Sportiqo: Fantasy sports & stock market revolution
Sportiqo is a pioneering platform that brings together the worlds of fantasy sports and the stock market, offering a unique and innovative experience for enthusiasts and investors alike. Founded by Anindya (Andy) Kar and his team of financial professionals, it aims to bridge the gap between sports and finance by providing a virtual stock market for sports, with a primary focus on cricket.
Sportiqo leverages blockchain technology to ensure transparency, security, and trust, setting a new standard in the sports business landscape where data integrity is paramount. With it, you can trade virtual stocks of your favorite cricket players, with prices determined by factors like past performance and venue considerations.
Sportiqo’s vision is not only to entertain but also to educate users about the functioning of the stock market, helping them transition to real-world investing. With a commitment to transparency, fair pricing, and user engagement, it is set to revolutionize the intersection of sports and finance.
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In an exclusive interview with Sportskeeda's Business of Sports, we had the pleasure of speaking with Anindya Kar, Co-Founder and Product Head of Sportiqo. Andy shared intriguing insights into Sportiqo’s unique concept that merges fantasy sports with the stock market.
Join us for an enlightening conversation that explores how the platform is revolutionizing the intersection of sports and finance, providing exciting opportunities for sports enthusiasts and investors alike
Excerpts from Sportiqo Co-Founder Anindya (Andy) Kar’s exclusive interview with Sportskeeda
The birth of a game-changing concept
Q. As the creator of Sportiqo, a unique platform that combines fantasy sports and the stock market, could you share the inspiration behind this innovative concept and how it aligns with the business of sports?
Anindya Kar: Sportiqo was started by three of us, myself (Anindya Kar) and two other financial professionals, each with over 15 years of experience in the field and a deep passion for sports. Our objective was to build something that bridges the gap and educates the youth who may not be familiar with how markets work.
The idea of merging cricket and the stock market came later. We realized that there is a wealth of knowledge in sports, which is quite similar to the world of business and economics.
The unique selling point of Sportiqo is straightforward: we focus on replicating a virtual stock market in the realm of sports. Leveraging the fantasy sports ecosystem and incorporating gamification aspects, our primary goal is to create a virtual stock market for sports rather than simply offering a fantasy platform.
Q. In the stock market, market sentiments play a significant role in share prices. How does Sportiqo’s platform reflect market sentiments in the context of the sports industry, and how does this impact user engagement and participation?
Anindya Kar: In the stock market, everything boils down to intrinsic value and economic forces, such as demand and supply. In our model, we capture these elements by using points and a blockchain reward system. We also introduce the concept of supply and demand through the buying and selling of players, even when they are not actively playing.
Factors such as changes in batting order or being perceived as an impact player can have an impact on sentiments, influencing market perception and affecting supply and demand. By incorporating these dynamics, we reflect market sentiments within the sports industry, making user engagement and participation more immersive and interactive.
Blockchain: Ensuring transparency and trust
Q. Blockchain technology is an integral part of Sportiqo. How does leveraging blockchain ensure transparency, security, and trust for users in the sports business landscape, where data integrity is paramount?
Anindya Kar: When we initially started the platform, blockchain technology, specifically Web 3.0, was at the forefront. We utilized Web3 to build trust and transparency into the system. However, over time, we made a decision to transition the front end entirely to Web 2.0.
This means that while the blockchain backbone still powers our platform, the front-end user experience does not explicitly display it. This decision was driven by the realization that our target audience might find the integration of tokens and complex blockchain features confusing.
By maintaining data integrity through blockchain technology behind the scenes, we ensure transparency, security, and trust for our users, even if they are not directly aware of the blockchain implementation.
Captivating users in a competitive market
Q. Acquiring and retaining users is crucial for any sports platform. Could you discuss your user-acquisition strategies and how Sportiqo plans to attract and engage sports enthusiasts in a highly competitive market?
Anindya Kar: We have dedicated significant efforts to social media platforms, primarily focusing on Facebook, Instagram, and Twitter. We have also created cricket-focused content on our website, covering T20 cricket, IPL, and ODI matches.
This approach has helped us convert a certain percentage of cricket fanatics, fantasy sports enthusiasts, and individuals who are open to trying new experiences.
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Additionally, our targeted advertising campaigns on Facebook and Instagram have proven successful in acquiring new users and reaching a wider audience. Collaborations with influencers, including a partnership with Sportskeeda, have also played a significant role in our market-entry strategy.
By leveraging the reputation and reach of these influencers and platforms, we have been able to attract and engage sports enthusiasts in this highly competitive market.
