Irish Virtual Sports Startup Targets US Rugby Market

Expanding Global Reach: NFT-Enabled Live Trading Comes to Rugby

A fantasy sports exchange, initially established by a prominent figure in Irish betting, Paddy Power, is now introducing NFT-supported live trading options for rugby enthusiasts. This move is designed to facilitate global expansion.

New Partnership with RugbyPass

American Sports Exchange (ASX Sports) has recently finalized an agreement with RugbyPass, a New Zealand-based digital media organization. This collaboration will leverage RugbyPass’s data resources to enable fans to actively participate in ASX’s virtual stock market centered around rugby competitions.

ASX Sports Launch and Functionality

Launched in May 2021, ASX Sports made its exchange accessible through the Apple and Android app stores earlier this month. The platform allows users to engage in the buying and selling of virtual shares representing esports athletes and fantasy players.

Share prices fluctuate in real-time, influenced by player performance and the level of fan interest. Virtual rugby contests are scheduled to commence on the ASX exchange in early 2022, preceding the Six Nations Rugby Championship, as confirmed by Power in a TechCrunch interview.

Reaching a Broad Audience

RugbyPass boasts a viewership exceeding 10 million individuals. For ASX Sports, which is specifically focused on growth within the United States market, rugby presents a somewhat unexpected choice considering its established popularity in Europe, Australia, and Asia.

Betting on U.S. Rugby Growth

However, the company, having recently relocated its headquarters to Miami from Dublin, is anticipating increased traction for rugby within the U.S. According to data from sports analytics firm Gemba, the U.S. currently has 8.8 million active rugby fans.

The Appeal of NFTs and the U.S. Market

“NFTs represent a particularly exciting development, and the U.S. is at the forefront of this trend,” Power stated. “It’s the epicenter of next-generation fantasy sports, which is essentially what we offer. This is why we’ve established our base in Miami, and it’s creating numerous opportunities for us.”

NFT Ownership and Team Partnerships

While users on the ASX exchange will have the ability to purchase and retain shares in individual players, the NFTs themselves will be owned by the sports teams and their respective sponsors. The specifics of partnership agreements concerning virtual team ownership on ASX will be determined on a case-by-case basis through negotiations with the teams, according to Power.

Leveraging Past Experience

Power formerly held a marketing position within his father David Power’s company, Paddy Power Betfair, which later rebranded as Flutter Entertainment in 2019. Flutter Entertainment subsequently acquired a majority stake in FanDuel, a leading entity in U.S. sports betting. ASX aims to position itself for potential partnerships with major leagues such as the NFL and NBA, as more U.S. states, including key markets like New York, move towards legalizing sports betting.

Securing Capital for Growth

ASX is actively raising capital to effectively compete for valuable partnerships against established players like Disney, Caesars, and Fox Sports as the regulatory environment evolves. The company successfully crowdfunded 2.5 million euros prior to its May launch, utilizing the funds to assemble a development team of approximately 30 individuals.

Future Funding and Expansion Plans

The company intends to pursue a Series A funding round in early 2023 and is currently engaged in discussions with prominent sports franchises and leagues within the U.S., as indicated by Power.

Successful Initial Game

ASX hosted its inaugural public game last week, a virtual rendition of the English Premier League match between Liverpool and Arsenal.

Positive User Engagement

“We attracted thousands of players – a result we were very pleased with – and observed strong engagement, with users actively trading throughout the game,” Power reported.