New Fantasy Sports App SportsHero officially launched this week, allowing sports fans to make predictions on upcoming games with virtual currency wagers.
Whilst not facilitating gambling at this point, users can make money by getting others in the service to subscribe to their tips for $2 per month. The revenue for subscriptions are then split 50:50 between SportsHero and the user.
The app is made by the same team as Singapore-based TradeHero, a virtual trading app backed by more than $10 million from investors.
Dinesh Bhatia, CEO and founder of SportsHero, said in an interview with TechCrunch that the top users at TradeHero have hundreds of thousands of followers and made good money from the service, and believes that the same is possible for SportsHero.
SportsHero currently has around 250,000 users, and has already secured $2.4 million in investment from Australia-based Nevada Iron ahead of an Australian IPO in August.
According to TechCrunch, ASX listings are becoming increasingly popular for South East Asian tech start ups.
“The ASX right now is very technology focused,” said Bhatia. “A lot of investors putting money into the ASX are very keen on tech companies.”
Bhatia also added the listing can help SportsHero grow in Australia, where fantasy sports are an increasingly popular product.