Esports Technologies, Inc., on Wednesday said it has entered into a letter of intent to form a strategic alliance with American SportZ Exchange (ASX), a new virtual sports trading exchange.
Through this proposed collaboration, Esports Technologies said it intends to deliver its industry-focused data feed (pre-play and in-play) to support ASX in the creation of a more esports-focused product.
ASX was launched in May 2021 by Paddy Power, the son of David Power, who founded the sports betting brand of the same name. (Flutter Entertainment is the parent company of Paddy Power and also owns companies such as Betfair and FanDuel.)
Officials say ASX gives users the ability to buy and sell virtual shares in esports teams and individual players. It offers live “share prices” of teams and players, based on an AI-driven algorithm and live data feeds.
Power says ASX is mainly targeting the US market and has the potential to reach some 90 million American users.
Under the proposed alliance, Esports Technologies said itwill provide real-time data and statistics to power the platform’s esports execution. The company said the analytics it provides will add a new dimension of live engagement and peer-to-peer predictions for esports betting on ASX, all with the mission of bringing higher liquidity and improving customer retention.
“We look forward to joining forces with ASX, which is emerging as a vibrant force in sports trading exchanges,” Bart Barden, Esports Technologies COO, said in a statement. “Esports Technologies’ data and platform solutions are being tapped by leaders throughout the industry to help drive esports product innovation. As a technology partner, our deep and granular real-time data intends to further enhance the excitement and appeal of the ASX platform. This is a perfect alignment of capabilities fans want.”
ASX president and co-founder Paddy Power added, “Esports Technologies’ offering adds a more specialized layer to the financial market technology we already rely on, providing our users with even better data to make informed trades. The Esports Technologies leadership team is a trailblazer in the rapidly emerging esports domain. It is a thrilling time to see how we might collaborate to mutually-beneficial effect over the coming months and years.”
Esports Technologies' planned alliance with ASX comes on the heels of a strategic alliance with British bookmaker Colossus Bets, granting an exclusive license for the majority of Colossus’ cash-out patent portfolio for esports applications. The two parties said this development is expected to enhance the cash-out user experience across all of Esports Technologies’ products.
