Blockchain-powered fantasy sports provider ASX Sports announced a new crowdfunding initiative. The campaign plans to raise an additional €750,000, focusing on medium and small investors who will receive equity in the company. The operator simultaneously launched its newest live fantasy sports product, allowing peer-to-peer contests during games. ASX will use the extra funds to capitalize on market opportunities and introduce new offerings to the US market.
Previous Funding Campaigns Found Great Success
Paddy Power, Betfair’s former head of communications and ASX founder, launched the new campaign in collaboration with crowdfunding platform Spark. Power featured in a video on Spark’s official YouTube channel, announcing the crypto-based operator’s upcoming initiatives.
According to the official information provided by ASX, existing investors would receive an exclusive first option before the general public. The company already has several successful funding campaigns under its belt. In 2021, ASX raised €2.2 million, well above its initial €500,000 target. The company recently announced that it intends to hold its Series A financing next year, meaning that now may be the last opportunity for small investors to get in.
Our clearly defined US market entry strategy will deliver high returns for investors.
Paddy Power, ASX founder and president
The Company Unveiled Its Newest Live Fantasy Games
The other highlight of ASX’s recent announcements was the introduction of the world’s first live fantasy sports fan contests. The company stated that they wish to reflect the trend towards in-game betting that now represents 80% of all sportsbook activity and transfer it to fantasy sports. The new technology will allow players to create their own contests and teams and interact with other bettors.
The launch of peer-to-peer games on ASX demonstrates our dedication to driving innovation in the fantasy sports market.
Paddy Power, ASX founder and president
Power also tried to sway potential investors by drawing attention to his company’s successes, such as the ASX app’s 20,000 installations and partnerships with high-profile leagues like the NBA, NFL, MLB, and EPL. The operator’s pay-to-play games are available in 23 states and several other countries.
ASX Relies on Web3 Integration and Technology
Based on ASX’s previous results, this last crowdfunding bout before its Series A should be successful. Despite its late entry into the fantasy sports industry, the Irish company enjoys positive sentiment and substantial investor attention.
ASX is one of several startups aiming to disrupt the gambling industry by utilizing blockchain technology and innovations in the Web3 space. The company also got involved with NFTs, partnering with RugbyPass to Create Global Rugby NFTs and implementing the technology into several of its products. The recent announcements helped the company maintain its momentum, but ASX is yet to have a noticeable impact on the sports betting scene.