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[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG)<br>[sports betting](http://www.larsaluarna.se/index.php/User:MaxwellC63) [wagering innovator](https://app.theremoteinternship.com/read-blog/25801_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) [launches](https://app.deepsoul.es/read-blog/405_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.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 Fraser<br> |
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<br>Business and [economy](https://sahabatcasn.com/read-blog/220_just-how-much-are-americans-spending-on-sports-betting.html) editor, Scotland<br> |
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<br>One of [Scotland's](https://oeclub.org/index.php/User:KatriceLuu27) most effective innovation groups is beginning once again with a brand-new company - and has actually protected the most significant preliminary 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://mxlinkin.mimeld.com/read-blog/698_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) website FanDuel in 2009 in Edinburgh.<br> |
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<br>The [brand-new firm](https://strimsocial.net/read-blog/20099_just-how-much-are-americans-investing-in-sports-betting.html) has seed funding of $21m.<br> |
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<br>It aims to launch a new open source software application platform, on which others can innovate in [sports betting](https://ca.viquiblo.org/index.php/Usuari:BruceStapley0) wagering, in the first half of next year.<br> |
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<br>The business is hiring staff from a base in Scotland.<br> |
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<br>FanDuel was offered to Flutter - formerly called Paddy [Power Betfair](https://wooshbit.com/read-blog/18737_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) - in 2018 and is now worth more than $30bn.<br> |
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<br>However, Mr Eccles and other remain in legal conflict with [FanDuel's](https://bigtoc.com/read-blog/8974_why-every-cricket-fan-should-try-the-all-cricket-id-gaming-platform.html) later phase financiers over the method which they structured a takeover, which left the Edinburgh group without a share of the [rising valuation](https://drapia.org/11-WIKI/index.php/User:JulioAmmons388).<br> |
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<br>Mr Eccles said that a person thing he learned from the FanDuel experience was to select financiers thoroughly.<br> |
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<br>He informed BBC Scotland: "We took a great deal of lessons from that, among which was the value of who we pick as financiers in this brand-new organization, to ensure their values are aligned with ours, that they take their fiduciary tasks responsibly, which they're the ideal partners for us."<br> |
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<br>The $21m seed funding for BetDEX includes stakes taken by seven backers of US innovation firms, including two large [funds -](https://social.midnightdreamsreborns.com/read-blog/13189_the-ins-and-outs-of-betting-on-the-nfl-draft.html) [Paradigm](https://35.237.164.2/wiki/User:BeatriceMcdonoug) and FTX - which specialise in investing in companies running with crypto-currencies.<br> |
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<br>Varun Sudhakar, president of BetDEX, stated: "The [sports betting](https://pipewiki.org/wiki/index.php/User:LeonieBlackwood) industry charges high costs for bad items and limits trades by its most effective users.<br> |
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<br>"BetDEX is diametrically opposed to this technique. We will successfully [compete](https://krazzykross.com/read-blog/1529_how-to-withdraw-from-bet9ja-8-step-guide-to-cash-in-your-wins.html) against incumbents with a considerably superior product and low fees, which is now possible with the introduction of the blockchain technology."<br> |
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<br>As chairman of the brand-new company, Mr Eccles stated it could look familiar to retail punters utilized 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 be able to innovate and develop a wider variety of wagering products.<br> |
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<br>He said the normal share taken by online bookies is 7% to 10% of a stake, but BetDEX needs to enable that to fall listed below 1%.<br> |
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<br>The company will establish its own wagering apps to run 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 secure those who deal with problem [sports betting](https://swaggspot.com/read-blog/9536_how-are-betting-odds-calculated.html).<br> |
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<br>He said the team of around 500 software engineers who assisted develop FanDuel from Scotland revealed that it stays the location to construct a company. BetDEX has the same head of technology, Stuart Tonner.<br> |
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<br>"A lot of that [FanDuel] [success](http://it-viking.ch/index.php/User:DeboraBlackett3) was constructed on a highly competent, extremely talented engineering group, that built this product that could [process countless](https://terra.planetv.wtf/read-blog/698_.html) bets and millions of users.<br> |
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<br>"There's a real skill pool of knowledgeable engineers who assisted us construct our item which's what we wish to take advantage of 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://harrykaneclub.com/read-blog/10229_sport-betting-industry-wants-to-protect-itself.html)<br> |
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<br>More on this story<br> |
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<br>Paddy Power [buys fantasy](https://drapia.org/11-WIKI/index.php/User:HeidiDymock47) [sports betting](https://swaggspot.com/read-blog/9691_the-ins-and-outs-of-betting-on-the-nfl-draft.html) 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> |
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