Sporttrade, a Philadelphia-based sports betting and trading disruptor, has launched a regulated sports betting exchange in New Jersey. The ambitious company plans to follow up on that with launches in several other states.
An Innovative Experience for Fans of Sport
Sporttrade is a sports betting exchange that leverages an exchange model to provide its customers with better pricings. Unlike traditional sportsbooks, Sporttrade does not take on any risks and employs a lower fee structure. Furthermore, Sporttrade provides a sports trading experience which means that its users can enjoy trading sports positions in a similar way to trading stocks or crypto.
Sporttrade’s founder and chief executive officer, Alex Kane, spoke about the launch. He said that his team is thrilled to join New Jersey’s sports betting market with its innovative platform. Kane noted that New Jersey was the first state to launch legalized sports betting since the Supreme Court revoked a law that prohibited wagering on sports in 2018. Therefore, it is only natural for an innovative and disruptive company such as Sporttrade to first launch in the Garden State.
Kane added that his team hopes to create a platform that appeals to sports fans and the Americans’ passion for trading. He believes that Sporttrade is not only an innovator but a trendsetter that will usher in a whole new category of sports wagering – trading sports.
The Disruptor Hopes to Define a New Form of Sports Betting
Sporttrade was founded in 2018 and has since been developed as a platform that emulates the experience of trading stocks. At first, Sporttrade will offer trading on the outcomes of games from the most popular leagues in the United States. This will include the National Football League, the National Hockey League, Major League Baseball, golf, college football and basketball and women’s basketball, with more sports to be added at a later game.
While Sporttrade is not the very first sports betting exchange in the world, it is among the first as the disruptive vertical is still not as popular as traditional sports betting.
However, in the past few decades, several sports betting exchanges such as Betfair and Smarkets have taken the market by storm. Several weeks ago, on the other hand, another sports betting exchange called Prophet Exchange launched in New Jersey ahead of the NFL season. Still, according to Kane, Sporttrade remains “the first operator to launch a unique and differentiated product designed for sports betting and trading enthusiasts seeking a better customer experience.”
Sporttrade plans to launch in several other states next year, including Colorado, Indiana and Louisiana.