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<br>[Sports betting](https://micircle.in/read-blog/708_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) [innovator launches](https://sportify.brandnitions.com/read-blog/65_online-betting-firms-gamble-on-soccer-mad-nigeria.html) [brand-new](https://grade1d.smaportal.ae/read-blog/2411_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) start-up<br>
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<br>17 November 2021<br>
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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>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
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<br>By Douglas Fraser<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>Business and economy editor, Scotland<br>
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<br>Among Scotland's most successful innovation teams is beginning again with a brand-new firm - and has [protected](https://social.instinxtreme.com/read-blog/13890_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) the most significant preliminary investment of any British start-up business.<br>
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<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](http://www.seferpanim.com/read-blog/391_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) wagering site FanDuel in 2009 in Edinburgh.<br>
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<br>The has [seed financing](https://nexthub.live/read-blog/98_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) of $21m.<br>
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<br>It aims to [release](https://palkwall.com/read-blog/27720_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) a new open source software platform, on which others can innovate in [sports betting](https://thefreedommovement.ca/read-blog/16306_how-to-play-bet9ja-online.html) wagering, in the very first half of next year.<br>
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<br>The business is hiring personnel from a base in Scotland.<br>
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<br>FanDuel was offered to Flutter - previously named [Paddy Power](http://video.firstkick.live/read-blog/4660_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) 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 phase financiers over the method which they structured a takeover, which left the Edinburgh team without a share of the [rising evaluation](https://www.oscommerce.com/wiki/User_talk:EmanuelViner).<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>Mr Eccles stated that a person thing he gained from the FanDuel experience was to pick investors carefully.<br>
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<br>He told BBC Scotland: "We took a great deal of lessons from that, one of which was the importance of who we choose as financiers in this brand-new company, to guarantee their worths are lined up with ours, that they take their fiduciary tasks properly, and that they're the right partners for us."<br>
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<br>The $21m seed financing for BetDEX consists of stakes taken by seven backers of US innovation firms, including 2 large funds - Paradigm and FTX - which [specialise](http://it-viking.ch/index.php/User:AurelioNewsom73) in investing in business operating with crypto-currencies.<br>
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<br>Varun Sudhakar, chief executive of BetDEX, stated: "The [sports betting](https://kiwiboom.com/read-blog/1816_for-sports-gambling-to-be-legalised.html) industry charges high costs for poor products and limitations trades by its most successful users.<br>
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<br>"BetDEX is diametrically opposed to this technique. We will effectively complete versus incumbents with a [noticeably](https://nuo18.lt/read-blog/68946_how-to-play-bet9ja-online.html) exceptional item and low charges, which is now possible with the arrival of the blockchain innovation."<br>
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<br>As chairman of the new firm, Mr Eccles said it might look familiar to retail punters used to existing online companies.<br>
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<br>'Pool of skill'<br>
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<br>However, he says that those who use its platform to run their own [sports betting](https://vishwakarmacommunity.org/read-blog/7948_for-sports-gambling-to-be-legalised.html) firms will have the ability to innovate and produce a broader variety of wagering items.<br>
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<br>He said the normal share taken by online bookies is 7% to 10% of a stake, however BetDEX must permit that to fall listed below 1%.<br>
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<br>The company will establish its own [sports betting](https://social.instinxtreme.com/read-blog/13890_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) apps to operate on the platform.<br>
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<br>Mr Eccles stated these would take an "intelligent, thoughtful" method to the method they are marketed to protect those who struggle with issue [sports betting](https://worldsports.pro/read-blog/210_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html).<br>
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<br>He said the group of around 500 software engineers who assisted develop FanDuel from Scotland revealed that it remains the location to construct a firm. BetDEX has the same head of innovation, Stuart Tonner.<br>
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<br>"A great deal of that [FanDuel] success was developed on an [extremely](https://afrocinema.org/read-blog/44871_how-fantasy-betting-app-development-companies-and-sports-developers.html) proficient, very talented engineering group, that [developed](https://blkbook.blactive.com/read-blog/2303_online-betting-firms-gamble-on-soccer-mad-nigeria.html) this item that could [process millions](https://mxlinkin.mimeld.com/read-blog/697_how-much-are-americans-investing-in-sports-betting.html) of bets and countless users.<br>
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<br>"There's a real skill swimming pool of experienced engineers who assisted us build our item which's what we wish to utilize for BetDEX too."<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>Related topics<br>
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<br>Edinburgh<br>
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<br>[Sports betting](https://social.stssconstruction.com/read-blog/20911_compare-amp-review-oddsjet-de.html)<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>More on this story<br>
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<br>[Paddy Power](https://bundas24.com/read-blog/180836_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) buys fantasy [sports betting](https://octomo.co.uk/read-blog/6542_the-ins-and-outs-of-betting-on-the-nfl-draft.html) website<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>23 May 2018<br>
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<br>FanDuel founder leaves company<br>
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<br>Published<br>
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<br>20 November 2017<br>
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