Paddy Powers introduced the first ever virtual sports trading exchange in the world, a move that could revolutionize the gaming industry. American SportZ Exchange (ASX) is the name of the newly introduced startup, where its users will be able to buy or sell shares virtually in various teams or players based on predicted performance.
The trading experience will see players access live share prices on the website and there will be a continuous update of the same. The website is currently rolling out beta players.
ASX Target Market
The website will operate from Ireland, but the main target market is the U.S. According to Mr. Power, the U.S is targeted mainly because of its size. Paddy Powers has already initiated a crowdfunding campaign of £500,000. ASX will enjoy little commision from every trade. Players
will have the options of playing for free or with real money. Also, there will be additions of new teams and players from time to time.
The company is holding discussions with potential U.S partners who include professional teams and sports broadcasters. Some of the key players involved in the discussions include Canada’s Rogers Media, Toronto Blue Jays Baseball Team, Philadelphia Phillies, and DAZN, an online video streaming platform.
Mr. Power’s position as a brand ambassador for Paddy Powers Betfair still remains, after delegating majority of ASX’s roles to younger executives. The commercial director of Racing Post, Mike Griffin serves as the company’s CEO, among other executives and recruits from JP Morgan and Paddy Power.