A legal sports betting exchange is launching operations in a new market.
Sporttrade a Philadelphia-based sports betting company — has officially launched in Colorado, marking the second jurisdiction the company has gained market access in the United States. Sporttrade, which partnered with casino owner GF Gaming for its launch of sports betting in Colorado, has also been awarded sports wagering and exchange licenses in New Jersey.
"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," said general manager of GF Gaming Roger Brown in a statement. "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."
Mile High presence
Sporttrade’s launch in Colorado follows the approval of its business operations by the Colorado Limited Gaming Control Commission earlier this month. The company, which enters a competitive sports betting market in the Centennial State, was issued a "First Temporary Sports Betting Internet Operator license" by the CLGCC. Sporttrade will have to compete with major online betting sites in Colorado, which include BetMGM, DraftKings, and FanDuel.
The company will operate in Colorado as a sportsbook despite being licensed in New Jersey as a sports betting exchange. As an exchange in New Jersey, Sporttrade allows users to bet directly against one another or the market rather than a sports betting operator. However, in Colorado, peer-to-peer exchange wagering has not received proper government approval.
Sporttrade is still poised to drive profits despite not being authorized as a sports betting exchange. Since 2020, Colorado has seen its total sports betting handle surpass $12 billion. In June 2023, the state’s sportsbooks accepted $310.6 million in wagers.
Sporttrade is also exploring additional markets, as the company is currently eyeing expansion in Indiana and Louisiana.
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