Fandex Inc announced Monday that the US Patent and Trademark Office (USPTO) has granted it U.S. Patent No. 11,436,674, covering key aspects of its fantasy sports team and player stock exchange, “further strengthening the company’s intellectual property.”
In a press release, Matt D’Alessandro, CEO of Fandex, said: “This is a huge moment for us here at Fandex as 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.”
According to D’Alessandro, the patent covers the company’s novel fantasy sports exchange, and strengthens “its competitive advantage.” Fandex describes itself as “the first stock exchange” that allows fans to buy and sell virtual shares of their favorite teams and players in over 12 sports in and out of season.
“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,” he added.
Stu MacDonald, Advisory Board Fandex, also commented: “We are thrilled about our upcoming World Cup pay-to-play contest with our European betting partner, as well as our regular season and post-season contests and partnerships with FanDuel, Sports Grid, PLZ and others.”
Fandex developed a proprietary software application built on their algorithmic trading platform to account for variables such as price, timing and volume. The algorithm evaluates the value and market price of each team’s share within each major professional league or collegiate conference.
The Fandex software application accounts for team performance, strength of schedule, margin of victory (including home-field advantage), and injury reports. As a team performs well, its market share price increases, and as a team underperforms, its share price decreases in value.