Sporttrade to use Nasdaq technology for integrity monitoring
Exchange-based sports betting startup to leverage SaaS-deployed market surveillance tech to protect users
Sporttrade will be leveraging Nasdaq technology for integrity-monitoring purposes when the exchange-based sports betting platform goes live later in 2021.
The SaaS-deployed market surveillance technology will allow Sporttrade to monitor trading patterns and protect users on its platform by identifying irregularities and unusual trading behavior.
A fintech startup based in Philadelphia, Sporttrade’s mission is to reimagine sports betting through an exchange-based model. With any new sports betting platform, however, come integrity concerns, something Sporttrade is striving to address through the use of Nasdaq’s end-to-end market technology.
“Adopting Nasdaq’s industry-leading market surveillance technology is essential in Sporttrade’s promise to our participants – to advance fair, transparent, and efficient open sports betting markets,” said Sporttrade founder and CEO Alex Kane.
The tech being deployed by Nasdaq powers more than 2,300 companies in 50 countries, including capital-markets infrastructure operators, market participants, banks, and regulators.
“Through this agreement, Sporttrade will apply exchange-grade technology in their efforts to uphold integrity in the rapidly evolving sports betting industry,” said Nasdaq head of market regulatory technology Tony Sio. “Our expertise in developing and delivering surveillance technology for exchanges, regulators, and new types of marketplaces outside of the traditional capital markets will support and advance Sporttrade’s efforts in building a fair, transparent, and safe marketplace with robust surveillance processes.”
Founded in 2018, Sporttrade’s goal is to create an open betting marketplace with tighter spreads and more liquidity that matches buyers and sellers, effectively mimicking a stock trading experience. Features such as ‘always-on’ in-play trading and the ability for users to trade in and out of bets at any point in a game will help create what Sporttrade foresees as an immersive and democratized betting experience.
Sporttrade plans to launch its native trading app in Q4 of 2021 in New Jersey, with additional states – the firm gained market access for Colorado in August – to follow in 2022 and beyond.