Fandex bolsters fantasy sports exchange IP with US technology patent
Trading-based platform allows users to buy and sell virtual shares of teams and players
Fandex, an online sports marketplace, has been formally granted a technology-based patent from the US Patent and Trademark Office.
A stock market-type exchange for fantasy sports, Fandex allows users to buy and sell virtual shares of teams and players across a host of major sports.
“This is a huge moment for us here at Fandex,” said CEO Matt D’Alessandro. “Our team has worked hard since 2017 to create this patented platform and we look forward to speaking with the market leaders in igaming to discuss licensing and other partnerships.”
The patent, which covers key aspects of Fandex’s platform, is part of a greater “IP protection strategy” that D’Alessandro hopes to leverage for continued growth.
“The patent not only adds to our intellectual property portfolio covering our novel fantasy sports exchange, but it also strengthens our competitive advantage,” said D’Alessandro.
“We have additional patents pending as part of our IP protection strategy, and we will continue our innovation efforts to further enhance our market position and drive revenue growth.”
Fandex offers both pay-to-play and free-to-play models spanning the NFL, NBA and MLB, as well as other popular sports such as golf and soccer, including the English Premier League.
The company also touted an “upcoming World Cup pay-to-play contest with our European betting partner, as well as our regular season and postseason contests and partnerships with FanDuel, SportsGrid, PLZ and others.”
Fandex says it has amassed tens of thousands of users and has awarded thousands of dollars in prizes, including weekly and monthly prizes of $50 and $100, respectively, to the user who sees the highest overall gain in their individual portfolio.
The Durham, North Carolina-based startup offers more than a dozen sports in total for player- and team-based trading.