Sports betting exchange Sporttrade has announced two strategic partnerships to enter into the Louisiana and Indiana markets.
Pending regulatory approval, the Philadelphia-based firm has sealed deals with Penn National Gaming in Louisiana, and Caesars Entertainment in Indiana.
Once approved, Sporttrade’s differentiated sports betting exchange platform will be accessible to eligible participants in each state starting in 2023.
Sporttrade CEO, Alex Kane, commented: “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.
“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’s goal is to improve the sports betting industry by introducing the first institutional grade US-based sports betting exchange.
The firm aims to offer a fair and transparent environment using capital markets technology and processes, as well as the ability to trade sporting events the same way one would trade stocks.
Sporttrade’s Louisiana and Indiana agreements follow its recent expansion plan into New Jersey and Colorado. It is expected to launch in New Jersey in mid-2022, followed by Colorado and additional states.