New Jersey continues to be a launchpad for innovation in the US sports betting industry. Not long after Prophet Exchange debuted in the Garden State, a second unconventional sportsbook, Sporttrade, launched.
Sporttrade brings a financial trading spin to sports betting
Sporttrade is an online sportsbook that takes the idea of betting on sports and gives it a financial spin. Similar to apps like Robin Hood, bettors can invest in games or wagers by buying shares of the action. As the event proceeds, bettors can quickly and easily buy additional shares at an updated price or they can sell off shares before the sporting event concludes.
“We are thrilled to be live in the state of New Jersey with the first sports trading platform,” said Sporttrade founder and CEO Alex Kane said in a release. “New Jersey was the first state to launch legalized sports betting in 2018 and we are proud to be the first operator to launch a unique and differentiated product designed for sports betting and trading enthusiasts seeking a better customer experience.”
Sporttrade vs. Prophet Exchange
Sporttrade differs from Prophet Exchange in many ways, but the one element the two share in common is a peer-to-peer approach to sports betting. With no betting against the house, the vig on these platforms is lower than competitors, making it an enticing app for bettors keen on getting the best price possible.
The two apps also enable bettors to do something with their bet after it is placed. While traditional sportsbooks do offer cash-out betting, these prices often pale in comparison to the fair market value of the wager. Sporttrade hopes this desire to buy and sell posted bets will cater to a whole new audience of bettors.
“We set out to create a better and more modern sports betting platform tapping into Americans’ passion for trading. What we’ve launched is the only differentiated sports betting platform in the US, but we believe we are defining a whole new category of sports wagering – trading sports,” Kane added.
Markets include games, spreads, and totals
Sporttrade operates on Bally’s Atlantic City’s sports betting license and is a fully regulated venture just like any other sportsbook within the state. The company also has strategic partnerships in place to enter both Indiana and Louisiana, Initial markets on the app include game outcomes, spreads, and totals for the following sports leagues: