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Hello all,

Today, I am delighted to unveil our replacement for In-Play Dividends in the form of ‘Match Day Extra’, which will go live on Friday, 29th January.

With ‘Match Day Extra’, our objective was clear: deliver a simpler, more exciting new win mechanic which rewards footballer scores when they do not win the main performance Dividend categories, and we believe we have achieved this. This mechanic will reward all existing holds as well as newly purchased footballers.

Many of you have been requesting a fairer, more sustainable system, that has similar characteristics to tiered performance payouts.

As always, we are excited to hear your feedback on this new initiative and we will be sending out a Trader Consultation Survey once the new format has been in place for a few weeks. I encourage you all to give your feedback: we are keen to hear from you and we will be taking on board suggestions on ways to improve this format.

In addition to introducing Match Day Extra, we are also running a Rebate offer on Buys and Bids. You can read more about that 
here.

Finally, I know that many of you have been asking about the steps we have taken to improve market dynamics, which I want to address.

Removal of uncirculated Shares

A number of footballers who have no ownership including several who have retired will be removed. This will be an ongoing process, trading in these footballers will be suspended and they will be marked as "Non-Tradable”. Our objective is to create a market of the most popular footballers to concentrate liquidity without maintaining an unwieldy list of footballers who attract very little activity.  

Limited Supply and Issuance Update

To increase excitement in the product and transparency in our issuance process we will be limiting the number of Shares available in each footballer to just 1 million. We will also limit the issuance of new Shares in footballers based on a strictly staggered volume over time model.

In order to do this we will be moving to a new issuance system from 20th February. This new process will allow us to issue Shares based on projected yields of footballers, market sentiment and stability. Shares may be issued at prices at or around recently traded prices.

To ensure fairness in the market this new system will be subject to strict controls. These controls will include:

   1. We will only ever issue a maximum of 1 million Shares in any given footballer. For context, Jadon Sancho currently has roughly 920,000 Shares in circulation.

 
   2. Each day, we generate 1,000 options to issue Shares in a footballer. We may accrue this right daily for a maximum of 30 days.

The objectives of this change, as well as allowing us to issue Shares at different price points, are:

   1. To provide better transparency and understanding of our issuance system.


   2. To give our customers assurance that there will not be an over-supply of Shares in the market, which may be important when traders have the opportunity to ‘enter’ their Shares into future tournaments and competitions that we may introduce.

   3. To introduce an element of scarcity value in footballers Shares. When they’re gone they’re gone.

Terms of Service Update

Recent feedback and Trader comments regarding parts of our terms have led us to believe further clarity is needed, and we want to ensure that we provide reassurance to you all.

In order to implement the above changes, to bring further clarity to conditions around when and how we can change dividends in future and improve safer gambling processes we will be updating our Terms of Use and Game Rules next week.

From the outset, I have stressed that regular incremental improvements to the product and the market dynamics would be my focus and that remains the case today.  

We are extremely excited about our 2021 plans, we hope you’ve all enjoyed our recent pilot of Squads, there is more to come.

We’ll continue to listen to your feedback and thank you all once again for your continued support.


Mike Bohan
CEO

An update from FI HQ

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