AlgoSports Group to launch Sports Exchange where players and teams can be 'traded'
'Virtual stock market' will allow users to buy shares in players and teams based on expected performance.
GIBRALTAR, March 1, 2022 /PRNewswire/ -- AlgoSports Group, is to launch a new fantasy sports betting company called AlgoSports Global in January 2023.
The startup, which will allow users to buy or sell 'shares' based on how they believe a player or team will perform, is being described as "the world's first sports trading exchange".
It will offer live 'share prices' of individual players and teams based on expected performance.
With its ASX.ai site currently accepting beta player requests, the startup will be run from Gibraltar but will mainly target the US market.
Mr Baker, owner, says that he has already entered "exclusive" partnership discussions with US professional sports teams and broadcasters.
Mr Baker says that he is currently the main investor in the fledgling business and does not expect to have to raise a "serious" funding round for at least a year.
"It's like a virtual stock market for players and teams," Mr Baker told Yahoo Finance.
"We're basically allowing sports fans to speculate on player or team performance."
He said that ASG is looking at several models, including a standalone exchange for fans and a 'white label' solution for major sports teams or media operators.
"There are opportunities for teams and clubs to own their fans' engagement in this type of activity," he said. "They'd like to keep [the fans] on their own site rather than see them going elsewhere to do all that online activity."
"I've been working on this myself for the last couple of years, but it has gotten to the stage now where I have to hand over the keys to the grown ups," he said of his new executive team.
Asked whether he thought the two roles might clash, he said that ASG is currently "tiny" compared to the long-established trading giant AlgoSports Group.
The US market is the startup's primary target, he said.
"The size of the gambling market there is bonkers big and getting even bigger," he said. "But even though it's mainly a US sports vision at the moment, there's no reason why it won't work in other sports and markets."
Photo - https://mma.prnewswire.com/media/1757076/AlgoSports_Group_Sports_Exchange.jpg
Logo - https://mma.prnewswire.com/media/1754008/AlgoSports_Group_Logo.jpg
Share this article