Philadelphia-based sports betting exchange Sporttrade announced Wednesday a strategic partnership with Penn National Gaming in Louisiana and Caesars Entertainment in Indiana, pending regulatory approval.
These agreements follow Sporttrade’s recent expansion efforts into New Jersey and Colorado. After regulatory approval, the company’s sports betting exchange platform will be accessible to eligible participants within the specified states starting 2023.
Both states represent a strong opportunity for Sporttrade to capture market share. Louisiana has generated over $67 million in total handle thus far and is projected to draw more than $2.5 billion in annual wagering once the market matures. Indiana first launched regulated sports betting in September 2019, and has been on the upclimb every year since, producing a total handle of over $6.5 billion to date.
“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,” said Sporttrade Founder & CEO Alex Kane (@a_kane47). pic.twitter.com/CmDOYuLEQ3
— Sporttrade (@sporttrade_app) February 23, 2022
Sporttrade is expected to launch in New Jersey in mid-2022, with additional states including Colorado following closely.
In an official press release, Sporttrade CEO, Alex Kane, stated: “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.”
— Sporttrade (@sporttrade_app) February 23, 2022
Caesars has also recently granted market access to Louisiana to Fubo Gaming’s fuboTV, which came to be as part of an existing partnership between the two brands. This expansion also gave the company access to Mississippi and Missouri, providing statewide mobile access for sports betting in the three jurisdictions.
Among other companies that are also seeking to gain market access to the Indiana market, Maximbet has recently announced it is eyeing the possibility of not only entering the state but also Iowa, as well as Canada in 2022.
Back in September, Sporttrade inked a deal with Nasdaq to access it cloud-based software to oversee its sports betting platform, in an effort ot build a transparent and safe marketplace with robust surveillance processes. Nasdaq’s technology allows to monitor trading patterns and detect irregularities and unusual trading behavior. Through this deal, Sporttrade’s open trading marketplace allows participants to trade sporting events the same way they trade stocks.
