Sports stock market StarStreet, which launched back in September for football season, has just opened its NBA market so you can buy stock and invest money in "shares" of professional basketball players.
It works by investing in the players you think are going to have a good season and if you're right, you'll make real money. In order to start trading, you must first deposit between $5 and $5K to your account via a credit card or PayPal. If you make a deposit now, you can get a 20% cash bonus to trade with. StarStreet takes 4% commission on the sell side of each trade and covers all PayPal fees.
For the current NFL market, there are 700+ traders -- about 20% of them who are active every single day -- but expects more for the NBA market, StarStreet CEO Jeremy Levine tells LAUNCH via email.
"We're expecting more and more traders as we're improving our product and the trading experience almost daily," Jeremy says. "...Some people are seriously obsessed (in the best way possible) with what we're doing. There are multiple traders who are on the site every single day, and a couple of them are spending over three hours a day on the site."
Jeremy says that three traders in the NFL market have made $200+ in profit.
"There will be more opportunities to make more money in the NBA market as there are going to be twice as many shares of each player and more money in the market," Jeremy says.
While the NFL market offered 100 shares for each IPO, 200 shares of each player will be available for the NBA market. You can bid up to 20% of a player's shares and all winning bids pay the same price of the 200th bid.
The first two Initial Player Offerings listed are Blake Griffin and Rajon Rondo but 100+ more are coming, Jeremy says. The current minimum bid for Griffin is $3.02, while the minimum for Rondo is $2.05. Both bidding periods end Dec. 21 at 6pm.
"I'm big on DeAndre Jordan, as I think Chris Paul's going to make a huge impact on his game," Jeremy says. "Also love Caron Butler in the Clippers offense. I like Rudy Fernandez who should be taking JR Smith's spot in Denver, also think Ricky Rubio (his former teammate), could fill up the stat sheet in Minnesota."
StarStreet announces all IPOs and depending on your settings, will send email notifications. Either way, you can see all IPOs in the sidebar on the right-hand side and if you want to add a specific player, go to the player's page and click "Request IPO."
After a player is IPOd, they are on the open market for trading. Traders set the price and once both the trader and the buyer agree, the trade will go into effect.
Player’s fantasy points and current values are updated in near real time while projected fantasy points and projected values are updated at least weekly.
StarStreet is 100% legal in most U.S. states and in Canada, with the exception of Arizona, Iowa, Louisiana, Maryland, Montana, Vermont, Arkansas, Florida, New Mexico, Nebraska, South Carolina and Quebec.
StarStreet, founded in 2009 by Jeremy Levine, has raised $250K in funding from TechStars, SV Angel, Jarr Capital, Don McLagan, Andrew Blachman and Ben Littauer.
Current player IPO listings go up each day giving traders the opportunity to get in on the 200 shares of each player's stock from the beginning.
Click "Bid" from a player page to place an IPO bid.
If you go to any player's page who isn't in the market yet, you can click "request IPO" for StarStreet to consider adding the player for trading on the market.
Upload money into your account -- a minimum of $5 and a maximum of $5K -- with a credit card or PayPal.