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On 8 March 2019, SportsHero Limited (ASX:SHO), announced that it has executed binding agreements which included the Joint Venture Agreement (JVA) with Cross Bet Holdings Pty Ltd (CBH) for the purpose of enabling the granting of a Sports Bookmaker License to Pay-to-Play Australia Pty Ltd (P-to-P), a newly incorporated Australian joint venture company and 50% owned by each of SportsHero and CBH.
In its previous announcement on 10 January 2019, the company had announced its intention to secure the Sports Bookmaker License access which is regulated by the Northern Territory Racing Commission (NTRC) to facilitate the Australian launch of a pay-to-play sports prediction platform.
On 23 January 2019, the company announced an update on the capital raising, for funding the intended Australian launch of SportsHero-branded pay-to-play sports prediction platform followed by the securing of the Sports Bookmaker License.
At present, CBH has received the conditional approval from the Department of the Attorney General, and Justice Licensing for the granting of Sports Bookmaker License, which in turn will also transfer that approval to Pay-to-Play Australia Pty Ltd. Based on this, the final step in granting the license is expected to be a payment worth $200,000 refundable bond. It will include the inspection of the Northern Territory office by the NTRC, as well as the nomination of a key employee, by Pay-to-Play Australia Pty Ltd in Darwin.
As per, the terms and condition of the Joint Venture Agreement, as well as subject to granting of the license to Pay-to-Play Australia Pty Ltd, the associated parties can operate a pay-to-play sports prediction platform. Also, the parties have agreed to share the existing resources. The agreement also included the resources, and the intellectual property owned by the parties can be shared without any limitation, for the establishment of the platform under the license for predicting the results of sporting events. The parties have also agreed to roll out the platform to the Australian market. The business model could also be expanded in the other markets like New Zealand if agreed by the parties.
To facilitate the payment of the license bond, followed by the granting of the license to P-to-P, the company has agreed to provide an interest-free loan to P-to-P worth $200,000.
Also, the parties on 8 March 2019, executed the put and call option deed with respect to SHO acquiring CBHâs 50% shareholding in P-to-P.
With the establishment of P-to-P joint venture as well as the granting of the License to P-to-P will enable the launch of a SportsHero -branded pay-to-play, which is a sports prediction platform in Australia.
Other Updates:
On 28 February 2019, the company declared, its half-yearly results where the revenues from the ordinary activities were up by 100% to US$0.373 million as compared to the previous corresponding period. However, the company incurred a loss of US$0.941 million.
On 14 February 2019, the company announced the launch of a new rugby prediction platform.
In the last six months, the stock has generated a negative return of 46.90%. However, in the previous one month, the stock had given a return of 1.32%. By the end of the trading period, the price of the share was A$0.076, down by 1.299% as compared to previous trading dayâs closing price. The company has a market capitalization of A$20.81 million, and approximately 270.27 million outstanding shares.
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