Sports betting exchange Sporttrade has many things working in its favor but historically it has not been a site for high rollers seeking to place big wagers. The upstart company aims to change that with its new LiquiBoost concept.
“Historically, people could claim that while exchanges always offer better prices, the size available can be larger at a sportsbook,” Sporttrade CEO and Founder Alex Kane explained to SBC Americas.
LiquiBoost allows New Jersey bettors interested in obtaining substantial shares in a particular bet can text Sporttrade and request to buy a larger number of shares (at least 200). Unlike traditional sportsbooks, Sporttrade offers shares at a given price in a market rather than traditional wagers.
Within five minutes, Sporttrade will respond to the bettor and, if the wager is available, they will communicate a price and open up the shares. From there, bettors can decide if they will or won’t take the bet. If they do, any wagers placed over 200 shares will be offered with the commission returned to the bettor as a cash-back bonus, essentially making the bet commission-free. The exception is if there were already 200 shares available of a market before the LiquiBoost request came in.
The commission-free promo will continue until 5,000 shares have been traded via LiquiBoost or until the end of the year, whichever comes first.
Kane noted that, in the first week of launch, Sporttrade customers had already placed over $400,000 in wagers using Liquiboost. The app also generated 62,000 shares traded and $2.9 million in handle during that week.
Over time, we expect to be the premier venue for VIP players as we can give them the best prices in the US,” Kane predicted. “It will take time, but as you can see, people love big bets.”