America’s first regulated sports betting exchange is one step closer to launching.
The Sports betting exchange startup Sporttrade has announced a licensing partnership with Twin River Worldwide Holdings in the state of New Jersey.
The startup sports betting exchange Sporttrade is currently developing what it claims will be the first regulated US sports betting exchange.
The access deal with Twin River
Under the licensing agreement, Twin River has granted Sporttrade the second of three online sports betting skins it is set to gain via its acquisition of Bally’s Atlantic City.
This means that Sporttrade will be able to launch its sports betting exchange in the Garden State once Twin River completes its acquisition of Bally’s.
Twin River agreed to acquire Bally’s from Caesars Entertainment and Vici Properties, which is a real estate investment trust spun off from Caesars, for a total sum of $25m. This deal is set to be finalised in the first quarter of 2021.
Alexander Kane, Founder and CEO of Sporttrade, said: “We are thrilled to partner with Twin River as we prepare to introduce a truly differentiated product to the New Jersey market.
“By applying capital markets technology and market structure to the US sports betting ecosystem, we are creating something revolutionary. Sporttrade will establish a first-of-its-kind sports betting venue that will be fair, liquid, and transparent, and we look forward to offering customers innovative betting products at significantly lower costs than traditional sportsbooks.”
George Papanier, President and CEO of Twin River, said: “Sporttrade will be a great addition to our list of unique partnerships we are building in the Atlantic City market. They will bring a new, exciting online product offering for our guests and we look forward to having them join our Atlantic City team.”
Another partner for Twin River
The deal with Sporttrade marks Twin River’s latest partnership in the US sports betting space as the casino operator has been expanding its partner base in recent weeks.
Earlier this month, Twin River partnered with PointsBet, the Australian sportsbook operator, to help launch its first online casino product in the state of New Jersey.
Twin River also awarded one of the skins it will gain through the Bally’s acquisition to Esports Entertainment Group, an esports betting operator.
After the acquisition of Bally’s is complete, Twin River will be able to sign up one more sports betting partner in New Jersey or launch its own platform.