SportsHero Shares Remained Flat Despite Reporting Upbeat First Revenue Figures From LaLiga Partnership

SportsHero Limited (ASX:SHO) is involved in the operation of developing sports gamification platform. On 10 October 2018, the company announced the very successful launch of the world first LaLiga Hero of the Month Competition in Indonesia. Despite the release of this news, the company’s share remained flat at the price $0.135 with intraday volume of 135,625 as on 10 October 2018.

The competition was launched on 1 September 2018 and it generated record gross revenue of in excess of A$122,000 in September month. LaLiga is the world’s 3rd largest sporting league with a season that spans 9 months, has partnered with SportsHero to enable Indonesia’s vast number of passionate football fans to connect with LaLiga through expert prediction, unique e-store offerings, and money can’t buy prizes. During the 2017- 2018 LaLiga football season, LaLiga had some 29.9 million Indonesian fans, 3.3 million Facebook followers and a broadcast Indonesian audience of 59 million people. With direct access to the enormous and passionate Indonesian football market, SportsHero is planning to significantly grow user numbers and revenues as it accelerates its promotion and marketing activities. This will be executed through the LaLiga and SportsHero social media and digital channels along with Walletku’s network of over 20,000 physical merchants throughout Indonesia.  [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]

In September, the company also witnessed the launch of the eagerly anticipated Version 3 of the Company’s mobile prediction app. Version 3 includes a new user playing experience (UX), referral program and an enhanced group chat feature for players and a range of new platform features for brands and content partners. In FY 2018, the Company announced a partnership with Walletku, an Indonesian based e-wallet mobile payment platform that enables SportsHero to connect its platform to over 20,000 merchants throughout Indonesia. These merchants provide SportsHero with immediate reach and access to tens of millions of passionate football fans in Indonesia – a country that has the biggest football market by fan base size in South East Asia.

Working with Walletku and utilizing their network of merchants has enabled SportsHero to sell tickets so that users can easily enter into competitions via Walletku’s e-wallet mobile payment app. Walletku’s merchant network facilitates ticket purchases for the millions of Indonesians that are unbanked and/or without a credit card. In FY 2018, the company suffered a loss of $4.33 million and it was mainly due to $2.19 million in non-cash accounting entries which includes the writing down to zero of the value of the Company’s intellectual property. The basic and diluted loss per share reduced from 3.85 cents per share in FY 2017 to 1.84 cents in FY 2018. The net cash outflow from operating activities increased from $1.45 million to $1.82 million.

The LaLiga partnership is also a huge breakthrough for the Company and gives company full LaLiga IP rights and support. Pursuant to the partnership, LaLiga actively promotes world first LaLiga prediction competition through their established social media and digital channels. The partnership offers SportsHero’s Indonesian users access to exclusive money-can’t-buy-prizes, merchandise, and experiences.

SHO’s share traded at $0.135 with a market capitalization of circa $34.49 million as on 10 October 2018 (AEST 4:00 PM).

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