Sports betting operator Sporttrade has signed up SIGSports as a new strategic investor as it looks to improve and bolster its offerings, as well as expand its U.S. presence by entering more states.
Sporttrade said in a release that as well as providing substantial growth capital through two separate investments, SIGSports Analytics is working to enhance the operator’s key markets by providing additional liquidity and improved pricing to high-volume markets in the coming months.
SIGSports plans to incrementally improve markets on Sporttrade later this year with a long-term focus on creating a highly liquid sports betting platform that emphasizes best-in-class pricing. The investment will be used to fund customer acquisition, expansion into additional U.S. states and continued investment into Sporttrade’s platform and technology.
“Today’s announcement represents an impactful milestone for Sporttrade,” said Alex Kane, Sporttrade’s founder and CEO. “SIGSports Analytics shares the same vision for the regulated sports betting opportunity in the US; to create a highly differentiated player experience powered by stellar liquidity.”
Sporttrade differs from typical sportsbooks by operating as a sports betting exchange wherein bettors place wagers against one another rather than against the sportsbook as the house. Users can also buy and sell in real-time. Sporttrade earns a commission on each transaction.
“With the U.S. sports betting industry still in its early stages, we believe there is an underserved portion of U.S. consumers hungry for a sports betting platform that prioritizes cutting edge pricing and offers liquidity unmatched by the current regulated market,” added Joe Grubb, VP of SIGSports Analytics.
“We have been impressed with what Alex and the entire Sporttrade team have built thus far and look forward to beginning to address these industry wide challenges alongside Sporttrade.”
Sporttrade continues to spread across US, more states in the works
Phaildelphia-headquartered Sporttrade began life in New Jersey in 2022 and has since expanded to offers sports betting in Colorado, Iowa and Arizona.
It officially went live in the latter of those states on Sept. 26. Sporttrade had secured Arizona market access in August when it was approved to operate in the state by the Arizona Department of Gaming (ADoG). Itis partnered with the Quechan Indian tribe of the Fort Yuma Indian Reservation and has taken over the license previously held by Unibet, which exited the U.S. market in June.
Sporttrade has also been approved to launch in Virginia, where it jhopes to launch by late October. More markets will follow, promised Kane.
