Sporttrade partners Twin River to enter NJ sports betting market

Philadelphia-based start-up Sporttrade has agreed a multi-year partnership with Twin River Worldwide Holdings to launch a new sports betting exchange product in New Jersey.

The agreement is subject to Twin River obtaining the necessary regulatory approvals to complete its acquisition of Bally's Atlantic City Hotel & Casino, which will give it access to three online sports betting skins in New Jersey.

The Sporttrade agreement follows Twin Rivers' recent sports betting deal with Esport Entertainment Group and online casino agreement with PointsBet in New Jersey.

“We are thrilled to partner with Twin River as we prepare to introduce a truly differentiated product to the New Jersey market,” said Sporttrade founder and CEO Alexander Kane. “By applying capital markets technology and market structure to the US sports betting ecosystem, we are creating something revolutionary.

“Sporttrade will establish a first-of-its-kind sports betting venue that will be fair, liquid, and transparent, and we look forward to offering customers innovative betting products at significantly lower costs than traditional sportsbooks.”

Twin River Worldwide Holdings president and CEO George Papanier commented: “Sporttrade will be a great addition to our list of unique partnerships we are building in the Atlantic City market.

“They will bring a new, exciting online product offering for our guests and we look forward to having them join our Atlantic City team.”

Shares in Twin River Worldwide Holdings Inc. (NSQ:TRWH) closed 0.32 per cent higher at $24.79 per share in New York Tuesday.