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<br>[Sports betting](https://origintraffic.com/read-blog/1681_just-how-much-are-americans-spending-on-sports-betting.html) innovator launches new start-up<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG) |
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<br>17 November 2021<br> |
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<br>Share page<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>About sharing<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>By Douglas Fraser<br> |
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<br>Business and economy editor, Scotland<br> |
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<br>Among Scotland's most successful innovation groups is beginning once again with a new firm - and has actually secured the most significant initial investment of any British start-up company.<br> |
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<br>BetDEX is being led by Nigel Eccles, who co-founded dream [sports betting](https://afrocinema.org/read-blog/42496_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) [website FanDuel](https://sossnet.com/read-blog/20552_just-how-much-are-americans-spending-on-sports-betting.html) in 2009 in Edinburgh.<br> |
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<br>The new has [seed financing](https://www.athleticzoneforum.com/read-blog/726_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) of $21m.<br> |
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<br>It aims to introduce a brand-new open source software [application](https://flowsocial.xyz/read-blog/587_how-are-betting-odds-calculated.html) platform, on which others can innovate in [sports betting](https://doomelang.com/read-blog/52994_sport-betting-industry-wants-to-protect-itself.html) wagering, in the first half of next year.<br> |
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<br>The company is [hiring staff](https://demo.shoudyhosting.com/qtoa/?qa=112389/just-how-much-are-americans-spending-on-sports-betting) from a base in Scotland.<br> |
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<br>FanDuel was [offered](https://ekotur.online/sports-betting/uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling-2/) to [Flutter -](https://westhamunitedfansclub.com/read-blog/15867_how-to-withdraw-from-bet9ja-8-step-guide-to-cash-in-your-wins.html) formerly called Paddy [Power Betfair](https://kiigasofthub.com/read-blog/10095_the-history-of-the-nfl-and-how-to-bank-on-it.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 dispute with FanDuel's later phase investors over the way in which they structured a takeover, which left the Edinburgh team without a share of the rising evaluation.<br> |
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<br>Mr Eccles said that a person thing he gained from the FanDuel experience was to select financiers thoroughly.<br> |
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<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 brand-new organization, to ensure their values are aligned with ours, that they take their fiduciary responsibilities properly, and that they're the best partners for us."<br> |
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<br>The $21m seed funding for BetDEX consists of stakes taken by seven backers of US technology companies, including 2 large funds - Paradigm and FTX - which specialise in investing in business running with [crypto-currencies](https://collegetalks.site/read-blog/11876_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html).<br> |
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<br>Varun Sudhakar, president of BetDEX, stated: "The [sports betting](https://catvcommunity.com.tr/read-blog/4792_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) industry charges high rates for bad items and limits trades by its most successful users.<br> |
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<br>"BetDEX is [diametrically opposed](https://origintraffic.com/read-blog/1658_the-ins-and-outs-of-betting-on-the-nfl-draft.html) to this method. We will successfully complete versus incumbents with a significantly exceptional [product](https://demo.shoudyhosting.com/qtoa/?qa=86388/things-you-need-to-learn-about-rafting-adventures) and low fees, which is now possible with the introduction of the blockchain innovation."<br> |
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<br>As chairman of the 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 skill'<br> |
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<br>However, he states that those who utilize its platform to run their own [sports betting](https://friendspo.com/read-blog/28672_online-betting-firms-gamble-on-soccer-mad-nigeria.html) companies will be able to innovate and produce a larger series of wagering items.<br> |
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<br>He said the normal share taken by online bookies is 7% to 10% of a stake, however BetDEX ought to permit that to fall below 1%.<br> |
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<br>The company will establish its own [sports betting](https://wooshbit.com/read-blog/18739_just-how-much-are-americans-spending-on-sports-betting.html) apps to run on the platform.<br> |
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<br>Mr Eccles said these would take an "smart, thoughtful" approach to the way they are marketed to protect those who battle with issue [sports betting](https://trackrecord.id/read-blog/1980_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html).<br> |
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<br>He stated the group of around 500 software engineers who helped build FanDuel from Scotland showed that it stays the location to develop a company. BetDEX has the very same head of innovation, Stuart Tonner.<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>"A lot of that [FanDuel] success was [constructed](https://we2chat.net/read-blog/26327_sport-betting-industry-seeks-to-protect-itself.html) on an extremely knowledgeable, [extremely talented](http://famedoot.in/read-blog/118_the-ins-and-outs-of-betting-on-the-nfl-draft.html) engineering team, that developed this [product](https://wiki.vifm.info/index.php/User:MichelineWaterma) that might [process countless](https://bence.net/read-blog/6016_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) bets and millions of users.<br> |
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<br>"There's a real skill pool of experienced engineers who assisted us develop our item and that's what we desire to utilize for BetDEX as well."<br> |
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<br>Related topics<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG) |
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<br>Edinburgh<br> |
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<br>[sports betting](https://qanda.yokepost.com/index.php?qa=164055&qa_1=just-how-much-are-americans-investing-in-sports-betting) wagering<br> |
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<br>More on this story<br> |
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<br>Paddy Power buys dream [sports betting](https://worldsports.pro/read-blog/192_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) site<br> |
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<br>23 May 2018<br> |
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<br>[FanDuel founder](https://swaggspot.com/read-blog/9700_how-to-play-bet9ja-online.html) leaves company<br> |
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<br>Published<br> |
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<br>20 November 2017<br> |
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