Jerry Del Priore
Sports fans are passionate about their teams, even though they don’t receive monetary compensation for their efforts.
But what if there was a legal way to add to the excitement, and own a portion of your teams in the process?
That’s what AllSportsMarket (ASM), operated by The New Sports Economy Institute, a 501(c) (3) nonprofit organization established to teach finance through sports, is in the process of doing through its sports trading app, ASMFree.
As the name states, the app is free, and starts you out with $2,500 fun money. But the company wants to change that into a profit producing venture for sports fans in the near future.
“Right now, it’s all fake money,” said Bernie Nicholls, NHL legend and ASM’s spokesman and sports industry liaison. “But we want to change it into a real money market app where you can invest real money into your favorite teams.”
The concept is simple: “Anytime your team wins, you get dividends,” Nicholls said. “But if they lose, you don’t lose your investment. This isn’t gambling. It’s just like any other investment. It’s no different than any other stock on the New York Stock Exchange; it’s run the same way.”
In fact, the app’s buy-low-and-sell-high model mirrors the way you would ideally trade stock.
“You can buy shares in a team that’s not doing well right now,” the former Los Angeles Kings standout explained. “But down the line, they could be good,” increasing the return on of your investment when you decide to sell.
So, the prices of the shares are based on the performance, the dividend reserves and the publics’ perception of the team, Nicholls noted.
Presently, the NHL is on board, and ASM hopes to have all the four major team sports brought into the fold. Nicholls sees as a win-win situation, without any risk for the leagues.
“The NHL loves the idea,” he said. “Fifty percent will go to each league. It’s free money for them.”
For more information on ASM and to download the app, visit http://www.ASMFree.com and click the orange Web App icon beneath the Apple download button.