Privately held technology company, Binary Event Network (BEN) recently secured initial growth capital from finance, media and technology investors — including Guggenheim Partners, Cinnober Financial Technology and Broadhaven Capital Partners, which has participated in funding rounds for companies such as UNX — to put toward the launch of TradeSports. TradeSports is described by BEN as a “robust competitive spectator experience,” which allows participants to buy and sell sport event outcomes while watching live games.
"With the launch of TradeSports, BEN has empowered individuals to win the 'game within the game' by showcasing their own expertise, insight and instinct while actively competing against the consensus opinion of social networks and friends in real-time," said Greg DePetris, BEN's co-founder, in a statement.
"Connecting these individuals with content they care about across key passion verticals including, initially, sporting events through TradeSports, creates a virtuous cycle between the second and first screens, yielding engaged and measurable consumption of live programming.”
BEN uses data analysis and pricing models derived from financial markets to create and stream a probability index, or “PIX,” which is the core of TradeSports. The PIX dynamically updates, according to sentiment, events on the field and other factors to provide an overall consensus on the outcome of a game in progress. Participants can affect the PIX by expressing their opinions about what may happen next.
"BEN's platform falls into a unique intersection of financial markets, digital media and the phenomenon of the 'competitive spectator'," said Douglas Atkin, senior manager director responsible for venture investments at Guggenheim Partners.
Currently, TradeSports allows participants to engage with games from the NFL and NCAA Football, as well as NBA and NCAA Basketball with additional sports to be added over time. Those interested in participating in TradeSports can do so via an iOS app or Facebook (News - Alert).
Binary Event Network was founded in January 2011 by a group of financial and media industry veterans. The company combines its global financial exchange platform with proprietary real-time content to create an interactive experience for live events.
Edited by Brooke Neuman