Sports betting technology company Sporttrade announced Tuesday it has become a member of the International Betting Integrity Association (IBIA). The move sees the marketplace join a number of global operators at the IBIA, with the association’s members accounting for over $137 billion in global betting handle per annum and nearly 50% of all regulated commercial online betting activity.
The company describes itself as the first and only sports trading marketplace in the United States. Customers in New Jersey can use the platform to trade in and out of positions on sports outcomes much like they would trade stocks, options or cryptocurrencies, Sporttrade explains.
Alex Kane, Founder and CEO of Sporttrade, expressed he is “proud to be an IBIA member as it cements our mission of elevating the sports betting industry.”
“We are committed to advancing fair, transparent and efficient open sports betting markets. Our membership in the IBIA and our utilization of industry-leading technology, like Nasdaq’s market surveillance, is critical to achieving that promise,” Kane noted.
Khalid Ali
Khalid Ali, CEO of IBIA, also commented on Sporttrade’s membership and pointed out that it “extends IBIA’s integrity coverage of the US licensed market, with the association’s members already accounting for around 70% of all regulated online revenue.”
“The inclusion of new entries into the U.S. sports betting landscape, such as Sporttrade, marries well with our existing membership, providing a diverse and wide-ranging integrity protection of the burgeoning U.S. sports betting marketplace,” he added.
IBIA labels itself as run by operators for operators, protecting its members from corruption through collective action. Its monitoring and alert platform is “a highly effective anti-corruption tool that detects and reports suspicious activity on its members’ betting markets,” the association says.
Welcome @sporttrade_app! IBIA is delighted to welcome another North American operator into our association. Sporttrade extends IBIA’s integrity coverage of the U.S. licensed market, with the association’s members already accounting for around 70% of all regulated online revenue.
— International Betting Integrity Association (@IBIA_bet) October 4, 2022
The association has “long-standing information-sharing partnerships with leading sports and gambling regulators” to utilize data and prosecute corruption. It represents the sector at high-level policy discussion forums such as the IOC, UN, Council of Europe, and European Commission.
Back in July, IBIA released its Q2 report on suspicious betting, which saw the 88 total cases increase by 110% when compared to 42 cases in Q1. The alerts spanned 36 countries with Europe accounting for around half (52%) of all alerts reported, followed by Asia (20%) and North America (15%).
Ontario was the principal focus of regulatory interest during Q2, with the Canadian province having opened its online market to operators in April. IBIA has been accredited as an independent integrity monitor by the Alcohol & Gaming Commission of Ontario (AGCO) and represents the majority of the operators currently offering sports betting there.
