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Sporttrade brings “institutional grade” sports betting to New Jersey

16th September 2022 9:31 am GMT
Sporttrade

Philadelphia-based sports betting technology company Sporttrade has its “institutional-grade” sports betting exchange in New Jersey.

The New Jersey launch marks the first deployment of the dynamic sports trading marketplace in the United States, where customers can trade in and out of positions on sports outcomes in a similar way to trading stocks, options or cryptocurrencies.

“We are thrilled to be live in the state of New Jersey with the first sports trading platform,” said Alex Kane, founder and CEO of Sporttrade. “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.”

Sporttrade was founded in 2018 with a mission to elevate the sports betting industry by utilizing 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.

This approach is centred around the use of market makers to provide liquidity to the exchange, enabling customers to trade frictionlessly both before and during games.

“We set out to create a better and more modern sports betting platform tapping into Americans' passion for trading,” Kane added. “What we've launched is the only differentiated sports betting platform in the U.S., but we believe we are defining a whole new category of sports wagering - trading sports.”

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 to customers in New Jersey, with the company also planning to launch in Colorado next year, followed by additional states including Indiana and Louisiana.

Sporttrade will compete in the New Jersey market with Prophet, which launched the state’s first betting exchange in late August.

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