Philadelphia-based start-up Sporttrade announced a multi-year partnership with Twin River, potentially the first exchange of its type to reach New Jersey
A Philadelphia-based sports betting startup company – 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 from 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 differentiated product to the New Jersey market”,
“By applying capital markets technology and market structure to the US sports betting ecosystem, we are 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 significantly lower costs than traditional sportsbooks.” Kane added.
Twin River Worldwide Holdings CEO, George Papanier said Sporttrade’s betting exchange would be “a new, exciting online product offering for our guests” and the company itself was “a great addition to our list of unique partnerships we are building in the Atlantic City market.”
New Jersey sportsbooks saw a better July handle this year than they did in July 2019. It was up 25.4% year over year.
What is Exchange Betting?
Exchange Betting - are very popular in Europe with companies like Betfair and Smarkets - allows bettors to trade the outcome of events and differs from a traditional sportsbook because bettors can wager against each other, rather than against the sportsbook.
The bettor can either “back” that an outcome will occur, like a win, or “lay” against it, meaning the outcome won’t 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 significantly lower costs than traditional sportsbooks," Kane said.
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