Sporttrade has added SIG Sports Investments Corp. (SIGSports Analytics) as a strategic investor with the aim of improving liquidity and pricing across its expanding markets.
The funding from SIGSports will be used to drive customer acquisition, expand into new states, and invest further in Sporttrade’s platform and its technology. In the coming months, SIGSports Analytics plans to create a highly liquid sports betting platform that emphasizes best-in-class pricing.
Today we’re very proud to announce that we’ve added SIGSports as a strategic investor.
— Sporttrade (@sporttrade_app) October 4, 2024
Read more about it here!https://t.co/rbhArBHKSp
"Today's announcement represents an impactful milestone for Sporttrade," Alex Kane, founder and CEO of Sporttrade, said in a release. "SIGSports Analytics shares the same vision for the regulated sports betting opportunity in the U.S.; to create a highly differentiated player experience powered by stellar liquidity."
Sporttrade’s current operations
Headquartered in Philadelphia, Sporttrade currently operates in four states – New Jersey, Iowa, Colorado, and Arizona, where it launched just last week. Its first state launch was in New Jersey back in September 2022, where it debuted as the “first and only regulated sports trading platform.” The company has also recently gained approval to launch in Virginia and is hoping to be in operation by the end of October. Further state expansions can be expected this year, according to the Sporttrade website.
"With the U.S. sports betting industry still in its early stages, we believe there is an underserved portion of U.S. consumers hungry for a sports betting platform that prioritizes cutting edge pricing and offers liquidity unmatched by the current regulated market,” said Joe Grubb, VP of SIGSports Analytics. “We have been impressed with what Alex and the entire Sporttrade team have built thus far and look forward to beginning to address these industry wide challenges alongside Sporttrade."
How does Sporttrade differ from regular U.S. sportsbooks?
Unlike traditional U.S. sportsbooks like FanDuel, DraftKings, BetMGM, and Caesars, Sporttrade does not operate as the “house.” Instead, bettors place bets against one another, and Sporttrade earns a commission on each transaction. The platform works in a similar way to the stock market, in that the price of the bet fluctuates over time. Additionally, players can buy and sell in real-time to cut their losses or ensure they profit.
"Sporttrade isn’t just any old sportsbook. We’re on a relentless mission to transform the way players think about sports betting. Sportrrade will be attractive for sports bettors who want a premium betting experience; higher limits, better prices, and concierge care,” said Kane upon the Iowa launch.
The Sporttrade app is available on iOS devices across all four operating states. The Android app is limited to AZ and NJ.
Earlier this year, Sporttrade demonstrated its commitment to responsible gambling through a partnership with gambling addiction treatment company Birches Health. Players can access Birches Health resources via the account section of the Sporttrade app.
