SportsHero heads for Australia Stock Exchange listing
By Digital News Asia December 9, 2016
- Social network dedicated to sports prediction will raise A$3 mil (US$2.25 mil) from listing
- SportsHero is currently available in 164 markets across six continents
SPORTSHERO (SportsHero.mobi), a social network dedicated to sports prediction, is heading for the Australian Securities Exchange (ASX) through a reverse takeover (RTO) of Nevada Iron Ltd.
Pursuant to the prospectus, 60,000,000 shares of common stock at AU$0.05 per share, raising AU$3 million (US$2.25 million), will be issued. The RTO has been approved by NVI shareholders and SportsHero anticipates beginning trading on the ASX in December 2016.
SportsHero co-founder and CEO Dinesh Bhatia (pic) said, “SportsHero has been built by sports fans for the sports fan. We’re looking to extend the sporting experience through daily, weekly and monthly contests with prize giveaways of sports memorabilia.
“We’re also connecting sports fans to brands and sponsors globally, and in the process, building the world’s largest sport fan and sponsorship ecosystem. We’re also enabling sports fans to monetize their prediction skills in a fun and competitive manner.”
Through SportsHero, sports fans can engage, compete and interact with each other through daily, weekly and monthly competitions and win daily prizes.
The SportsHero app supports football (soccer), the largest global sport, and is planning to roll out cricket, basketball and baseball in 2017.
SportsHero boasts high levels of engagement among its users and the prospectus reports 80,000 users have already registered with the site.
The SportsHero app enables users to monetise their sports prediction skills and become “Sports Heroes”. For a follower fee, SportsHero gives users access to validated prediction tips and revenue share with these top sports heroes.
Since launching in April 2016, SportsHero has been building an ecosystem connecting brands and sponsors to sports fans.
SportsHero will work with global brands to drive peer-to-peer commerce and user engagement, by providing a cost-eﬀective platform to reach large numbers of engaged sports fan around the world. SportsHero is currently available in 164 markets across six continents.
The sporting experience is changing, converging with the entertainment industry. PwC forecast 2015 global sports revenues at US$145.3 billion, with the sports prediction market worth some US$3 trillion a year.
"Everybody is looking for the next big ticket - that hidden gem of a startup with the model for explosive growth, traction, and impressive revenue; an app that makes its users feel good, brings in sponsors and offers a way to earn its most loyal users big bucks,” said Dinesh.
SportsHero’s ASX listing comes at a time when mobile penetration in Asia-Pacific is booming, with two billion smartphones in 2016, according to research firm Statista.
At the same time sporting culture is becoming stronger – from football to basketball, baseball to tennis. Sports are also making an impact on national economies: the Chinese government plans to promote the development of China’s sports industry and consumption, with a target to have their domestic sports industry exceed US$727 billion in value by 2025.
“SportsHero looks to successfully capitalise on these opportunities around sports prediction and alternate sports revenues, offering a safe and legal platform. At the heart of this is consumer demand – and by offering a mobile app which engages users, meets the objectives of brands and satisfies regulators, we are confident of creating a legacy as the world’s number one social medium dedicated to sports prediction," added Dinesh.
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