SportsHero gets the revenue ball rolling with Indonesian World Cup app launch
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Sports prediction app SportsHero has secured its first customer receipts since listing almost 18 months ago — generating $50,000 from the launch of its World Cup campaign in Indonesia.
The startup, which gives fans an alternative to traditional betting by letting them predict the outcome of competitions and earn rewards for doing so correctly, listed on the ASX in February 2017 after raising $3.2 million at 5c each.
The stock was steady at 7.8c early Monday.
On Monday SportsHero (ASX:SHO) confirmed it had seen first major revenue out of Indonesia, where it launched a localised sports fan experience available in both English and Bahasu, in time for the World Cup.
The app gave users a “unique and tailored experience to show their knowledge and skills in football predictions and win amazing prizes”, including prizes tailored for the Indonesian market.
In the SportsHero app has a “free to play” mode where users compete to predict sporting results and receive points for getting outcomes correct, which can then be traded in for rewards.
Users can “pay to follow” AllStar users who have a strong track record of tipping good results.
Last December, SportsHero announced a partnership with cryptocurrency platform Pundi X to create its own crypto token for use through the app.
The company says it is working with key “opinion leaders”, or influencers, across the Indonesian market in hopes of capturing the 65 million Indonesians who fit within the company’s 18-30 target demographic.
The Indonesian launch serves as a proof-of-concept for the app and a sign of potential revenue generation in the months to come, SportsHero chief executive told investors this morning.
He said expectations from the company’s partners was that SportsHero would hit revenue in excess of $100,000 in July, with the start of the 2018-19 English Premier League and Spanish LaLiga seasons prompting more user growth and payments.
Prior to today’s announcement, SportsHero has reported only $1000 in customer receipts since listing.
The company burned $1.7 million in the nine months to March, and expected to spend $540,000 in the June quarter.
It had $1.2 million in the kitty at the end of March.