Sporttrade, the most dynamic platform for sports traders in the US and the pioneer regulated exchange for sports betting in the country, has signed two new strategic partnerships with Caesars Entertainment and Penn National Gaming. According to the new deals, two new states, Louisiana and Indiana, will join Sporttrade’s current list of US states where the company is operating.
Indiana and Louisiana Bettors to Access Sporttrade’s Exchange Starting 2023
Sporttrade has big plans to launch its exchange platform in New Jersey at midyear, followed by a Colorado launch according to the terms of the company’s previous partnerships with these states. Once Sporttrade receives all the necessary approvals from gaming regulators in Louisiana and Indiana, sometime in 2023, the platform is expected to go live for the people in the Bayout and Hoosier States. Sports betting aficionados in these two states will be allowed to trade sports bets similarly to trading regular stocks on a stock exchange.
Both Indiana and Louisiana give Sporttrade the solid opportunity to seize even more market share in the US. The company’s chief executive officer Alex Kane expressed the company’s excitement to be joined by “two of the most recognized gaming leaders” that would carry their platform to the people of Indiana and Louisiana.
The company that was inspired by global financial markets will bring liquidity, price transparency, and lower transaction costs to the sports betting industry in these states. Caesars and Penn National fully trust the company’s mission of taking sports betting higher and transforming it into something that resembles capital markets more than anything. The partnerships are expected to draw large numbers of traditional bettors on sports, while harnessing the spectacular growth of cryptocurrency traders and retail stock trading as well.
How Sporttrade’s Exchange Platform Works
While exchange sports betting is no longer a novelty for Europeans who have been enjoying it for the past 20 years, the topic is still rather fresh in North America. Sporttrade will give American bettors the chance to test the waters. The platform that was launched last May works by matching buyers and sellers of certain stocks.
The company will list the outcomes of sports events and match sellers and buyers on the respective outcomes. A specific contract will settle at 100 provided the outcome of the event or game will occur. The contract will be settled at zero provided the outcome does not happen. The platform will feature options such as in-play trading and always-on for trade bettors. Last June, Sporttrade announced it had raised $36 million that will be used to boost the operations of sports betting exchanges in the US.
The liquidity for this sports betting exchange that uses sports as an asset class will be provided by market makers, similar to stock exchanges. Bettors that will use Sporttrade’s exchange platform will benefit from the same level of consumer protection and efficiency that regular customers on capital markets enjoy.
The collapse of some sports indexes in the US is taken into consideration in the context of the two new partnerships with Louisiana’s Penn National Gaming and Indiana’s Caesars Entertainment, by looking at the way UK’s soccer index dropped as a result of similar advertising announcements.