A legal sports betting technology company has launched operations in Canada’s most populous province.
STX — a company that offers real-time trading markets — has gone live in Ontario, becoming the province’s first sports betting exchange. Ontario authorized iGaming, retail wagering, and online betting sites in April 2022. Earlier this year, STX was awarded gaming licenses from the Alcohol and Gaming Commission of Ontario. The province marks the first jurisdiction where STX can offer its product.
Congratulations ???? to @stx_app for joining the Ontario market as the first betting exchange platform in the legal and regulated market! @stx_app offers its customers a unique sports betting experience.
— iGaming Ontario (@iGamingOntario) July 26, 2023
To learn more visit URL: https://t.co/hNQxFHmGsb#PlayWithConfidence pic.twitter.com/hE2IyndZXu
STX differs from traditional sportsbooks as the exchange allows users to determine the odds of a betting market. Through the STX app, users can then complete trades of the betting markets once both buyer and seller agree on their pricing. The exchange has launched operations in partnership with the U.S. Integrity monitory service to ensure user fairness and equal opportunity. STX allows its users to make transactions 24 hours a day and seven days a week.
It is also planning to launch an all-in-one sportsbook betting exchange outside of Ontario.
New opportunity
The launch of STX in Ontario is the result of betting exchanges emerging as promising businesses in a competitive sports betting market.
In April, Prophet Exchange raised more than $10 million in funding. The first licensed peer-to-peer sports betting exchange in the U.S. will use the capital to expand its reach.
Prophet Exchange has only secured market access in New Jersey and the United Kingdom.
Illinois could also become a new market for betting exchanges. In January, lawmakers introduced House Bill 1405, which proposes to amend the state’s wagering act to authorize “exchange trade wagering.”
If passed, HB 1405 would allow the Illinois Gaming Board to award licenses to two betting exchanges.
