Philadelphia-based sports betting platform Sporttrade is now live in five states after launching in Virginia this week. While the Sporttrade app is currently limited to iOS users in the state, the company revealed its plans to launch an Android version later in the year. The company gained licensing approval from the Virginia Lottery in September.
“We are incredibly proud to keep the Fall 2024 momentum going with our launch in the Commonwealth,” said Alex Kane, founder and CEO of Sporttrade. “There is an appetite for premium betting in Virginia, for significantly better prices at higher limits, for instant in-play betting, and a mobile experience that’s sleek and intuitive.
“Sporttrade is becoming the home of in-game betting, where players are able to place and cash out of bets, frictionlessly, as the probabilities shift,” added Kane. “Thank you to the Virginia Lottery, thank you to our players, partners, and investors, and most of all, I want to thank the Sporttrade family of employees.”
Sporttrade recently got a new investor
Sporttrade’s Virginia launch comes just a few weeks after the company announced the addition of SIG Sports Investments Corp. (SIGSports Analytics) as a strategic investor. At the time, the company said the funding would be dedicated to expansion into new states and investments in Sporttrade’s platform and technology.
"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,” said Kane earlier this month.
"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,” added 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."
Other notable Sporttrade investors include Nasdaq, TechStars, Tower Research Ventures, Jump Capital, HRT Ventures, Impression Ventures, and Comcast NBCUniversal LIFT Labs.
About Sporttrade
Sporttrade was founded in 2018 to “elevate the sports betting industry” with its proprietary technology and market expertise, led by a team from sports betting and capital markets backgrounds. Unlike traditional U.S. sportsbooks, Sporttrade users compete against one another rather than odds set by the house.
Sporttrade made its U.S. debut in New Jersey in September 2022. The platform is also live and available in Colorado, Iowa, and Arizona, where it launched most recently in September 2024. In fact, N.J. was the only state where the platform was available for almost a year. Sporttrade launched in Colorado in August 2023 and Iowa this May.
The Sporttrade app has a 4.6/5 star rating on the Apple App Store, where it is available in all five operating states. Players must be at least 21 years old. The Google Play app is limited to New Jersey and Arizona.
