Fintech sports betting company Sporttrade has announced the acquisition of Colorado-based sports betting company Momentum Sports and Entertainment Inc, allowing it to expand into the Centennial State.
Momentum Sports owns and operates an internet sports betting operator license through a market access agreement with GF Gaming and its local affiliate Easy Street Casino.
The transaction will allow qualified participants in Colorado to access a sports trading experience through the Sporttrade iOS app upon its launch in the first half of 2022. Sporttrade’s Colorado sports betting license will be held by Easy Street Casino.
Alex Kane, Founder and CEO of Sporttrade, commented: “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.
“Our team looks forward to expanding our presence across the US 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.”
Founded in 2018, Sporttrade’s open betting marketplace allows participants to trade sporting events the same way they trade stocks, with tighter spreads, more liquidity, and unique features like “always on” in-play trading, and the ability to trade in and out of bets at any time.
Dan Kelliher, Founder of Momentum Sports, said: “Momentum Sports was founded to generate community-focused economic growth.
“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.”
Roger Brown, General Manager & Director of Gaming Operations at GF Gaming, added: “Easy Street Casino is thrilled to partner with the Sporttrade team as they make their way into the growing Colorado sports betting market. Together, we will pave the way for eager sports fans in Colorado to participate in a new and exciting way to wager online.”
Sporttrade’s Colorado expansion follows its recent announcement of a $36m fundraise, which included proceeds from Jump Capital, Impression Ventures, Hudson River Trading, Tower Research Ventures, Jim Murren, former CEO of MGM Resorts International and Tom Wittman, former CEO of the Nasdaq Stock Exchange.