Philadelphia-based Sporttrade has announced it is now live in Virginia, making Old Dominion its fifth U.S. market, and more markets may be on the horizon.
Welcome to Virginia
Sporttrade is unlike most sportsbooks because it uses a peer-to-peer model instead of a peer-to-house model, allowing users to bet with each other and avoid betting against the house. Therefore, it is a sports trading platform more than it is a traditional sportsbook.
The company promises a “differentiated experience” with better odds and higher limits than the traditional mobile sports betting platforms. Sporttrade was founded in 2018 with its goal to “elevate the sports betting industry.”
Sporttrade made its U.S. debut in 2022 when it launched in New Jersey, and it has subsequently opened in Colorado, Iowa, and Arizona before the most recent launch in Virginia earlier this week. The platform can only be found on iOS, but an Android version is expected later this year.
“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.”
Strategic Funding
Sporttrade has no shortage of investors, including Nasdaq, TechStars, Tower Research Ventures, Jump Capital, HRT Ventures, Impression Ventures, and Comcast NBCUniversal LIFT Labs. But its most recent round of funding came from SIG Sports Investments Corp. (SIGSports Analytics).
“Today’s announcement represents an impactful milestone for Sporttrade,” said a company press release directly from its CEO, Alex Kane at the time. “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.”
Room for Growth
SIGSports has already made two other investments in Sporttrade, with this most recent round of funding expected to cultivate a more robust presence in the marketplace and for expansion efforts in new markets. The money will also go towards enhancing its technology, which will create an even more seamless experience for the user.
“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.”
The Sporttrade app has gotten positive reviews, currently 4.6 stars on 229 reviews. A recent review by user CliveBixby31 said:
“I have been a heavy user of Sporttrade since their first days of availability. You always know the price on a bet as well as the amount of money available to bet regardless of your perceived skill. Transparency is a rare thing from sports betting apps. A 2% commission on profitable bets is a much better price than most of the books out there.”
