(DKNG) – Startup Jock MKT Merges Stock Trading with Fantasy Sports Gaming
Tired of riding the roller coaster of the NYSE and NASDAQ? At your Dogecoin (CRYPTO: DOGE) Has the distraction gone dry? A startup in Boston may have a solution for those looking for the proverbial next big thing: a combination of fantastic sports games and retail stock trading called Jock MKT.
Play ball !: Jock MKT is an application that allows users to generate money by buying and selling virtual shares of athletes. Unlike traditional fantasy sports betting pools, Jock MKT brings an investor-centric vibe to the game with features like buying and selling stocks in real time, using any dollar amount for buying stocks and the ability to exit early or hold until receiving fixed payouts tied to final player rankings which are based on an overall fantastic score.
In addition, there is a Jock MKT version of the IPO, in this case the “initial player’s bid” which gives users their first opportunity to bid on stocks before any competition.
According to co-founder and CEO Tyler Carlin, Jock MKT raised his round table in August 2019 and was due to debut in April 2020, but the COVID-19 pandemic and subsequent suspension from professional sports resulted in a pause button smash. In retrospect, Carlin acknowledged that the delay could have been a blessing in disguise.
“We ran our standard free play offer competition over the summer, where you just need to register and play for free, earn money and get to grips with the platform,” a he declared. “It also gave us a bit more time to continue to develop the product.
“We were fortunate not to have pitched earlier because we had pitched the idea of doing something for the NFL Draft. But it would have been more difficult to get started and then have to deactivate our marketing or our backbone. “
The app launched in September 2020 with an initial focus on the NFL, NBA, and PGA Tour. NHL and MLB related trading activities were added earlier this year. Jock MKT does not have direct commercial agreements with sports organizations, but has licensing agreements through a third party supplier.
Basic rules: Jock MKT users, Carlin continued, explained that the payout shares are based on the fantastic rankings.
“Regardless of which player is in first place tonight, their stock will pay 25 per share, second place 20 per share, third place 18 and all the way down the payout curve,” he said. . “If I have 10 stocks and the player who finishes second, I will be paid up to $ 100. Thus, this allows users to trade throughout the game and have a good level of comfort that these shares will be paid regardless of the actual amount of game trades. “
All Jock MKT transactions are in dollars, with Carlin choosing not to include a cryptocurrency payment option because “we felt there was already a little learning curve in our game and we didn’t. did not want to add one more obstacle for people to overcome. – we want to make the integration process as easy as possible. “
Today and tomorrow: Jock MKT now has over 25,000 users – audiences are predominantly male and spread across 35 of the 44 states that allow online gaming. Carlin is looking to expand into the remaining eight available states plus Canada, but is not aiming for expansion beyond North America.
“Sports betting has been around in Europe for so long and it’s a much more mature market as everyday fantasy sports are not as big overseas as they are here,” he said.
Earlier this week, Jock MKT raised $ 10 million in Series A funding in a round led by New York-based venture capital firm Left Lane Capital. Ryan Moore, Board Member of DraftKings (NASDAQ: DKNG) and founding partner of venture capital firm Accomplice, was among the investors in the fundraising cycle.
Carlin said the company plans to use the new funds to hire developers, analysts and data scientists. Another goal is to become a web platform – the app is only available on mobile devices and Carlin envisioned a web platform for users who “are looking for much more sophisticated tools, with more data available. than what you can provide over the phone. . “
As for following DraftKings’ lead and aiming for a future as a publicly traded company, Carlin wasn’t ready to go that far.
“I don’t want to get ahead of ourselves,” he laughs.
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