Singapore sports social network lists in Australia

The Singapore-based sports prediction social network SportsHero is betting on the Aussie propensity for sports gambling by listing on the Australian stock exchange, and announced Wednesday that it commenced trading this week.

The company claims that its online platform is unique and enables sports fans to engage, compete and interact with each other through daily, weekly and monthly competitions in which daily prizes are available.

Participants pay a “follower” subscription fee and the service is available in 164 markets across six continents, with SportsHero claiming it has raised A$3.2 million through the issue of 64 million shares at A$0.05 per share in its IPO.

Chief executive Dinesh Bhatia said in his trading commencement statement:

“The listing gives SportsHero access to both domestic and international investors and the proceeds raised will allow the company to advance the development and commercialisation of SportsHero on an Asian and global scale, including developing e-commerce and engagement features for further monetization of the platform.

“Over the next 12 to 18 months we will focus on customer acquisition, introducing additional sports and enhancing the features and user experience, while sustaining strong engagement among users.”

SportsHero is a sister company to TradeHero, a financial learning app with over 8 million users in 91 countries.