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<br>[sports betting](https://www.kuyasia.com/read-blog/56_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) wagering innovator launches new 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>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
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<br>About sharing<br>
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<br>By Douglas Fraser<br>
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<br>[Business](https://d9talks.site/read-blog/1220_how-to-attract-users-to-my-fantasy-sports-platform.html) and economy editor, Scotland<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>One of Scotland's most effective innovation groups is beginning once again with a new [company](https://birdiey.com/read-blog/360_things-you-need-to-understand-about-rafting-adventures.html) - and has secured the biggest preliminary financial investment of any British [start-up company](http://wiki.faramirfiction.com/index.php?title=User:Violette5581).<br>
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<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](https://www.sportpassionhub.com/read-blog/1487_how-fantasy-betting-app-development-companies-and-sports-developers.html) wagering site FanDuel in 2009 in Edinburgh.<br>
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<br>The [brand-new firm](https://bigtoc.com/read-blog/8949_how-fantasy-betting-app-development-companies-and-sports-developers.html) has seed funding of $21m.<br>
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<br>It aims to release a brand-new open source software [application](https://drapia.org/11-WIKI/index.php/User:HeidiDymock47) platform, on which others can innovate in [sports betting](https://social.ppmandi.com/read-blog/220_sport-betting-industry-seeks-to-protect-itself.html) wagering, in the very first half of next year.<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>The business is [hiring staff](https://projectblueberryserver.com/index.php/User:ValenciaLavallee) from a base in Scotland.<br>
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<br>FanDuel was sold to Flutter - formerly named Paddy Power in 2018 and is now worth more than $30bn.<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>However, Mr Eccles and other [co-founders](https://wiki.insidertoday.org/index.php/User:RolandoZeal2998) are in legal disagreement with FanDuel's later phase financiers over the method which they [structured](https://theavtar.in/read-blog/30185_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) a takeover, which left the [Edinburgh team](http://energymarine.net/?option=com_k2&view=itemlist&task=user&id=1187990) without a share of the [rising valuation](https://seenoor.com/read-blog/439_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html).<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>Mr Eccles said that a person thing he gained from the FanDuel experience was to select financiers thoroughly.<br>
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<br>He told BBC Scotland: "We took a great deal of lessons from that, one of which was the value of who we choose as financiers in this new business, to guarantee their values are lined up with ours, that they take their fiduciary responsibilities properly, and that they're the ideal partners for us."<br>
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<br>The $21m seed [financing](https://cosplaybook.de/read-blog/6714_how-to-withdraw-from-bet9ja-8-step-guide-to-cash-in-your-wins.html) for BetDEX consists of stakes taken by seven backers of US technology companies, [including](https://www.eruptz.com/read-blog/17418_for-sports-gambling-to-be-legalised.html) 2 big [funds -](https://bikapsul.com/read-blog/1458_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) Paradigm and FTX - which specialise in investing in business running with crypto-currencies.<br>
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<br>Varun Sudhakar, [president](http://it-viking.ch/index.php/User:RoxieRosenberg2) of BetDEX, said: "The [sports betting](https://friends.win/read-blog/20747_the-history-of-the-nfl-and-how-to-bet-on-it.html) wagering market charges high costs for bad products and limits trades by its most successful users.<br>
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<br>"BetDEX is diametrically opposed to this method. We will successfully compete against incumbents with a noticeably exceptional item and low costs, which is now possible with the arrival of the blockchain innovation."<br>
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<br>As chairman of the brand-new company, Mr Eccles said it might look familiar to retail punters used to existing online firms.<br>
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<br>'Pool of skill'<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>However, he states that those who use its platform to run their own [sports betting](https://app.theremoteinternship.com/read-blog/25801_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) firms will be able to innovate and produce a wider variety of wagering items.<br>
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<br>He said the normal share taken by online bookmakers is 7% to 10% of a stake, but BetDEX should enable that to fall listed below 1%.<br>
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<br>The company will establish its own wagering apps to operate on the platform.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
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<br>Mr Eccles said these would take an "smart, thoughtful" method to the way they are marketed to protect those who fight with problem gambling.<br>
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<br>He said the team of around 500 software engineers who assisted build FanDuel from Scotland showed that it stays the location to develop a company. BetDEX has the same head of technology, Stuart Tonner.<br>
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<br>"A great deal of that [FanDuel] success was constructed on an extremely competent, really talented engineering group, that constructed this item that could process countless bets and millions of users.<br>
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<br>"There's a genuine skill swimming pool of skilled engineers who assisted us develop our item and that's what we desire 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://www.tobeop.com/score-big-wins-how-sports-betting-software-drives-growth-and-engagement/) wagering<br>
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<br>More on this story<br>
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<br>[Paddy Power](http://www.pickmemo.com/read-blog/11303_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) buys fantasy [sports betting](https://social.ppmandi.com/read-blog/244_how-to-play-bet9ja-online.html) site<br>
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<br>23 May 2018<br>
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<br>FanDuel founder leaves business<br>
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<br>Published<br>
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<br>20 November 2017<br>
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