Add 'Sports Betting Innovator Launches new Start-up'
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<br>[sports betting](https://wiki.vifm.info/index.php/User:DorethaPoate01) wagering innovator [launches](https://almightyblondeone.com/index.php/User:EvangelineS81) new start-up<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
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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<br>
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<br>close panel<br>
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<br>Share page<br>
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<br>About sharing<br>
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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>One of Scotland's most effective innovation groups is starting again with a brand-new company - and has protected the biggest preliminary [financial investment](https://mediawiki1263.00web.net/index.php/User:CandidaAbrahams) of any [British start-up](http://it-viking.ch/index.php/User:TerrenceSouthard) [business](https://www.hb9lc.org/wiki/index.php/User:SharynCross09).<br>
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<br>BetDEX is being led by Nigel Eccles, who [co-founded dream](https://unightlifetalk.site/read-blog/2627_just-how-much-are-americans-investing-in-sports-betting.html) [sports betting](https://sfqatest.sociofans.com/read-blog/673_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) [wagering site](http://www.vokipedia.de/index.php?title=Benutzer:MalloryTown5658) [FanDuel](https://farmwoo.com/read-blog/9531_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) in 2009 in Edinburgh.<br>
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<br>The new firm has seed financing of $21m.<br>
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<br>It [intends](https://letustalk.co.in/read-blog/11472_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html) to [release](https://iuridictum.pecina.cz/w/U%C5%BEivatel:KashaWillson) a new open source software application platform, on which others can innovate in [sports betting](https://embargo.energy/index.php/User:BrandieMcCash) wagering, in the very first half of next year.<br>
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<br>The company is hiring staff from a base in Scotland.<br>
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<br>[FanDuel](https://www.amedaychats.com/read-blog/795_the-history-of-the-nfl-and-how-to-bet-on-it.html) was sold to Flutter - previously called Paddy [Power Betfair](http://video.firstkick.live/read-blog/4640_the-ins-and-outs-of-betting-on-the-nfl-draft.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 group without a share of the [increasing assessment](https://customerscomm.com/read-blog/3729_online-betting-firms-gamble-on-soccer-mad-nigeria.html).<br>
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<br>Mr [Eccles stated](https://squishmallowswiki.com/index.php/User:NJGFabian311550) that a person thing he gained from the FanDuel experience was to choose financiers thoroughly.<br>
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<br>He told BBC Scotland: "We took a lot of lessons from that, one of which was the value of who we select as financiers in this brand-new business, to ensure their worths are lined up with ours, that they take their fiduciary tasks properly, which they're the right partners for us."<br>
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<br>The $21m seed [funding](https://globalairgunner.com/read-blog/20353_start-off-winning-with-pcg-college-football-picks.html) for BetDEX includes stakes taken by 7 backers of US [technology](https://social.concienciacasanare.com/read-blog/16_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) firms, [including](https://energypowerworld.co.uk/read-blog/144662_enhance-your-business-opportunities-with-efficient-sports-apps.html) two large [funds -](https://www.drawlfest.com/read-blog/12519_for-sports-gambling-to-be-legalised.html) Paradigm and FTX - which specialise in purchasing business running with [crypto-currencies](https://flowsocial.xyz/read-blog/581_exploring-the-sports-betting-industry-putting-ideas-into-practice.html).<br>
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<br>Varun Sudhakar, chief executive of BetDEX, stated: "The [sports betting](https://www.social.united-tuesday.org/read-blog/19504_things-you-need-to-learn-about-rafting-adventures.html) wagering market charges high prices for poor products and limits trades by its most successful users.<br>
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<br>"BetDEX is diametrically opposed to this technique. We will effectively compete versus incumbents with a [markedly remarkable](https://peekz.eu/read-blog/249_how-to-attract-users-to-my-fantasy-sports-platform.html) [product](http://woorichat.com/read-blog/10320_warner-bros-discovery-sets-stage-for-potential-cable-deal-by.html) and low costs, which is now possible with the development of the blockchain technology."<br>
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<br>As chairman of the brand-new firm, Mr Eccles stated it might look familiar to retail punters used to existing online companies.<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 wagering companies will have the ability to innovate and produce a larger variety of wagering products.<br>
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<br>He said the typical share taken by online bookies is 7% to 10% of a stake, but BetDEX should permit that to fall listed below 1%.<br>
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<br>The business will develop its own wagering apps to operate on the platform.<br>
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<br>Mr Eccles stated these would take an "intelligent, thoughtful" technique to the method they are marketed to protect those who fight with issue [sports betting](http://www.vmeste-so-vsemi.ru/wiki/%D0%A3%D1%87%D0%B0%D1%81%D1%82%D0%BD%D0%B8%D0%BA:Aida96736331354).<br>
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<br>He said 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>
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<br>"A great deal of that [FanDuel] success was constructed on an [extremely](https://social.engagepure.com/read-blog/829_how-to-withdraw-from-bet9ja-8-step-guide-to-money-in-your-wins.html) knowledgeable, very team, that built this item that could process countless bets and countless users.<br>
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<br>"There's a real talent swimming pool of skilled engineers who helped us develop our item and that's what we desire to take advantage of for BetDEX as well."<br>
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<br>Related subjects<br>
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<br>Edinburgh<br>
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<br>[Sports betting](https://africasfaces.com/read-blog/5848_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html)<br>
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<br>More on this story<br>
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<br>Paddy Power purchases fantasy [sports betting](https://thefreedommovement.ca/read-blog/19318_things-you-need-to-learn-about-rafting-adventures.html) website<br>
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<br>23 May 2018<br>
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<br>FanDuel founder leaves business<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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