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Q. Setting base prices for players on the Sportiqo platform is crucial. Could you shed light on how these are determined, and do you have any plans to introduce concepts like dividends to further align with the stock market?
Anindya Kar: The base prices for players on our platform are determined through a comprehensive algorithm that takes various parameters and factors into account. These include past performances, venue considerations, recent performance trends, and scores against specific players, among other variables.
A weighted average of these factors helps us decide the base prices at the beginning of each tournament.
Currently, our platform only offers capital appreciation, as stocks are valid for the duration of one tournament. However, we do have plans to introduce longer-term stocks in the future, which may incorporate concepts like dividends as an additional cash flow.
As the holding period of these stocks will be relatively long, dividends will provide an opportunity for further alignment with the sports-business ecosystem.
Q. Could you shed some light on what happens at the end of a tournament on the Sportiqo platform?
Anindya Kar: At the end of a tournament, all stockholders receive the cumulative points that their team has scored, which are then credited into their wallets. The conversion rate is 1 point = 1 rupee.
We guarantee that every stockholder receives the value of his or her stocks at the end of the tournament, ensuring pricing close to the fair value of the stock. By providing this assurance, we maintain realistic pricing and enhance trust among our users.
Q. What are the extreme values of stock fluctuations on the Sportiqo platform, and do you have circuit caps in place? Additionally, what are the trading hours on your platform?
Anindya Kar: Currently, there is no concept of circuit limits on the Sportiqo platform as stock valuations do not fluctuate drastically. However, it is important to note that the risk is higher on the upside, especially when a player performs exceptionally well.
For example, a player scoring 150 runs in 50 balls can result in significant points and potentially impact stock values. As for trading hours, our platform is open 24/7. While trading occurs throughout the day, trading volumes tend to be higher when matches are being played.
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Q. Athlete involvement is an interesting aspect of Sportiqo. Do athletes receive a portion of the stock price-earnings on your platform?
Anindya Kar: Currently, athlete involvement is minimal on our platform. All the data we use is publicly available information, and we do not use any player's intellectual property or image directly.
We operate more like Cricinfo or Cricbuzz, utilizing statistics for analysis. The only athlete actively involved with Sportiqo is Robin Uthappa, who serves as our brand ambassador.
Sportiqo: Redefining sports and finance
Q. Fractional stocks are an innovative feature of Sportiqo. How does this concept enhance the overall user experience?
Anindya Kar: In traditional stock markets, investors are required to buy full stocks. However, through the integration of blockchain technology and Web 2.0, we are able to provide fractional stocks to our audience. This means users can buy a fraction of a stock, such as 2.3 shares of one athlete and 7.9 shares of another, using the same funds.
This flexibility in investment size allows for greater customization and adaptability to individual preferences. Fractional stocks provide a crucial advantage, particularly in the Indian market where smaller ticket sizes are prevalent, ultimately enhancing the overall user experience.
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Q. In a country where there is an inherent fear of the stock market due to perceived risks, how does Sportiqo aim to reach the masses and build trust among potential users?
Anindya Kar: The stock market is a great wealth generator. However, participation in India is relatively low due to various reasons, with a lack of knowledge being a significant barrier. Sportiqo aims to bridge this gap by leveraging cricket knowledge and helping people understand how the stock market works.
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We educate users on concepts such as how base pricing is determined, and how supply and demand forces and other market dynamics affect it. By providing a platform that integrates these concepts into the virtual stock market of sports, we aim to make the transition to the real stock market easier for users. Our goal is to build trust and confidence among potential consumers, ultimately fostering greater participation in the stock market.
Q. Transparency is essential in any sports-related platform. Could you elaborate on the algorithm used for cricket on Sportiqo?
Anindya Kar: For calculating points and tournament earnings, Sportiqo uses a formula similar to the fantasy sports points system. The algorithm is completely dependent on the scoring system, and there is no subjective measure involved. To ensure transparency, we publish the points after each match on our app and make the data available on our blockchain for anyone to verify.
As market leaders, it is important for us to lead by example. By maintaining a reputation for transparency, we aim to establish ourselves as a trusted platform in the sports business landscape.
Expanding the horizon: Future plans and collaborations
Q. While the company initially started with cricket, expanding into other sports seems like a natural progression. Are there any specific sports you are planning to include on your platform?
Anindya Kar: In the Indian subcontinent, we plan to expand into football and Kabaddi within the next 6-12 months. Globally, we are exploring opportunities in American football, baseball, and basketball. As we grow and adapt to the evolving needs and interests of our users, the inclusion of additional sports will enhance the diversity and engagement of our platform.