Son of Paddy Power founder to launch virtual sport-based stock market

Paddy Power, the son of David Power, has announced he will be launching a new fantasy sports betting company called American SportZ Exchange.

The new company will offer users the chance to buy and sell shares on American players and teams; individuals will gamble on how a sports teams and players will perform.

Users can interact with live share prices of players and teams based on expected performance, the site is currently accepting beta player requests and the start-up will run from Ireland even though it is targeting the US market.

Power says he had already discussed the possibility of partnering with US professional sport teams and broadcasters, with hopes of reaching an exclusive agreement.

According to reports, the discussions so far have taken place with teams like the Philadelphia Phillies, Toronto Blue Jays and the Golden Knights. Meanwhile broadcasters DAZN, Sinclair Media and Rogers Media have been introduced to the idea.

Power is currently the main investor in the business and says he doesn’t expect the need for a big funding round, although he is launching a €500,000 ($608,355) crowdfunding campaign based on a €4.5m valuation.

To help run the business, Power has employed Racing Post’s Commercial Director, Mike Griffin, as CEO, while employees from JP Morgan and company Paddy Power have also joined.

A similar model, Football Index, collapsed earlier this year; the new American SportZ Exchange could be seen as an American version of the football and European focused predecessor, although it will naturally be hoping for more success.

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