Paddy Power will launch the world's first sports exchange, a virtual stock exchange called American SportZ Exchange (ASX).
Paddy Power launches the American stock exchange SportZ
Paddy Power , an Irish bookmaker founded in 1988, will launch the first sports exchange through its new company, American SportZ Exchange (ASX) . A virtual exchange would allow clients to buy shares in teams and players based on their expected performance. For example, if you believe that an athlete or team will perform well, you can buy or sell stocks based on your expectations of the athlete's performance. The company will offer live "Share prices" teams and players. The startup website is currently accepting beta requests and is operating from Ireland. However, it is aimed mainly at the American market.
David Power, son of the founder of Paddy Power, has already started discussing exclusive partnerships with broadcasters and professionals sports teams in North America , including the Toronto Blue Jays baseball teams, Philadelphia Phillies, Las Vegas Golden Knights ice hockey team, DAZN, online sports video streaming service, and Sinclair Media , American Broadcasting Group. Paddy Power has also started talks with Canada's Rogers Media .
Who is in the ASX Power Team?
Power has recruited a fascinating team of industry professionals such as Mike Griffin , Racing Post's commercial director. He will be the new CEO of ASX. The Power team also includes Conall Flood , former Banco Santander
the leader of electronic currency exchange technology and others were Paddy Power and JP Morgan employees.
Commenting on the team, Power said he had been working on the project for several years. He said he was ready to "hand over the keys to the adults." He will remain the brand ambassador Paddy Power Betfair .
ASX launches a EUR 500,000 crowdfunding campaign
Power said it did not expect "serious funding" in business for at least a year. Introduces € 500, 000 A crowdfunding campaign with value 4.5 million euros to support the platform.
Power told Irish Independent that it is a virtual marketplace for gamers, allowing fans to speculate based on the performance of individual athletes or teams. He said the startup includes several models: a standalone exchange and white label solution for media operators or sports teams.
Power also said the startup would give clubs and teams the ability to "have" the involvement of their fans. All bands want to keep their fans on their site instead of moving them elsewhere. He said the US market is growing and that is the main target for the startup right now. However, there is no reason why this should not work in other markets as well.
Paddy Power has recently re-opened many of its gambling stores in England, Scotland and Wales, which is another reason to celebrate. Scottish stores were the last to be allowed to open April 26.