Tradesports is planning to return to the US market.
Sports betting exchange Tradesports has announced that it will be returning to the US market on Sunday 8 December.
Initially, Tradesports will launch with a free-to-play beta offering before launching real money contests in 2020. Once the exchange relaunches, players will be able to trade shares based on the likelihood of a certain outcome happening during a sporting event.
Tradesports’ initial beta offering will see the exchange distribute weekly cash prizes. Each player’s virtual currency bankroll will reset at $5,000 for the next week’s contest, and players will have another opportunity to win a cash prize.
The beta tournament will not be available to Washington State residents due to the state’s laws around social gaming. When the operator launches its real-money exchange in 2020, pools will be separated by state due to provisions set out in the Wire Act and the nature of US gambling law.
What is Tradesports?
Tradesports is a betting exchange where players can trade real money shares based on the outcome of a sporting event. The exchange was founded by Ron Bernstein, a former commodities trader who launched Tradesports in 2003 out of Ireland.
The operator closed down in 2008 but relaunched in 2014 as a fantasy exchange product. Under the 2006 Unlawful Internet Gambling Act Tradesports fantasy offering was legal in the US. The operator closed again in November 2015.
Exchanges in the US
Betting exchanges allow for peer-to-peer betting, where users can set their own prices and bet against each other. Exchanges such as Betfair have proven to be very popular in the European gambling market, but currently, none operate in the US market.
Currently, 19 states have legalized sports wagering, 13 of which currently have their betting industries up an and running. As more states legalize and launch sports betting, exchange betting could prove to be a new and exciting opportunity for experienced bettors looking to try something new.