Benzinga | Jun 16, 2021 09:00AM EDT

Esports Technologies To Form Alliance With American SportZ Exchange, A Virtual Sports Stock Exchange ASX

Esports Technologies Inc. (NASDAQ:EBET), a leading global provider of advanced esports wagering products and technology, today announced 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 aims to deliver its industry-focused data feed (pre-play and in-play) and expertise 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). ASX enables users with 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. ASX is mainly targeting the U.S. market and has the potential to reach some 90 million American users.



Under the proposed alliance, Esports Technologies expects to provide real-time data and statistics to power the platform's esports execution. The analytics provided by Esports Technologies is expected to 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.

Bart Barden, Esports Technologies COO, said, "We look forward to joining forces with ASX, which is emerging as a vibrant force in sports trading exchanges. Esports Technologies' advanced 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' proprietary data analytics are far and beyond superior to other options in the markets. Their 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's 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 the strategic alliance with British bookmaker Colossus Bets, granting an exclusive license for the majority of Colossus's cash-out patent portfolio for esports applications. This development is expected to significantly enhance the cash-out user experience across all Esports Technologies' products.