Sporttrade, a Philadelphia-based sports betting exchange, on Wednesday said it has formed strategic partnerships with Penn National Gaming in Louisiana and Caesars Entertainment in Indiana, pending regulatory approvals.
Company officials said the two new agreements follow Sporttrade’s recent expansion efforts into New Jersey and Colorado.
Sporttrade’s differentiated sports betting exchange platform is expected to launch in New Jersey in mid-2022, with Colorado and additional states to follow.
Alex Kane, CEO of Sporttrade, said the two new states represent a “strong opportunity” for the company to capture market share. He noted Louisiana has generated more than $67m in total handle since sports betting was legalized, and is projected to draw more than $2.5bn in annual wagering once the market matures.
Indiana first launched regulated sports betting in September 2019 and has been on the upclimb every year since, producing a total handle of more than $6.5bn to date, Kane said.
“We are incredibly humbled to be partnering with two of the most recognized gaming leaders to bring our differentiated sports trading platform to customers in Louisiana and Indiana,” Kane said in a statement. “Penn National and Caesars Entertainment believe in our vision of elevating the sports betting industry and see the opportunity to make sports betting more akin to capital markets and tap into growth of retail stock and crypto traders, as well as attracting traditional sports bettors.”
Established in 2018, Sporttrade says its mission is to elevate the sports betting industry by introducing the first institutional grade US based sports betting exchange. The company says it will use proven capital markets technology and processes to offer a fair and transparent environment and the ability for participants to trade sporting events the same way one would trade stocks.
