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[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)<br>[sports betting](http://woorichat.com/read-blog/10295_sport-betting-industry-wants-to-protect-itself.html) wagering innovator launches new start-up<br>
<br>17 November 2021<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
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<br>Copy link<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>By [Douglas](https://dev.fleeped.com/read-blog/54_the-ins-and-outs-of-betting-on-the-nfl-draft.html) Fraser<br>
<br>Business and economy editor, Scotland<br>
<br>One of Scotland's most effective technology teams is beginning once again with a brand-new company - and has secured the most significant initial investment of any British start-up business.<br>
<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](https://puzzle.thedimeland.com/4146/things-you-need-to-learn-about-rafting-adventures) [wagering](https://squishmallowswiki.com/index.php/User:DaveFuqua9943) website FanDuel in 2009 in Edinburgh.<br>
<br>The new firm has [seed financing](https://www.matesroom.com/read-blog/1221_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) of $21m.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
<br>It aims to a brand-new open [source software](https://palkwall.com/read-blog/27714_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) [application](http://archmageriseswiki.com/index.php/User:ElaneDuckett) platform, on which others can innovate in [sports betting](http://woorichat.com/read-blog/10295_sport-betting-industry-wants-to-protect-itself.html), in the first half of next year.<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
<br>The company is hiring staff from a base in Scotland.<br>
<br>FanDuel was sold to Flutter - formerly called Paddy Power Betfair - in 2018 and is now worth more than $30bn.<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
<br>However, Mr Eccles and other co-founders are in [legal disagreement](https://peoplesmedia.co/read-blog/13128_sport-betting-industry-aims-to-protect-itself.html) with [FanDuel's](https://drapia.org/11-WIKI/index.php/User:Christoper47A) later phase investors over the way in which they structured a takeover, which left the Edinburgh group without a share of the increasing assessment.<br>
<br>Mr Eccles said that a person thing he gained from the FanDuel experience was to choose investors carefully.<br>
<br>He told BBC Scotland: "We took a great deal of lessons from that, among which was the significance of who we choose as investors 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 best partners for us."<br>
<br>The $21m seed funding for BetDEX includes stakes taken by seven [backers](https://blablasell.com/read-blog/11952_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) of US [technology](https://www.ayuujk.com/read-blog/147_online-betting-firms-gamble-on-soccer-mad-nigeria.html) companies, including two large funds - [Paradigm](https://wiki.trinitydesktop.org/User:PTRKirby5898161) and FTX - which specialise in investing in companies operating with crypto-currencies.<br>
<br>Varun Sudhakar, primary executive of BetDEX, said: "The [sports betting](https://alumni.myra.ac.in/read-blog/148699_why-every-cricket-fan-ought-to-try-the-all-cricket-id-gaming-platform.html) industry charges high costs for bad products and limits trades by its most successful users.<br>
<br>"BetDEX is diametrically opposed to this method. We will effectively contend versus incumbents with a noticeably remarkable product and low costs, which is now possible with the advent of the [blockchain innovation](https://wiki.tld-wars.space/index.php/Utilisateur:HattieThorn81)."<br>
<br>As chairman of the new company, Mr Eccles said it could look familiar to retail punters utilized to existing online firms.<br>
<br>'Pool of skill'<br>
<br>However, he says that those who use its platform to run their own wagering firms will be able to innovate and develop a larger series of [sports betting](https://sundaycareers.com/read-blog/2757_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) items.<br>
<br>He said the common share taken by online bookies is 7% to 10% of a stake, however BetDEX must enable that to fall listed below 1%.<br>
<br>The business will establish its own [sports betting](https://ai.ceo/read-blog/244366_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) apps to operate on the platform.<br>
<br>Mr Eccles said these would take an "smart, thoughtful" method to the method they are marketed to secure those who have problem with issue gaming.<br>
<br>He stated the team of around 500 software engineers who helped build FanDuel from Scotland revealed that it remains the place to develop a company. BetDEX has the very same head of technology, Stuart Tonner.<br>
<br>"A great deal of that [FanDuel] success was constructed on a highly competent, really [talented engineering](http://www.mizmiz.de/read-blog/83373_just-how-much-are-americans-spending-on-sports-betting.html) team, that constructed this item that could process millions of bets and countless users.<br>
<br>"There's a genuine skill pool of skilled engineers who assisted us build our item and that's what we wish to leverage for BetDEX also."<br>
<br>Related subjects<br>
<br>Edinburgh<br>
<br>[sports betting](https://afrocinema.org/read-blog/44743_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) wagering<br>
<br>More on this story<br>
<br>Paddy Power purchases [fantasy](https://catvcommunity.com.tr/read-blog/4792_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) [sports betting](https://www.matesroom.com/read-blog/1221_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) site<br>
<br>23 May 2018<br>
<br>FanDuel creator leaves company<br>
<br>Published<br>
<br>20 November 2017<br>