Betting exchange will cease operations in five states next week after submitting an application to the CFTC to enter prediction market sector
Philadelphia-based betting exchange Sporttrade will exit the United States sports betting market next week as it looks to pivot to the prediction market sector.
The operator has confirmed that all wagering in the five US states where Sporttrade is live will cease on May 25, with platform access to be removed by June 26.
In New Jersey, customers will need to withdraw funds by May 25 as they lose access that same day. For Arizona, Colorado, Iowa and Virginia customers, they will need to withdraw funds by June 25.
Sporttrade is eying a move into the burgeoning prediction markets space, after submitting Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) applications with the Commodities Futures Trading Commission (CFTC) in February of this year.
At the time, Sporttrade founder and CEO Alex Kane said that the move marked the “opening of an incredibly exciting chapter of the Sporttrade journey.”
“The CFTC’s market-based regulatory framework enables Sporttrade to provide market participants an elevated level of efficiency, transparency, and consumer protection relative to what we’ve been able to offer to date,” he said.
Sporttrade first went live in New Jersey in September 2022, followed by launches in Colorado in August 2023, in Iowa in May 2024, in Arizona in September 2024, and finally in Virginia in October 2024.