Add Sports Betting Innovator Launches new Start-up

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 [bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)<br>[Sports betting](https://www.womplaz.com/read-blog/105_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) innovator launches brand-new start-up<br>
 <br>17 November 2021<br>
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 <br>By Douglas Fraser<br>
 <br>Business and [economy](https://moonifie.com/read-blog/1433_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) editor, Scotland<br>
 <br>One of Scotland's most effective innovation groups is starting again with a [brand-new company](https://jimsusefultools.com/index.php/User:PrestonMata98) - and has actually [secured](https://voggisper.com/read-blog/1399_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html) the biggest initial financial investment of any British start-up [company](https://www.jaitun.com/read-blog/15179_the-ins-and-outs-of-betting-on-the-nfl-draft.html).<br>
 <br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](https://lidoo.com.br/read-blog/14725_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) website FanDuel in 2009 in Edinburgh.<br>
 <br>The brand-new firm has seed financing of $21m.<br>
 <br>It intends to [introduce](https://southwales.com/read-blog/304_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) a new open [source software](https://www.tobeop.com/sports-minister-tracey-crouch-resigns-over-hold-up-to-betting-crackdown/) [application](https://www.drawlfest.com/read-blog/13732_online-betting-firms-gamble-on-soccer-mad-nigeria.html) platform, on which others can innovate in [sports betting](http://stotep.com/read-blog/3906_for-sports-gambling-to-be-legalised.html) wagering, in the first half of next year.<br>
 <br>The company is recruiting personnel from a base in Scotland.<br>
 <br>FanDuel was offered to Flutter - formerly named Paddy [Power Betfair](http://yijichain.com/read-blog/15062_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) - in 2018 and is now worth more than $30bn.<br>
 <br>However, Mr Eccles and other co-founders remain in legal conflict with FanDuel's later phase financiers over the method in which they structured a takeover, which left the [Edinburgh](https://community.0dte.com/index.php?link1=read-blog&id=1_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) group without a share of the [rising evaluation](https://bundas24.com/read-blog/180672_why-every-cricket-fan-should-try-the-all-cricket-id-gaming-platform.html).<br>
 <br>Mr Eccles said that one thing he gained from the [FanDuel experience](https://web-chat.cloud/question2answer/index.php?qa=40383&qa_1=how-much-are-americans-spending-on-sports-betting) was to select  thoroughly.<br>
 <br>He told BBC Scotland: "We took a lot of lessons from that, among which was the significance of who we choose as investors in this brand-new organization, to ensure their worths are aligned with ours, that they take their fiduciary tasks responsibly, and that they're the ideal partners for us."<br>
 <br>The $21m seed [funding](https://aceme.ink/read-blog/1716_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) for BetDEX consists of stakes taken by 7 [backers](https://twittx.live/read-blog/10406_start-off-winning-with-pcg-college-football-picks.html) of US innovation firms, consisting of 2 big funds - [Paradigm](https://napvibe.com/read-blog/2135_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) and FTX - which specialise in purchasing business running with crypto-currencies.<br>
 <br>Varun Sudhakar, [primary executive](https://bence.net/read-blog/6366_how-much-are-americans-spending-on-sports-betting.html) of BetDEX, stated: "The [sports betting](https://clik.social/read-blog/19335_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) wagering industry charges high costs for poor items and limitations trades by its most successful users.<br>
 <br>"BetDEX is diametrically opposed to this approach. We will successfully contend versus incumbents with a significantly exceptional item and low charges, which is now possible with the development of the blockchain technology."<br>
 <br>As chairman of the brand-new firm, Mr Eccles stated it might look familiar to retail punters used to existing online firms.<br>
 <br>'Pool of talent'<br>
 <br>However, he states that those who utilize its platform to run their own wagering companies will be able to innovate and produce a broader variety of wagering products.<br>
 <br>He said the typical share taken by online bookmakers is 7% to 10% of a stake, but BetDEX needs to enable for that to fall below 1%.<br>
 <br>The business will develop its own [sports betting](http://woorichat.com/read-blog/10327_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) apps to operate on the platform.<br>
 <br>Mr Eccles said these would take an "smart, thoughtful" method to the way they are marketed to safeguard those who fight with issue 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 build a company. BetDEX has the exact same head of technology, Stuart Tonner.<br>
 <br>"A lot of that [FanDuel] success was developed on a highly knowledgeable, really skilled engineering group, that built this product that might process countless bets and countless users.<br>
 <br>"There's a genuine talent pool of experienced engineers who assisted us develop our product and that's what we want to utilize for BetDEX as well."<br>
 <br>Related topics<br>
 <br>Edinburgh<br>
 <br>[Sports betting](https://afrocinema.org/read-blog/44832_for-sports-gambling-to-be-legalised.html)<br>
 <br>More on this story<br>
 <br>Paddy Power purchases fantasy [sports betting](https://sme.ass.in.th/read-blog/2302_how-to-attract-users-to-my-fantasy-sports-platform.html) website<br>
 <br>23 May 2018<br>
 <br>FanDuel founder leaves company<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
 <br>Published<br>
 <br>20 November 2017<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)