Philadelphia-based sports betting startup Sporttrade has set its sights on the New Jersey market with the announcement this week of a multi-year partnership with Twin River Worldwide Holdings Inc.
The partnership will lead to the launch of Sporttrade’s proprietary sports betting exchange product in the state of New Jersey, pending Twin River obtaining the necessary regulatory approvals to complete its acquisition of Bally’s Atlantic City Hotel & Casino in Atlantic City.
Upon completion of the acquisition, Twin River acquires the right to three online sports betting skins in New Jersey, leading to the creation of this partnership.
Alexander Kane, Founder and CEO of Sporttrade, commented: “We are thrilled to partner with Twin River as we prepare to introduce a truly differentiated product to the New Jersey market. “By applying capital markets technology and market structure to the US sports betting ecosystem, we are creating something revolutionary.
“Sporttrade will establish a first-of-its-kind sports betting venue that will be fair, liquid, and transparent, and we look forward to offering customers innovative betting products at significantly lower costs than traditional sportsbooks.”
George Papanier, President and CEO of Twin River Worldwide, stated: “Sporttrade will be a great addition to our list of unique partnerships we are building in the Atlantic City market. They will bring a new, exciting online product offering for our guests and we look forward to having them join our Atlantic City team.”