Sporttrade, a Philadelphia-based sports betting technology company, has officially launched its sports betting exchange in New Jersey. This positions Sporttrade as the first and only dynamic sports trading marketplace in the US. Eligible customers can use Sporttrade to trade in and out of positions on sports outcomes much like they would trade stocks, options, or cryptocurrencies.
Sporttrade, founded in 2018 to elevate the sports betting industry, is an institutional-grade sports betting exchange akin to today’s largest stock exchanges. The platform utilizes proven capital markets technology and infrastructure to enable users to realize profits or trim losses based on changes in the implied probability of an event to occur at any time.
“We are thrilled to be live in the state of New Jersey with the first sports trading platform. New Jersey was the first state to launch legalized sports betting in 2018 and we are proud to be the first operator to launch a unique and differentiated product designed for sports betting and trading enthusiasts seeking a better customer experience,” Alex Kane, Founder and CEO of Sporttrade, said.
Sporttrade’s unique capital markets-like approach is centered around its use of market makers to provide liquidity to the exchange. Sporttrade’s market makers provide tight, liquid, and dynamic markets so that customers can trade frictionlessly both before and during games. Sporttrade also offers unique order types like limit orders which allow customers to buy or sell outcomes at customized prices. Sporttrade is set to become the only venue in New Jersey that allows customers to truly trade sports.
“We set out to create a better and more modern sports betting platform tapping into Americans’ passion for trading. What we’ve launched is the only differentiated sports betting platform in the US, but we believe we are defining a whole new category of sports wagering – trading sports,” Alex Kane added.
Sporttrade will initially offer trading on Win/Loss outcomes, Spreads and Under/Overs for NFL, MLB, NBA, NHL, WNBA, Golf, and College Football and Basketball. Sporttrade is additionally working toward launching in Colorado with GF Gaming and its local affiliate Easy Street Casino in 2023 with other states including Indiana, Louisiana, and more to follow.