New Delhi: Blockchain-based fantasy cricket platform Sportico has started operations in India. The company said its users can invest or trade in players, just like they do in stocks.
Earlier, under a beta launch, the company claimed to have around 32,000 active users. it was up 10 crore in Pre-seed round from Angel Investors.
The platform is live for ILT20 leagues for now and is looking to add a portfolio of other sports and leagues, such as the English Premier League and the Indian Premier League, among others.
The company said it has a performance ranking system based on algorithms that analyze a variety of batting, bowling and fielding statistics to assign an index rating to each player. It states that when user-selected players perform, they are rewarded with cash dividends based on their portfolio.
The company’s Chief Product Officer and Co-founder Anindya Kar said, “India and cricket is a market we really wanted to explore. This kind of personal interest and audience engagement is unique to cricket here and that fan Changing the format of the stock market is a unique proposition. When we launched our company, we were looking for an interactive and entertaining way to engage people, while at the same time making it informative so that they get the knowledge of investing and trading. Get a basic idea of the world.
“Educating the youth about investment and business using cricket is a great idea. India really needs creative options to improve the financial literacy of the masses and Sportico is bridging the gap.”, Share said market analyst Gautam Dugad.
Federation of Indian Fantasy Sports (FIFS) advisor Amrit Mathur said, “Cricket fans are passionate and many of them have in-depth knowledge of the game and the players. I think it’s exciting to bring the sport and its fans together through this format of fantasy gaming. It’s always fun to get your skin in the game and developing a fake stock exchange in the cricketing world is a powerful idea.”
According to a report titled ‘Gaming Report India 2022’ by Dentsu, the number of Indian gamers is growing at a compound annual growth rate (CAGR) of 12% and is expected to grow from 507 million in FY2021 to 700 million in FY2025. are supposed to. Play.
The report states that 46% of gamers in India are women, and overall ‘real money game’ revenue accounts for 57% of the market size, but future growth is projected to drive in-app purchases at 34% CAGR. There were 120 million paying users in FY22, which represents a 24% conversion rate.
catch all sports news And updates on Live Mint. download mint news app to receive daily market update And live business news,