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Sporttrade receives Colorado license

After receiving approval from Colorado, Sportrade is expanding its offering into a second state.

SymClub
Apr 8, 2024
2 min read
Newscasino
Sports trade logo. The betting exchange operator received approval to operate in Colorado..aussiedlerbote.de
Sports trade logo. The betting exchange operator received approval to operate in Colorado..aussiedlerbote.de

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Sporttrade receives Colorado license

Sports betting exchange operator Sporttrade last week received provisional approval from the Colorado Limited Gaming Control Commission (CLGCC) to become an internet sports betting operator. This paves the way for the company to offer exchange services in the state.

Like New Jersey, Colorado is where Philadelphia-based Sporttrade operates. The privately held company said it will announce details on a Colorado launch date in the coming weeks. Founded by Alex Kane in 2018, Sporttrade also has market access agreements in Indiana and Louisiana and hopes to launch in other states in the future.

Sporttrade utilizes proven exchange technology and processes and applies them to sports betting to improve and democratize the entire industry. ” the operator said. “Sporttrade allows participants to trade stocks and other sports events, significantly improving the customer experience by creating a fairer, more efficient and more engaging customer experience. "

The company's Colorado presence was aided in part by its 2021 acquisition of Momentum Sports and Entertainment Inc. Bally's is Sporttrade's gaming partner in New Jersey.

How Sporttrade stands out

New Jersey is one of the largest sports betting markets in the United States in terms of coverage, while Colorado is one of the fastest growing markets.

This means that Sporttrade has achieved two outstanding achievements by operating in these states. Still, sports betting in these jurisdictions is dominated by traditional sportsbooks like FanDuel, DraftKings and BetMGM, suggesting newcomers like Sporttrade will need to do something to differentiate themselves from established rivals.

Perhaps more than any other company in the regulated sports betting space, Sporttrade has proven its ability to stand out from the competition.

"Our platform is built like a financial exchange, allowing customers to trade sports scores by buying and selling contracts, just like stocks," the company writes on its website.

By using this method instead of traditional sports betting, Sporttrade allows users to buy and sell sports contracts, just like investors buy and sell stocks. This allows users to cut their losses and recover some money from lost bets, which is not possible with standard sports betting.

The bright future of stock market betting

Stock market betting is still in its infancy. But for operators like Sporttrade, the future could be bright given wider regulatory acceptance.

If adoption increases, more event-driven market participants, including some hedge funds, may be forced to use the Sporttrade platform.

As of today, the fledgling company has a partnership with Nasdaq and is backed by some high-profile investors, including former MGM Resorts International CEO Jim Mullen Murren). Other Sporttrade investors include Jump Capital, Delavan Lake Investments, Impression Ventures, Hudson River Trading and Tower Research Ventures.

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