Sporttrade, a Philadelphia-based sports betting technology company, has become a member of the International Betting Integrity Association (IBIA). Sporttrade is the first and only sports trading marketplace in the United States. Eligible customers in New Jersey can use Sporttrade to trade in and out of positions on sports outcomes much like they would trade stocks, options or cryptocurrencies. Its decision to join IBIA sees Sporttrade join many of the leading regulated sports betting operators in the world, with IBIA’s members accounting for over $137bn (€115bn) in global betting handle per annum and nearly 50% of all regulated commercial online betting activity.

“We are proud to be an IBIA member as it cements our mission of elevating the sports betting industry”, said Alex Kane, Founder and CEO of Sporttrade. “We are committed to advancing fair, transparent, and efficient open sports betting markets. Our membership in the IBIA and our utilization of industry-leading technology, like Nasdaq’s market surveillance, is critical to achieving that promise.”

Khalid Ali, CEO of IBIA, said: “IBIA is delighted to welcome another North American operator into our association. Sporttrade extends IBIA’s integrity coverage of the U.S. licensed market, with the association’s members already accounting for around 70% of all regulated online revenue. The inclusion of new entries into the U.S. sports betting landscape, such as Sporttrade, marries well with our existing membership, providing a diverse and wide-ranging integrity protection of the burgeoning U.S. sports betting marketplace.”

The International Betting Integrity Association is the leading global voice on integrity for the licensed betting industry. It is run by operators for operators, protecting its members from corruption through collective action. Its monitoring and alert platform is a highly effective anti-corruption tool that detects and reports suspicious activity on its members’ betting markets. The association has longstanding information-sharing partnerships with leading sports and gambling regulators to utilise its data and prosecute corruption. It represents the sector at high-level policy discussion forums such as the IOC, UN, Council of Europe, and European Commission.

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Sporttrade has announced strategic partnerships with Penn National Gaming Inc. in Louisiana and Caesars Entertainment Inc. in Indiana, pending regulatory approval.

The agreements follow Sporttrade’s recent expansion efforts into both New Jersey and Colorado. Following regulatory approval, Sporttrade’s differentiated sports betting exchange platform will be accessible to eligible participants within the specified states starting in 2023.

“We are incredibly humbled to be partnering with two of the most recognized Gaming leaders to bring our differentiated sports trading platform to customers in Louisiana and Indiana. Penn National and Caesars Entertainment believe in our vision of elevating the sports betting industry and see the opportunity to make sports betting more akin to capital markets and tap into growth of retail stock and crypto traders, as well as attracting traditional sports bettors,” Alex Kane, CEO of Sporttrade, said.

Both states represent a strong opportunity for Sporttrade to capture market share. Louisiana has generated over $67 million in total handle thus far and is projected to draw more than $2.5 billion in annual wagering once the market matures. Indiana first launched regulated sports betting in September 2019 and has been on the upclimb every year since, producing a total handle of over $6.5 billion to date.

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Sporttrade is expected to launch in New Jersey in mid-2022, with additional states, including Colorado following closely.

Xpoint, the leading geolocation and compliance technology company specializing in U.S. sports betting and iGaming markets, has announced a partnership with Sporttrade, America’s most dynamic sports trading platform.

The partnership will see Xpoint’s geolocation technology embedded within all Sporttrade digital platforms, ensuring all transactions made by Sporttrade customers adhere strictly to state and federal regulations. Xpoint will also be working with Sporttrade to utilize customer data generated by the innovative Xpoint platform to drive improved customer engagement and enhanced user experiences for Sporttrade customers.

“We are thrilled to be partnered with another firm challenging incumbents in the sports gaming space,” said Alex Kane, Founder and CEO of Sporttrade. “As a startup, Xpoint has been truly focused on partnering with Sporttrade for the long-term success of our business by strategically aligning themselves with us.”

“I am delighted to be announcing such a good partnership, with a dynamic, innovative brand,” added Marvin Sanderson, CEO and co-founder of Xpoint. “Our technology will not only ensure that Sporttrade will comply with state regulations in all states within which they are active, but also will be embedded with Sporttrade’s consumer engagement activities, working in true partnership to unlock the added value Xpoint’s business platforms can generate through strategic use of customer information.”

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Xpoint, founded in 2019, brings innovative, partner-focused solutions to the established geo-compliance marketplace, facilitating safe and compliant betting and gaming for its partners, as well as providing enhanced marketing benefits for its partners that can be used across multiple business functions.