Philadelphia-based technology company Sporttrade has launched a sports betting exchange in New Jersey.
According to Sporttrade, its new New Jersey trading platform is the first sports betting exchange in the US.
Customers of Sporttrade can trade in and out of positions on sports outcomes, much like one would trade stocks, options and cryptocurrencies.
Founded in 2018, Sporttrade is designed to mirror a stock exchange, with sports betting the sole focus of the business.
A handful of well-known sports betting exchanges exist globally, including that of Smarkets and the better-known Betfair brand.
Founder and CEO of Sporttrade Alex Kane said: “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 legalised sports betting in 2018. 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.”
Kane added: “We set out to create a better and more modern sports betting platform tapping into America’s 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.”
Sporttrade will initially offer trading on win/loss outcomes, spreads and unders/overs for NFL, MLB, NHL, WNBA, golf, college football and basketball matches.
The trading platform has plans to launch in Colorado with GF Gaming and local affiliate Easy Street Casino in 2023. It also hopes to run in other states such as Indiana and Louisiana.
