Sporttrade, a Philadelphia-based fintech and sports betting company that allows users to wager on sports as if they are stocks, has today announced the acquisition of the Denver-based sportsbook, Momentum Sports and Entertainment. The agreement will see Sporttrade begin operations in Colorado by early 2022.
Momentum Sports and Entertainment owns and operates an Internet Sports Betting Operator License through a market access agreement with GF Gaming and its local affiliate Easy Street Casino. Thus, this acquisition will see Easy Street Casino hold Sporttrade’s Colorado betting license.
"Momentum Sports was founded to generate community-focused economic growth,” Dan Kelliher, founder of Momentum Sports, said.
“With Sporttrade's unique sports betting model, they are the only sports betting platform that provides a true capital market experience to their customers and we are proud to transition our gaming license to Sporttrade to serve Colorado's growing sports betting community and to continue to evolve the industry."
This deal will allow Sporttrade to enter the Colorado sports betting market via its IOS app, launching in early 2022. Founded in 2018, the company states that its goal is to elevate the sports betting industry by utilizing proven exchange technology and processes to enhance and democratize the traditional betting experience. In practice, this allows users to trade sporting events in a similar way to which they would trade stocks.
"We are pleased to announce launch plans in Colorado, a state that has been an early believer in the growth and potential of legalized sports betting with thriving fan bases across multiple professional and college sports teams," said Alex Kane, founder and CEO of Sporttrade.
"Our team looks forward to expanding our presence across the U.S., while continuing to refine our sports betting exchange to provide Sporttrade's passionate user base with a secure, transparent and technologically advanced platform from which to wager."
