Sports Trading Exchange in the Plans for Paddy Power
David Power’s son, Paddy Power, is looking to set up the first ever world’s sports trading exchange. In a massive betting market, this is another game changer to the field.
The name of the exchange platform is American Sportz Exchange and is currently up and running online. Keep in mind that it is still in a beta version, so there will be adjustments along the way.
What is American Sportz Exchange?
The American Sportz Exchange will give investors the opportunity to buy or sell shares in relation to how each person believes that a player or team is going to perform. So this gives a new twist to investing and sports betting.
The company will have its main operations set up in Ireland but have access to the US sports betting market. A lot of Ireland was in support of the movement, as they were originally funded by Dublin’s crowdfunding platform Spark.
Back in 2019, ASX began its technology platform in development with the Beta launching in 2020. Furthermore, they continue to look for more funding to aid in the production
However, Paddy himself is the primary investor within the enterprise. He claimed that there would not be another round of funding for at least another year.
Opportunities and Partners
The concept behind this virtual sports stock market will have people speculating on how well their team or a player is going to perform. In addition, this can work to the benefit of major sports teams.
There have already been a handful of teams jumping on board with the news of ASX. The following are the current partners:
- Philadelphia Phillies
- Toronto Blue Jays
- Las Vegas Golden Knights
- DAZN online sports streaming service
- Sinclair Media US broadcasting
- Rogers Media Canadian
As you can see, this is a wide range of locations and the types of teams looking to get in on the action. As time rolls on, developments in other markets are being discussed.
Crowdfunding and a Growing Market
Paddy Power believes that this is a one of a kind opportunity and is in the mix of the fastest growing section of the betting market. With the American SportZ Exchange, this is making a dream become a reality, and there is no telling how successful it could be since there is nothing to compare it to.
The size of the gambling and sports betting market is massive, no doubt, but somehow American SportZ Exchange will make it even bigger. By next year, you could arguably see some of the best growth in the betting market.
They have already stated that funding would take place next year and that they have enough work to cover 12-18 months for just half a million euros. With further funding, they could potentially expedite their expectations.
As Paddy is the brand ambassador for the brand, he is continuing his father’s legacy at a crazy rate. With their dominance in the European market, they have their sights set on the US.
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