Add Sports Betting Innovator Launches Brand-new Start-up
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<br>[sports betting](https://philadelphiaflyersclub.com/read-blog/8441_sport-betting-industry-looks-to-protect-itself.html) wagering innovator launches new start-up<br>
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<br>17 November 2021<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>Share<br>
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<br>close panel<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>About sharing<br>
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<br>By Douglas Fraser<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br> and economy editor, Scotland<br>
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<br>Among Scotland's most successful technology teams is beginning once again with a brand-new company - and has actually secured the biggest initial investment of any British start-up [company](https://nubiantalk.site/read-blog/12411_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html).<br>
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<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](https://skylockr.app/read-blog/204_for-sports-gambling-to-be-legalised.html) site FanDuel in 2009 in Edinburgh.<br>
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<br>The new firm has seed financing of $21m.<br>
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<br>It aims to introduce a new open source software application platform, on which others can [innovate](https://bytes-the-dust.com/index.php/User:JurgenBeggs735) in [sports betting](https://www.womplaz.com/read-blog/92_missouri-sports-betting-ballot-measure-approved-by-voters.html), in the first half of next year.<br>
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<br>The company is recruiting personnel from a base in Scotland.<br>
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<br>FanDuel was offered to [Flutter -](http://1600-6765.com/board_fyUJ95/190822) formerly called Paddy Power [Betfair](https://southwales.com/read-blog/303_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) - 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 conflict with FanDuel's later [phase financiers](https://www.social.united-tuesday.org/read-blog/19462_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) over the method which they structured a takeover, which left the [Edinburgh team](https://www.amedaychats.com/read-blog/799_just-how-much-are-americans-spending-on-sports-betting.html) without a share of the [increasing assessment](https://sabiile.com/read-blog/2150_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html).<br>
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<br>Mr [Eccles stated](https://social.instinxtreme.com/read-blog/14246_how-fantasy-betting-app-development-companies-and-sports-developers.html) that one thing he discovered from the [FanDuel experience](https://lidoo.com.br/read-blog/14725_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) was to choose financiers thoroughly.<br>
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<br>He informed BBC Scotland: "We took a great deal of lessons from that, among which was the value of who we choose as investors in this brand-new service, to guarantee their worths are lined up with ours, that they take their fiduciary tasks properly, which they're the best partners for us."<br>
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<br>The $21m seed funding for BetDEX includes stakes taken by seven backers of US technology companies, including 2 big funds - [Paradigm](https://www.matesroom.com/read-blog/1221_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) and FTX - which specialise in buying business operating with crypto-currencies.<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>Varun Sudhakar, chief executive of BetDEX, stated: "The [sports betting](https://wiki.armello.com/index.php/User:Clint029350) industry charges high prices for bad items and limits trades by its most effective users.<br>
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<br>"BetDEX is diametrically opposed to this approach. We will successfully complete against incumbents with a markedly superior [product](https://bence.net/read-blog/6404_how-fantasy-betting-app-development-companies-and-sports-developers.html) and low fees, which is now possible with the arrival of the blockchain technology."<br>
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<br>As chairman of the new firm, Mr Eccles said it could look familiar to retail punters utilized to existing online firms.<br>
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<br>'Pool of talent'<br>
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<br>However, he states that those who use its platform to run their own wagering companies will be able to innovate and develop a larger variety of [sports betting](https://noaisocial.pro/read-blog/2358_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) products.<br>
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<br>He stated the normal share taken by online bookies is 7% to 10% of a stake, but BetDEX ought to enable for that to fall listed below 1%.<br>
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<br>The company will develop its own [sports betting](https://blablasell.com/read-blog/12005_the-ins-and-outs-of-betting-on-the-nfl-draft.html) apps to run on the platform.<br>
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<br>Mr Eccles said these would take an "intelligent, thoughtful" approach to the method they are marketed to secure those who have problem with problem gaming.<br>
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<br>He stated the team of around 500 software application engineers who assisted build FanDuel from Scotland showed that it remains the place to construct a firm. BetDEX has the very same head of innovation, Stuart Tonner.<br>
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<br>"A lot of that [FanDuel] success was built on a highly skilled, very skilled engineering team, that [constructed](https://wiki.vifm.info/index.php/User:SheltonSpaull) this item that might process countless bets and countless users.<br>
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<br>"There's a real skill swimming pool of skilled engineers who assisted us construct our item which's what we wish to leverage for BetDEX too."<br>
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<br>Related topics<br>
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<br>Edinburgh<br>
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<br>[sports betting](https://ozoms.com/read-blog/11109_start-off-winning-with-pcg-college-football-picks.html) wagering<br>
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<br>More on this story<br>
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<br>Paddy Power purchases fantasy [sports betting](https://naijamatta.com/read-blog/35013_things-you-need-to-learn-about-rafting-adventures.html) site<br>
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<br>23 May 2018<br>
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<br>[FanDuel creator](https://nbc.co.uk/read-blog/186_how-much-are-americans-spending-on-sports-betting.html) leaves company<br>
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<br>Published<br>
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<br>20 November 2017<br>
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