Sporttrade, the self-proclaimed first regulated sports betting exchange in the US, has gained access to the Colorado sports betting market through a deal. The Philadelphia-based fintech announced the market access deal through a news release on Wednesday and plans to launch its app the next year.
According to the release, Sporttrade has acquired Momentum Sports and Entertainment, a Denver-based sports betting company.
Momentum Sports holds a mobile sports betting license via a market access deal with GF Gaming and its local partner Easy Street Casino.
Sporttrade to Launch in Colorado by 2022
Sporttrade said Coloradans will be able to have a dynamic sports trading experience via the Sporttrade iOS when it launches in the first half of 2022.
Alex Kane, founder, and CEO of Sporttrade said the fintech is pleased to announce launch plans in the Centennial State, which is an early believer in the growth and potential of regulated sports betting.
Kane added that Sporttrade’s team looks forward to expanding its presence across the nation while continuing to refine its sports betting exchange to offer Sporttrade’s consumers a secure, transparent, and technologically updated platform from which to wager.
Momentum Sports ‘Falls For’ A Unique Spots Betting Model
Dan Kelliher, the founder of Momentum Sports, said in a release his company was formed to generate community-oriented economic growth.
Hailing Sporttrade’s unique model, Kelliher said the fintech is the only sports betting platform that offers a real capital market experience to their consumers. He said Momentum Sports is proud to transition its gaming license to Sporttrade to serve Centennial State’s swelling sports betting community and to continue to evolve the industry.
Sporttrade’s expansion into Colorado sports betting comes roughly six weeks after the firm announced $36 million in funding, which included proceeds from the coalition of investors including Jump Capital, Hudson River Trading, Impression Ventures, Tower Research Ventures, Tom Wittman, former CEO of the Nasdaq Stock Exchange, and Jim Murren, former CEO of MGM Resorts International.
However, the terms of the transaction were not revealed.
‘First Betting Exchange in the US’
Sporttrade had announced last August it had acquired market access in New Jersey through a partnership with Bally’s Corporation – then Twin River Worldwide Holdings. At the time, fintech said that as the first regulated betting exchange in the US, Sporttrade would bring exchange betting to New Jersey sports betting.
Sporttrade’s sports betting offering follows the basic principles of a stock market. A sports betting exchange allows trading on the outcome of events and differs from traditional sports betting operators because players can place bets against each other, rather than the book.
A consumer can “back” a specific outcome, like a win, or “lay” against it. It’s likely that a player gets more competitive odds via an exchange such as Sporttrade.
Founded in 2018, Sporttrade’s Colorado sports Betting license will now be held by Easy Street Casino.
Roger Brown, General Manager & Director of Gaming Operations at GF Gaming, said Easy Street Casino is excited to partner with the Sporttrade team. “Together, we will pave the way for eager fans in the Centennial State to participate in a new and thrilling way to wager online.