I went to my local Ford dealer to get my oil change yesterday. There were some stacks of pre-election and pre-World Series magazines on the table so I decided to flip through them and read whatever looked interesting. Some ninety minutes later I happened to stumble upon a short little piece on a girl making some money trading shares of athletes on a virtual stock market.
Oneseason launched a little over a month ago and it already has over $5 million of value in it's online athlete stock market. The shares of players are called Synthetic Ownership Interests or SOI for short. There is no real ownership like the stock market, but these SOIs can be traded just like any other stock on the major indexes.
Membership is free, but they do charge a 1% commission on the value of the stock that you're trading. If you do the math, it turns out that the more profit you make, the less of a percentage of the profit is actually taken out as commission. You even get $10 to start just by joining.
With the DJI and NYSE taking big hits and catching big gains in the volatile world of stocks, this brings an interesting new way for people to invest their money and have fun while doing it. I've done a lot of homework on the stock market for the past few months and have owned a few stocks that have been hit hard before I actually found a good one to stick with. This new “Sportfolio” is a lot less stressful and definitely easier to manage than anything on the major indexes.
If you're interested in sports and want to “own” shares of a particular player, be sure to stop by this site and sign up. It seems like a great place to put money during these tough financial times. If only the service department took that long every time with fascinating stuff like this to read about!
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I'll tell you who I wouldn't buy stock in... Rex Grossman.
Still, I think if this kind of stock market were to get going, it would be even more insane then the 'real stock markets'. Values would change based on who the athlete is playing that week, other player injuries, their injuries... I could see it spinning wildly out of control.
But I guess it depends on how they set up values. With athletes, I'd think it would have to be based on performance. And with various sports only running part of the year, would certain athletes only be trade-able during or just before and just after their season?
Or am I making this too much like Fantasy sports?
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