Sporttrade, a sports betting exchange where bettors trade wagers like stocks, has launched in Colorado. Colorado is Sporttrade’s second market after New Jersey.
“Today we’re privileged to introduce the Sporttrade experience in Colorado,” Alex Kane, Sporttrade Founder & CEO, said in a statement. “Our launch today proves that Sporttrade can operate in any jurisdiction with the same great features our customers have come to know us for: instant in-play betting, great prices, awesome liquidity, and the ability to always trade in and out of bets at fair value.”
Sporttrade is unique because it offers its bets at prices from $0 to $99. Winning bets pay out $100. Losing bets pay nothing. As prices fluctuate, bettors can sell their wagers when the price spikes in-game. Bettors can also take advantage of dips in prices and ride wagers to $100 per contract payouts.
Further, Sporttrade doesn’t build a vig into its prices. Instead, it charges a small commission fee on winning bets.
The exchange’s market access in Colorado comes through a deal with GF Gaming.
“Having seen what Sporttrade has already achieved with its innovative and successful launch in New Jersey, we firmly believe that the brand and platform make for an ideal partnership for us in Colorado,” said Roger Brown, General Manager of GF Gaming and Easy Street Casino. “Providing a better odds experience for the player is what GF Gaming has always been about, and Sporttrade brings that same priority to the sports betting market in Colorado.”
Sporttrade In-Game Betting
Sporttrade’s trading model prevents Sporttrade from experiencing the long delays that sports betting apps can have in writing live in-game bets. In-game odds at a traditional book may have a few seconds of delay, by which time the price may have changed substantially. Sporttrade’s instant in-game betting improves bettors’ abilities to wager at the price they choose.
Sporttrade has built itself around an improved in-game betting experience, a customer need that traditional sports betting apps have been trying to solve. Live in-game trading is one of the most popular ways to bet at sportsbooks. A VIP+/CRG Global Poll found that in-game wagers were the most popular bets to place after pregame straight bets (parlays were a close third).
Sporttrade’s live trading design is also an alternative to micro bets, or wagers on individual plays. Betr is attempting to build its business around micro-betting, as a complement to sports wagers on the whole game.
However, live in-game trades without delays are the smoothest solution to delays between bettors placing a bet and a sportsbook accepting that bet.
Sporttrade Colorado Launch and Betting Exchange Challenges
One of the challenges that any betting exchange must overcome is the Wire Act. This law, originally targeted against mob-run gambling operations, stipulates that gambling transactions cannot cross state lines.
For betting exchanges, that means that each state must be its own self-sustaining market. Every market must have enough users to buy and sell trades that customers want to make. That’s why Sporttrade markets its platform’s liquidity so enthusiastically.
Colorado’s launch will expand Sporttrade’s reach and marks the first phase of expansion from state to state.
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