld.co.uk/read-blog/144383_the-ins-and-outs-of-betting-on-the-nfl-draft.html) - in 2018 and is now worth more than $30bn.<br>
<br>However, Mr Eccles and other co-founders remain in [legal conflict](https://mediawiki1263.00web.net/index.php/User:CandidaAbrahams) with [FanDuel's](https://social.engagepure.com/read-blog/821_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) later phase investors over the method which they structured a takeover, which left the Edinburgh team without a share of the increasing assessment.<br>
<br>Mr Eccles stated that one thing he gained from the [FanDuel experience](https://chateando.net/read-blog/245_how-fantasy-betting-app-development-companies-and-sports-developers.html) was to choose investors carefully.<br>
<br>He informed BBC Scotland: "We took a lot of lessons from that, one of which was the importance of who we choose as investors in this brand-new business, to ensure their values are aligned with ours, that they take their fiduciary duties properly, and that they're the best partners for us."<br>
<br>The $21m seed financing for BetDEX includes stakes taken by 7 backers of US technology firms, including two large [funds -](https://social.stssconstruction.com/read-blog/21205_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) [Paradigm](https://social.ppmandi.com/read-blog/244_how-to-play-bet9ja-online.html) and FTX - which specialise in buying business running with crypto-currencies.<br>
<br>Varun Sudhakar, president of BetDEX, stated: "The [sports betting](https://sabiile.com/read-blog/2134_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) market charges high costs for poor items and limits trades by its most effective users.<br>
<br>"BetDEX is [diametrically opposed](https://social.mirrororg.com/read-blog/7664_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) to this method. We will successfully complete versus incumbents with a significantly [superior item](https://cosplaybook.de/read-blog/7041_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) and low fees, which is now possible with the development of the [blockchain technology](https://wiki.rrtn.org/wiki/index.php/User:AurelioNicoll)."<br>
<br>As chairman of the new company, Mr Eccles stated it might look familiar to retail punters used to existing online firms.<br>
<br>'Pool of skill'<br>
<br>However, he states that those who use its platform to run their own wagering companies will be able to innovate and create a broader variety of [sports betting](https://younivix.com/read-blog/29941_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) products.<br>
<br>He said the common share taken by online bookies is 7% to 10% of a stake, however BetDEX should enable for that to fall below 1%.<br>
<br>The business will establish its own [sports betting](https://aijoining.com/read-blog/245_sport-betting-industry-aims-to-protect-itself.html) apps to run on the platform.<br>
<br>Mr Eccles stated these would take an "smart, thoughtful" approach to the way they are marketed to secure those who struggle with issue [sports betting](https://social.engagepure.com/read-blog/794_how-to-play-bet9ja-online.html).<br>
<br>He said the group of around 500 software application engineers who assisted develop FanDuel from Scotland revealed that it remains the location to build a firm. BetDEX has the exact same head of innovation, Stuart Tonner.<br>
<br>"A great deal of that [FanDuel] success was constructed on an [extremely](https://moonifie.com/read-blog/1423_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) competent, very gifted engineering team, that developed this item that might process millions of bets and countless users.<br>
<br>"There's a genuine skill swimming pool of knowledgeable engineers who assisted us build our item which's what we want to leverage for BetDEX too."<br>
<br>Related topics<br>
<br>Edinburgh<br>
<br>[Sports betting](https://demo.wowonderstudio.com/read-blog/2604_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html)<br>
<br>More on this story<br>
<br> buys dream [sports betting](https://mediawiki1263.00web.net/index.php/User:CandidaAbrahams) site<br>
<br>23 May 2018<br>
<br>FanDuel creator 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)