Alex Kane
Sporttrade Announces Strategic Investor to Enhance Sports Betting Markets
Sporttrade Inc., a Philadelphia-based sports betting operator, announced that it has added strategic investor SIG Sports Investments Corp. (collectively with its affiliated entities, SIGSports Analytics).
In addition to providing substantial growth capital to the business through two separate investments dating back to 2023, SIGSports Analytics is working to enhance Sporttrade’s key markets by providing additional liquidity and improved pricing to high volume markets across a variety of sports and contract types in the coming months. SIGSports Analytics plans to incrementally improve markets on Sporttrade later this year with a long-term focus on creating a highly liquid sports betting platform emphasizing best-in-class pricing.
Funding is being used for customer acquisition, expansion into additional states, and continued investment into the platform and underlying technology.
“Today’s announcement represents an impactful milestone for Sporttrade. SIGSports Analytics shares the same vision for the regulated sports betting opportunity in the US; to create a highly differentiated player experience powered by stellar liquidity,” said Alex Kane, Founder and CEO of Sporttrade.
Sporttrade is currently offering its premium sports betting product in Arizona, Colorado, Iowa, and New Jersey and has been approved to launch in Virginia. The company is hopeful Virginia players will have access by late October. Sporttrade is focused on continued state expansion over the months and years to come.
Joe Grubb, Vice President of SIGSports Analytics, said: “With the US sports betting industry still in its early stages, we believe there is an underserved portion of US consumers hungry for a sports betting platform that prioritizes cutting edge pricing and offers liquidity unmatched by the current regulated market. We have been impressed with what Alex and the entire Sporttrade team have built thus far and look forward to beginning to address these industry wide challenges alongside Sporttrade.”
Sporttrade announced the Sporttrade iOS App is now live in its fifth state: Virginia. Sporttrade will offer the only differentiated experience to players in the Old Dominion.
“We are incredibly proud to keep the Fall 2024 momentum going with our launch in the Commonwealth. There is an appetite for premium betting in Virginia, for significantly better prices at higher limits, for instant in-play betting, and a mobile experience that’s sleek and intuitive,” said Alex Kane, Founder and CEO of Sporttrade.
“Sporttrade is becoming the home of in-game betting, where players are able to place and cash out of bets, frictionlessly, as the probabilities shift. Thank you to the Virginia Lottery, thank you to our players, partners, and investors, and most of all, I want to thank the Sporttrade family of employees,” said Kane.
Sporttrade, a Philadelphia-based sports betting operator, along with strategic partner Quechan Tribe of the Ft. Yuma Indian Reservation, California & Arizona, announced the Sporttrade App is now live in its fourth state: Arizona. Sporttrade will offer the only differentiated experience to players in the State.
“Today we’re incredibly proud to announce we’ve launched in Arizona. There is impressive demand for our offering in Arizona because players want a premium option,” said Alex Kane, Founder and CEO of Sporttrade.
“Sporttrade is a perfect option for players looking to try the future of in-game wagering; incredible prices, near-instant bet acceptance, and the option to view prices in an intuitive probability-based odds format. Thank you to the Arizona Department of Gaming, thank you to our players, partners, and investors, and most of all, I want to thank the Sporttrade family of employees,” said Kane.
“The Quechan Tribe is excited to partner with Sporttrade and their innovations in the sports betting marketplace. Quechan’s statewide mobile sports betting partnership with Sporttrade introduces an exciting new platform of wagering and will provide new and expanded gaming opportunities throughout Arizona and which will provide economic benefits for our tribe,” said Quechan President Jordan Joaquin.
Sporttrade, a Philadelphia-based sports betting technology company, has officially launched its sports betting exchange in New Jersey. This positions Sporttrade as the first and only dynamic sports trading marketplace in the US. Eligible customers can use Sporttrade to trade in and out of positions on sports outcomes much like they would trade stocks, options, or cryptocurrencies.
Sporttrade, founded in 2018 to elevate the sports betting industry, is an institutional-grade sports betting exchange akin to today’s largest stock exchanges. The platform utilizes proven capital markets technology and infrastructure to enable users to realize profits or trim losses based on changes in the implied probability of an event to occur at any time.
“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 legalized sports betting in 2018 and 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,” Alex Kane, Founder and CEO of Sporttrade, said.
Sporttrade’s unique capital markets-like approach is centered around its use of market makers to provide liquidity to the exchange. Sporttrade’s market makers provide tight, liquid, and dynamic markets so that customers can trade frictionlessly both before and during games. Sporttrade also offers unique order types like limit orders which allow customers to buy or sell outcomes at customized prices. Sporttrade is set to become the only venue in New Jersey that allows customers to truly trade sports.
“We set out to create a better and more modern sports betting platform tapping into Americans’ 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,” Alex Kane added.
Sporttrade will initially offer trading on Win/Loss outcomes, Spreads and Under/Overs for NFL, MLB, NBA, NHL, WNBA, Golf, and College Football and Basketball. Sporttrade is additionally working toward launching in Colorado with GF Gaming and its local affiliate Easy Street Casino in 2023 with other states including Indiana, Louisiana, and more to follow.
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