Betting exchange start-up secures New Jersey access
Sporttrade partners with Twin River to launch financial-style betting exchange app in the Garden State
Start-up Sporttrade has secured a market-access deal with Twin River to launch New Jersey’s first sports betting exchange.
The firm has been operating in beta mode for a year or so, having worked closely with professional bettors to perfect the project ahead of its launch.
It had planned to roll out the product in New Jersey last year, CEO Alex Kane previously told EGR NA.
The product applies capital-markets technology and market structure to sports betting, as many US bettors are accustomed to the financial trading model.
The license depends on Twin River’s pending acquisition of Bally’s Atlantic City Hotel & Casino, as the operator will secure the rights to three betting skins in the Garden State.
One of these skins will also provide market-access to esports betting operator Esports Entertainment Group.
Kane said of the partnership: “We are thrilled to partner with Twin River as we prepare to introduce a truly differentiated product to the New Jersey market.
“Sporttrade will establish a first-of-its-kind sports betting venue that will be fair, liquid, and transparent, and we look forward to offering customers innovative betting products at significantly lower costs than traditional sportsbooks,” he added.
Sporttrade CEO Alex Kane
George Papanier, president and CEO of Twin River, said: “Sporttrade will be a great addition to our list of unique partnerships we are building in the Atlantic City market.
“They will bring a new, exciting online product offering for our guests and we look forward to having them join our Atlantic City team,” he said.
FanDuel has operated a Betfair horse betting exchange in New Jersey, but Sporttrade hopes to be the first peer-to-peer sports exchange to launch in the state.
Elsewhere, decentralized exchange ZenSports is in the process of securing a license to operate in Nevada.
You can read more about Sporttrade here.