HONG KONG, July 19, 2021 /PRNewswire/ -- From its investment in infrastructure to facilitate the operation of blockchain-driven quiz games to the introduction of international professional boxing tournaments, Crazy Sports will further develop its business in Hainan to capitalize on the favourable policy package unveiled by the Provincial Government.
A package of policies on the two key industries of Hainan, the high-tech industries and tourism, culture and sport industries, part of the 14th Five-Year Plan, was announced recently to prescribe future development objectives and guidelines going forward. These are expected to boost enthusiasm for investments in and development for related industries. With regards to newly announced body-text wordings in the policy documents about tourism, keywords relating to culture and sports industries were mentioned frequently as many as 629 times, only second to "tourism".
According to the 14th Five-year Plan document, in addition to grooming Hainan into a national-grade sports reform pioneer pilot zone, a sports tourism demonstration zone, a "Belt and Road Initiative" international sports culture exchange centre, the Hainan Province will also see development of two to three tourism clusters in the field of sports and 5 major sports duty-free shops, including Sanya sports duty-free shops, Danzhou duty-free sports trade plaza, Qionghai duty-free shop, Baisha duty-free sports plaza, facilitating development of sports lotteries entertainment as part of China's efforts of grooming Hainan into a pilot area.
Sports events have long been recognized as an important driver for stimulating consumption. The policy document clearly featured plans to strengthen the leading position of tourism and sports events, highlighting the advantages of sports tourism projects, actively fostering the sports tourism industry combined with sport events, and potential for developing service industries around events participation and events entertainment.
In addition, the Hainan Provincial Government plans to develop sports lotteries with more innovative varieties and explore sports lotteries linked with selected sports events. In the process, the Government would also like to explore the development of sports quiz lotteries and instant lotteries for major events, establishing a diversified multi-level distribution channel system, and finally accelerating development of an international sports lottery entertainment pilot zone in Hainan.
After six months of strategic restructuring, business integration and expansion, Crazy Sports has been eyeing on the digital sports entertainment market. Since then, it has been developing three major business areas based on digital technologies including big data and blockchain, with "Events + Quizzes, IPs + Mobile Games, Crazy Red Insights + Lottery Sales" as core drivers. It is expected to continue benefit from the progressive enactment of the policy package mentioned above.
In a nutshell, Crazy Sports has developed a strategy of establishing a blockchain driven sports quiz platform in Hainan, and has recently clinched a long-term partnership with International Professional Boxing Federation (IPBU) to jointly organize international boxing tournaments. Launching these events in Hainan is highly consistent with Hainan's guiding policies on types of lotteries (sports quiz lottery and instant lottery), lottery game methods (combined with selected amateur events), and the development of international sports events. This implies that the Group's operation in Hainan has gained long-term and stable policy blessings, facilitating stronger development momentum at accelerated paces.
Specifically, Crazy Red Insight is a flagship product under Crazy Sports. It is a sports intelligence analytics platform, providing sports fans with analysis and predictions of football and basketball matches, with outstanding user-data traffic, strong branding, consistently ranked leads on the domestic digital sports lottery quiz league tables. At present, Crazy Sports holds the official IP resources including Chinese Super League and FIFPro, providing support for ongoing provision of gaming analytics content. Crazy Sports is principally engaged in provision of online sports game information, quizzing analytics and live broadcasting, games and other entertainment content to exploit synergies with its offline sports lottery points of sale. With the enactment and ongoing promotion of Hainan's policy, "Events + Quizzes" business of the Group will embrace the added momentum for rapid development, conductive to further strengthening its digital sports entertainment ecosystem.
Epilogue
It is widely understood that the calibre of nationals is hinged to the boom and bust cycles for a country and its people. Therefore, with high correlation to health, sports is always seen as of great importance to people's health. The document titled "Outline for Building a Powerful Sports Nation" released in 2019 paved the way into a new era for a high-quality and diversified sports industry. In addition, the Covid-19 pandemic of last year, greatly raised awareness among people of improving health. At the same time, many major sports events have been either cancelled or postponed due to social-distancing restrictions, accelerating industry reshuffling and more detailed differentiating development.
As far as competition within segments is concerned, the digital sports content platform is less affected by the pandemic and in a better position to reap benefits earlier from the digital reform of sports industry and post pandemic recovery.
Following the release of the 14th Five-Year Plan on Hainan's pillar industries, the development of the sports entertainment industry will speed up. Crazy Sports will also accelerate its pace of development. Despite UEFA Euro 2020 has come to an end, other major events will be held one after another in the near future. Although global pandemic has been jittering on the pace of improvement, the rates of vaccine administration on populations is convincing. On top, pandemic control is gradually achieving its desired results. With the advantages of software and hardware platforms, the edges of contactless services will be highlighted, contributing to more promising and certain future growth prospects.
