Add Sports Betting Innovator Launches new Start-up
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[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)<br>[Sports betting](https://sportysocialspace.com/read-blog/11994_things-you-need-to-know-about-rafting-adventures.html) [innovator launches](https://www.amedaychats.com/read-blog/788_online-betting-firms-gamble-on-soccer-mad-nigeria.html) new start-up<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
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<br>17 November 2021<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](http://touringtreffen.nl/read-blog/2401_for-sports-gambling-to-be-legalised.html) Fraser<br>
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<br>Business and economy editor, Scotland<br>
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<br>Among Scotland's most [effective technology](https://cozwo.com/read-blog/8810_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) groups is beginning again with a [brand-new firm](https://app.theremoteinternship.com/read-blog/25789_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) - and has actually secured the most significant initial financial of any British start-up business.<br>
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<br>BetDEX is being led by Nigel Eccles, who co-founded dream [sports betting](https://moonifie.com/read-blog/1447_things-you-need-to-learn-about-rafting-adventures.html) site FanDuel in 2009 in Edinburgh.<br>
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<br>The new [company](https://social.updum.com/read-blog/28_how-to-withdraw-from-bet9ja-8-step-guide-to-cash-in-your-wins.html) has seed funding of $21m.<br>
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<br>It aims to launch a new open [source software](https://www.eruptz.com/read-blog/18019_sport-betting-industry-wants-to-protect-itself.html) platform, on which others can innovate in [sports betting](https://reckoningz.com/exploring-the-sports-betting-industry-putting-ideas-into-practice/) wagering, in the very first half of next year.<br>
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<br>The business is [hiring staff](http://milkywaystars.site/read-blog/3060_how-to-withdraw-from-bet9ja-8-step-guide-to-money-in-your-wins.html) from a base in [Scotland](https://hyped4gamers.com/read-blog/2441_online-betting-firms-gamble-on-soccer-mad-nigeria.html).<br>
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<br>FanDuel was offered to Flutter - previously named Paddy [Power Betfair](https://bexopro.com/read-blog/2881_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) - 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 investors over the way in which they structured a takeover, which left the Edinburgh team without a share of the increasing appraisal.<br>
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<br>Mr Eccles stated that one thing he gained from the [FanDuel experience](https://wiki.insidertoday.org/index.php/User:ClariceStorm) was to pick financiers thoroughly.<br>
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<br>He told BBC Scotland: "We took a lot of lessons from that, among which was the significance of who we pick as financiers in this brand-new service, to ensure their values are lined up with ours, that they take their fiduciary duties responsibly, which they're the right partners for us."<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>The $21m seed financing for [BetDEX consists](https://social.instinxtreme.com/read-blog/13649_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) of stakes taken by 7 backers of US [innovation](http://famedoot.in/read-blog/92_compare-amp-review-oddsjet-de.html) companies, consisting of two large funds - Paradigm and FTX - which specialise in purchasing business operating with crypto-currencies.<br>
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<br>Varun Sudhakar, president of BetDEX, stated: "The [sports betting](https://social.engagepure.com/read-blog/807_things-you-need-to-know-about-rafting-adventures.html) market charges high costs for poor products and limits trades by its most successful users.<br>
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<br>"BetDEX is [diametrically opposed](http://www.mizmiz.de/read-blog/83332_how-much-are-americans-spending-on-sports-betting.html) to this approach. We will successfully contend against incumbents with a considerably exceptional product and low charges, which is now possible with the [development](https://jamboz.com/read-blog/186_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html) of the blockchain technology."<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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<br>As chairman of the brand-new company, Mr Eccles stated it might 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 [sports betting](http://social.redemaxxi.com.br/read-blog/1667_missouri-sports-betting-ballot-measure-approved-by-voters.html) companies will have the ability to innovate and develop a broader variety of wagering items.<br>
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<br>He said the common share taken by online bookies is 7% to 10% of a stake, but BetDEX must enable for that to fall listed below 1%.<br>
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<br>The business will establish its own [sports betting](https://issosyal.com/read-blog/10860_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) apps to operate on the platform.<br>
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<br>Mr Eccles said these would take an "intelligent, thoughtful" technique to the way they are marketed to safeguard those who have problem with problem [sports betting](https://fishtanklive.wiki/User:ClintPrior3).<br>
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<br>He said the team of around 500 software application engineers who helped build FanDuel from Scotland showed that it stays the location to build a firm. BetDEX has the same head of innovation, Stuart Tonner.<br>
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<br>"A lot of that [FanDuel] [success](https://twixxor.com/read-blog/8937_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html) was built on a highly skilled, really skilled engineering team, that built this product that might process countless bets and [millions](https://twitemedia.com/read-blog/80_just-how-much-are-americans-spending-on-sports-betting.html) of users.<br>
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<br>"There's a genuine talent pool of experienced engineers who assisted us build our item and that's what we want to take advantage of for BetDEX as well."<br>
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<br>Related topics<br>
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<br>Edinburgh<br>
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<br>[sports betting](https://cosplaybook.de/read-blog/7015_why-every-cricket-fan-need-to-try-the-all-cricket-id-gaming-platform.html) wagering<br>
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<br>More on this story<br>
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<br>Paddy Power buys dream [sports betting](https://accc.rcec.sinica.edu.tw/mediawiki/index.php?title=User:JonathonBarth) website<br>
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<br>23 May 2018<br>
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<br>FanDuel creator leaves company<br>
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<br>Published<br>
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<br>20 November 2017<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)
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