Sporttrade Continues Regional Expansion with Access Agreements in Indiana and Louisiana
The agreements follow Sporttrade's recent expansion efforts into both New Jersey and Colorado.
Sporttrade, a Philadelphia-based sports betting exchange, today announced strategic partnerships with Penn National Gaming, Inc. in Louisianaand Caesars Entertainment, Inc. in Indiana, pending regulatory approval. The agreements follow Sporttrade's recent expansion efforts into both New Jersey and Colorado. Following regulatory approval, Sporttrade's differentiated sports betting exchange platform will be accessible to eligible participants within the specified states starting in 2023.
"We are incredibly humbled to be partnering with two of the most recognized Gaming leaders to bring our differentiated sports trading platform to customers in Louisiana and Indiana," said Sporttrade CEO, Alex Kane.
"Penn National and Caesars Entertainment believe in our vision of elevating the sports betting industry and see the opportunity to make sports betting more akin to capital markets and tap into growth of retail stock and crypto traders, as well as attracting traditional sports bettors."
Both states represent a strong opportunity for Sporttrade to capture market share. Louisiana has generated over $67 million in total handle thus far and is projected to draw more than $2.5 billion in annual wagering once the market matures. Indiana first launched regulated sports betting in September 2019and has been on the upclimb every year since, producing a total handle of over $6.5 billion to date.
Established in 2018, Sporttrade's mission is to elevate the sports betting industry by introducing the first institutional grade US based sports betting exchange. Utilizing proven capital markets technology and processes, Sporttrade will offer a fair and transparent environment and the ability for participants to trade sporting events the same way one would trade stocks.
Sporttrade is expected to launch in New Jersey in mid-2022, with additional states, including Colorado following closely.
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