Sporttrade goes live in Virginia
Sporttrade went live in Virginia this morning, marking the fifth state in which it is available. The platform launched in Arizona in September and is also live in Colorado, Iowa and New Jersey. Its first launch was in New Jersey in 2022.
The platform is the 16th available to bettors in Virginia where digital sports betting went live in January 2021.
Headquartered in Philadelphia, Sporttrade refers to itself as a “differentiated experience”. The platform offers traditional sports betting and, in some states, exchange wagering. Where that model is available, bettors can buy and sell bets throughout a game, as a trader would when buying and selling stocks.
Founder Alex Kane has shepherded his company through myriad changes since the first launch in New Jersey. He ultimately opted to offer a more traditional experience in order to get into markets that don’t yet allow exchange wagering or that are not yet comfortable with the trading concept.
SIG Sports invested money, tech support
“Sporttrade is becoming the home of in-game betting, where players are able to place and cash out of bets, frictionlessly, as the probabilities change,” Kane said via press release. “We are incredibly proud to keep the Fall 2024 momentum going with our launch in the Commonwealth. 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 is sleek and intuitive.”
On 4 October Sporttrade announced a new partnership with strategic investor SIG Sports Investments Corp. The company made its second investment in Sporttrade and will work with the platform to “enhance Sporttrade’s key markets by providing additional liquidity and improved pricing to high volume markets across a variety of sports and contract types.”
The Sporttrade app is available for download to iOS devices in Virginia while the company has plans to launch on Android before the end of 2024. It is available for iOS and Android devices in Arizona and New Jersey only.