Sporttrade gains Colorado market access through Momentum Sports acquisition
Start-up sports betting firm lands Denver-based operator as part of US expansion strategy
Sporttrade has acquired Momentum Sports and Entertainment Inc., a sports betting company headquartered in Denver.
Through the acquisition, Sporttrade will gain access to the Colorado market thanks to Momentum Sports’ existing operator license there.
Based in Philadelphia, Sporttrade is a fintech startup striving to reimagine sports betting through an exchange-based model.
Its 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.
Sporttrade previously secured market access in New Jersey through Bally’s AC, while Momentum Sports is licensed in Colorado through a market-access agreement with GF Gaming and its local affiliate Easy Street Casino.
“With Sporttrade’s unique sports betting model, they are the only sports betting platform that provides a true capital market experience to their customers,” said Momentum Sports founder Dan Kelliher.
“And we are proud to transition our gaming license to Sporttrade to serve Colorado’s growing sports betting community and to continue to evolve the industry.”
“We are pleased to announce launch plans in Colorado, a state that has been an early believer in the growth and potential of legalized sports betting with thriving fan bases across multiple professional and college sports teams,” added Sporttrade founder and CEO Alex Kane.
Founded in 2018, Sporttrade plans to launch its iOS app – with features such as ‘always-on’ in-play trading, and the ability to trade in and out of bets at any point in a game – in the first half of 2022.
Its acquisition of Momentum Sports comes on the heels of a $36m capital raise in July, which included contributions from former MGM Resorts International CEO Jim Murren, and Tom Wittman, former CEO of the Nasdaq Stock Exchange.
“Our team looks forward to expanding our presence across the US, while continuing to refine our sports betting exchange to provide Sporttrade’s passionate user base with a secure, transparent, and technologically advanced platform from which to wager,” said Kane.