Add Sports Betting Innovator Launches new Start-up
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<br>[Sports betting](https://terra.planetv.wtf/read-blog/698_.html) innovator launches [brand-new](https://netgork.com/read-blog/111684_how-to-play-bet9ja-online.html) 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 page<br>
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<br>About sharing<br>
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<br>By [Douglas](https://social.ishare.la/read-blog/1411_how-much-are-americans-investing-in-sports-betting.html) Fraser<br>
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<br>Business and economy editor, Scotland<br>
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<br>One of Scotland's most [effective technology](https://bbarlock.com/index.php/User:HalleyLongstreet) teams is [starting](https://unightlifetalk.site/read-blog/2628_enhance-your-business-opportunities-with-efficient-sports-apps.html) again with a new firm - and has secured the biggest preliminary investment of any British start-up business.<br>
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<br>BetDEX is being led by Nigel Eccles, who co-founded fantasy [sports betting](https://vishwakarmacommunity.org/read-blog/7944_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html) [wagering](https://vishwakarmacommunity.org/read-blog/7944_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html) [site FanDuel](https://www.opentx.cz/index.php/U%C5%BEivatel:EmoryHite7) in 2009 in Edinburgh.<br>
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<br>The [brand-new company](https://swaggspot.com/read-blog/9524_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) has seed funding of $21m.<br>
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<br>It intends to [release](http://it-viking.ch/index.php/User:MargartMillican) a new open source software platform, on which others can innovate in [sports betting](https://surgiteams.com/index.php/User:KOWNatisha) wagering, in the first half of next year.<br>
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<br>The [company](https://www.sportpassionhub.com/read-blog/1487_how-fantasy-betting-app-development-companies-and-sports-developers.html) is from a base in Scotland.<br>
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<br>FanDuel was sold to Flutter - formerly called Paddy Power Betfair - in 2018 and is now worth more than $30bn.<br>
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<br>However, Mr Eccles and other co-founders remain in legal conflict with FanDuel's later stage financiers over the method which they structured a takeover, which left the Edinburgh team without a share of the [rising assessment](https://friendza.enroles.com/read-blog/31580_things-you-need-to-know-about-rafting-adventures.html).<br>
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<br>Mr Eccles said that one thing he gained from the FanDuel experience was to [pick investors](https://bvbborussiadortmundfansclub.com/read-blog/6484_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) thoroughly.<br>
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<br>He informed BBC Scotland: "We took a lot of lessons from that, among which was the importance of who we select as financiers in this brand-new service, to guarantee their worths are aligned with ours, that they take their fiduciary duties responsibly, which they're the right partners for us."<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
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<br>The $21m seed [funding](https://heatwave.app/read-blog/389_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) for BetDEX includes stakes taken by seven backers of US innovation companies, consisting of 2 big funds - Paradigm and FTX - which specialise in buying business operating with [crypto-currencies](https://youfurry.com/read-blog/37836_online-betting-firms-gamble-on-soccer-mad-nigeria.html).<br>
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<br>Varun Sudhakar, primary executive of BetDEX, stated: "The [sports betting](https://onetable.world/read-blog/103194_online-betting-firms-gamble-on-soccer-mad-nigeria.html) wagering market charges high prices for poor items and limitations trades by its most successful users.<br>
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<br>"BetDEX is diametrically opposed to this technique. We will effectively complete versus incumbents with a significantly exceptional product and low costs, which is now possible with the arrival of the blockchain innovation."<br>
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<br>As chairman of the new company, Mr Eccles stated 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 says that those who use its platform to run their own wagering companies will be able to innovate and create a wider series of wagering products.<br>
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<br>He stated the normal share taken by online bookies is 7% to 10% of a stake, however BetDEX should permit for that to fall listed below 1%.<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>The company will establish its own [sports betting](https://loveyou.az/read-blog/17320_things-you-need-to-understand-about-rafting-adventures.html) apps to run on the platform.<br>
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<br>Mr Eccles stated these would take an "smart, thoughtful" method to the way they are marketed to secure those who have a hard time with issue [sports betting](http://yijichain.com/read-blog/15075_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html).<br>
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<br>He said the team of around 500 software application engineers who assisted construct FanDuel from Scotland revealed that it stays the place to develop a company. BetDEX has the exact same head of innovation, Stuart Tonner.<br>
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<br>"A lot of that [FanDuel] success was built on a highly experienced, really [gifted engineering](https://demo.wowonderstudio.com/read-blog/2604_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) team, that [developed](http://www.engel-und-waisen.de/index.php/Benutzer:PhillisWorthen) this item that could process millions of bets and millions of users.<br>
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<br>"There's a genuine skill pool of knowledgeable engineers who assisted us build our item and that'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://wolvesbaneuo.com/wiki/index.php/User:CheriKitchen883) wagering<br>
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<br>More on this story<br>
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<br>Paddy Power [buys dream](https://moonifie.com/read-blog/1429_things-you-need-to-understand-about-rafting-adventures.html) [sports betting](https://iuridictum.pecina.cz/w/U%C5%BEivatel:KashaWillson) site<br>
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<br>23 May 2018<br>
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<br>[FanDuel](https://blkbook.blactive.com/read-blog/2282_just-how-much-are-americans-spending-on-sports-betting.html) [founder](https://mixup.wiki/index.php/User:RBCRoxanna) leaves business<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
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<br>Published<br>
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<br>20 November 2017<br>
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