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[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)<br>[Sports betting](https://iuridictum.pecina.cz/w/U%C5%BEivatel:IrmaRoden159913) innovator launches new start-up<br>
<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](https://aquirola.com.br/read-blog/7871_for-sports-gambling-to-be-legalised.html) teams is beginning again with a new firm - and has protected the [biggest preliminary](http://milkywaystars.site/read-blog/2999_how-much-are-americans-spending-on-sports-betting.html) investment of any [British start-up](https://blkbook.blactive.com/read-blog/2282_just-how-much-are-americans-spending-on-sports-betting.html) business.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](https://nubiantalk.site/read-blog/12418_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) site FanDuel in 2009 in Edinburgh.<br>
<br>The brand-new company has [seed financing](https://sahabatcasn.com/read-blog/75_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) of $21m.<br>
<br>It aims to launch a brand-new open source software platform, on which others can innovate in [sports betting](https://connectingsparks.com/read-blog/25072_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) wagering, in the first half of next year.<br>
<br>The business is hiring personnel from a base in [Scotland](https://www.buzzgate.net/read-blog/497_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html).<br>
<br>FanDuel was [offered](https://wavedream.wiki/index.php/User:AmadoBevill93) to Flutter - previously named [Paddy Power](https://sportstalkhub.com/read-blog/21419_the-ins-and-outs-of-betting-on-the-nfl-draft.html) [Betfair -](http://famedoot.in/read-blog/103_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 are in legal disagreement with FanDuel's later phase financiers over the method in which they [structured](https://gazanour.com/read-blog/7881_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) a takeover, which left the [Edinburgh team](https://moonifie.com/read-blog/1406_sport-betting-industry-looks-to-protect-itself.html) without a share of the [rising evaluation](https://www.facetwig.com/read-blog/96074_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html).<br>
<br>Mr Eccles said that one thing he [learned](https://projectblueberryserver.com/index.php/User:KimberlyNowak4) from the [FanDuel experience](https://friendza.enroles.com/read-blog/31635_how-to-attract-users-to-my-fantasy-sports-platform.html) was to select financiers thoroughly.<br>
<br>He told BBC Scotland: "We took a great deal of lessons from that, among which was the significance of who we select as financiers in this new organization, to ensure their values are lined up with ours, that they take their fiduciary tasks properly, and that they're the best partners for us."<br>
<br>The $21m seed financing for BetDEX includes stakes taken by seven backers of US technology firms, consisting of 2 large funds - [Paradigm](https://doomelang.com/read-blog/52994_sport-betting-industry-wants-to-protect-itself.html) and FTX - which specialise in buying business operating with [crypto-currencies](https://wiki.monnaie-libre.fr/wiki/Utilisateur:AlphonseE29).<br>
<br>Varun Sudhakar, [president](https://wiki.monnaie-libre.fr/wiki/Utilisateur:AlphonseE29) of BetDEX, said: "The [sports betting](https://ishare.igrowtech.biz/read-blog/5423_the-ins-and-outs-of-betting-on-the-nfl-draft.html) market charges high costs for bad products and limits trades by its most effective users.<br>
<br>"BetDEX is diametrically opposed to this technique. We will successfully contend versus incumbents with a considerably exceptional product and low fees, which is now possible with the arrival of the [blockchain innovation](https://naijamatta.com/read-blog/34719_how-to-attract-users-to-my-fantasy-sports-platform.html)."<br>
<br>As chairman of the new firm, Mr Eccles stated it might look familiar to retail punters used to existing online companies.<br>
<br>'Pool of talent'<br>
<br>However, he says that those who utilize its platform to run their own wagering companies will have the ability to innovate and create a larger series of wagering items.<br>
<br>He said the typical share taken by online bookies is 7% to 10% of a stake, however BetDEX ought to enable that to fall below 1%.<br>
<br>The business will establish its own [sports betting](https://wiki.whenparked.com/User:ReneBonds3) apps to run on the platform.<br>
<br>Mr Eccles said these would take an "intelligent, thoughtful" technique to the method they are marketed to protect those who have problem with problem gaming.<br>
<br>He stated the group of around 500 software application engineers who helped build FanDuel from Scotland showed that it remains the place to construct a company. BetDEX has the very same head of innovation, Stuart Tonner.<br>
<br>"A lot of that [FanDuel] success was built on an [extremely](https://comunidadebrasilbr.com/read-blog/14355_how-to-play-bet9ja-online.html) skilled, very team, that [constructed](https://juryi.sn/read-blog/12020_things-you-need-to-know-about-rafting-adventures.html) this product that might [process countless](https://firstamendment.tv/read-blog/74163_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) bets and countless users.<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
<br>"There's a real skill swimming pool of knowledgeable engineers who assisted us construct our item which's what we desire to take advantage of for BetDEX as well."<br>
<br>Related subjects<br>
<br>Edinburgh<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>[sports betting](https://lixoro.de/read-blog/4070_the-ins-and-outs-of-betting-on-the-nfl-draft.html) wagering<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>More on this story<br>
<br>Paddy Power purchases fantasy [sports betting](https://grade1d.smaportal.ae/read-blog/2435_why-every-cricket-fan-ought-to-try-the-all-cricket-id-gaming-platform.html) site<br>
<br>23 May 2018<br>
<br>FanDuel founder leaves company<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>Published<br>
<br>20 November 2017<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)