Sports betting exchange Sporttrade is now live in its second state after launching in Colorado.
The Philadelphia-based operator enters the Colorado market with strategic partner GF Gaming. The pair said Coloradans will benefit from Sporttrade’s unique structure within the sports betting market.
In particular, it highlighted its capital markets-like approach centred around its use of market makers to provide liquidity to the exchange. Low liquidity in ring-fenced US jurisdictions have been a long-standing problem for betting exchanges.
The Colorado launch comes after Sporttrade entered New Jersey as its first sports trading platform in September 2022.
“Today we’re privileged to introduce the Sporttrade experience in Colorado,” said Alex Kane, Sporttrade’s founder and chief executive.
“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.
“As our industry continues to shift focus towards differentiation and product, I’m proud to say that Sporttrade delivers the best in-play experience the world has ever seen.”
Sporttrade and CF Gaming believe the Centennial State offers growth opportunities having generated $12bn in handle since 2020. However, betting exchanges have struggled to flourish in the US since the market opened up in 2018.
Roger Brown, general manager of GF Gaming and Easy Street Casino, said: “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.
“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.”
In its most recent revenue report for June 2023, total Colorado sports betting handle declined for the third consecutive month. Colorado’s total betting handle stood at $310.7m, which was its first drop on a year-on-year basis.
Last year, Prophet Exchange became the first P2P sports betting exchange to go live in the US when it launched in New Jersey. Betfair previously operated a horse racing exchange in the country, but withdrew from the market. Political exchange PredictIt allowed for bets on non-sporting events, but it was closed down in early 2023.
This month, commission-free exchange Novig completed its pre-seed round, receiving money from a number of well-known tech investors.