Sporttrade launches first US regulated sports betting exchange

Sporttrade has launched its sports betting exchange in New Jersey and claims its the first one of its kind in the market.

Users can trade in and out of positions on sports outcomes, much like one would trade stocks, options or cryptocurrencies.

Sporttrade was founded in 2018 and is designed to mirror a normal stock exchange, with sports betting being at the heart of what they do.

The exchange will initially offer trading on win/loss outcomes, spread bets and unders/overs on NFL, NHL, MLB, WNBA, golf, college football, and basketball matches.

The platform has plans to launch in Colorado with GF Gaming and local affiliate Easy Street Casino in 2023. The firm also hopes it will go live in other states such as Indiana and Louisana as well.

Alex Kane, founder and CEO of Sporttrade, 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.”

On what he hopes the platform can achieve, Kane commented: “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.”

Kane spoke to EGR about how the firm looks to shake up the sports betting market.