Sporttrade: Un paso más a convertirse en el primer intercambio de apuestas deportivas de Estados Unidos

Philadelphia company Sporttrade announced a multi-year partnership with Twin River, possibly the first betting exchange of its kind to come to New Jersey

A Philadelphia-based sports betting startup, Sporttrade, has announced a licensing partnership with Twin River Worldwide Holdings, New Jersey and says the partnership will lead to the launch of Sporttrade’s sports betting exchange once Twin River completes its acquisition of Bally’s Atantic City Hotel & Casino from Caesars Entertainment as part of the Caesars-Eldorado merger. The sale is pending approval by New Jersey regulators.

Alexander Kane, founder and CEO of Sporttrade, said the company is “thrilled to partner with Twin River as we prepare to introduce a truly different product to the New Jersey market.”

“By applying capital markets technology and market structure to the U.S. sports betting ecosystem, we’re creating something revolutionary.”

“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 a significantly lower cost than traditional sports betting.” Kane added.

Twin River Worldwide Holdings CEO George Papanier said that Sporttrade’s betting exchange will be “a new and exciting offering of online products for our customers” and the company itself has been “a very good addition to our list of unique partnerships that we are building in the Atlantic City market”.

New Jersey sports betting has had a better July handle this year than it did in July 2019. It was 25.4% more than in the previous year.

What is Exchange Betting?

Exchange betting is very popular in Europe with companies such as Betfair and Smarkets. It allows bettors to negotiate the outcome of events and differs from traditional sports betting because players can bet against each other, rather than against the operator.

The player can either “back” what a win will be like or “bet” against, meaning that the outcome will not happen. Theoretically, the player can receive more competitive odds through an exchange.

“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 a significantly lower cost than traditional sportsbooks,” Kane said.

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