New York-based Binary Event Network (BEN) has launched a live event engagement platform, providing new interactive experiences for live events. It combines a global financial exchange platform with proprietary real-time content, initially focused on North American professional sports such as baseball, basketball and football.
The company’s first offering, TradeSports®, was introduced last week in time for the NFL playoffs and is a pioneering social sports app designed to complement both first and second screen experiences for fans and enthusiasts on mobile and tablet devices.
“This is a perfect combination of binary events, social media and exchange technology. A dedicated fan or end user watching a live game might not call it ‘binary options,’ but that's really what it is all about,” said Veronica Augustsson, CEO of Cinnober. “This underlines the flexibility in our technology and we’re excited by BEN’s venture and share their vision of offering new engagement services over mobile apps and social media channels with true exchange technology capability and reliability.”
The backbone technology for the offering is built on Cinnober’s flexible TRADExpress Event System, based on a cutting-edge technology platform utilized within major exchanges and marketplaces around the globe. In addition to providing well-proven technology, Cinnober is playing an active investment role in BEN, together with venture capital firms including Guggenheim Partners and Broadhaven Capital Partners.
“Cinnober has a tradition and a philosophy of investing in groundbreaking new projects,” Augustsson continues. “BEN represents a compelling opportunity, not least with the combination of mobile applications and social media. An area that is somewhat of a paradigm shift for all our customers as well as our product development.”
BEN was founded in 2011 by a group of financial and media industry veterans. The platform model and design meet at the cross‐section of mobile apps and gaming, with a robust and scalable financial market infrastructure that incorporates a proprietary streaming probability index, or PIX™. As applied in TradeSports, the PIX index adjusts dynamically as changing sentiment, events on the field, and related inputs drive consensus opinion concerning the outcome of a game. The scope includes the NFL, NCAA Football, NBA and NCAA Basketball, with additional sports to be added as seasons commence.
Participants engage with the PIX by expressing their own opinions about what’s likely to happen next, accumulating virtual points, affecting the measure of consensus opinion, and proving their expertise against a standardized, objective benchmark for success. TradeSports is a social experience that engages users with a way to satisfy their competitive spirit, pursue their passion for sports and prove what they know, all with a single click.
“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 co-founder Greg DePetris. “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.”