Philly based sports betting startup Sportrade has had its eye on the New Jersey sports betting market for a while now and understandably so. When former Gov. Chris Christie took New Jersey’s fight to decriminalize sports betting to the Supreme Court, no one could ever have imagined the rates at which the New Jersey sports wagering market would grow in such a short space.
Now, just a few years after the Garden State’s surprising victory, any state that wants to can legalize sports betting. Even though other states have now embraced legalize sports betting, the New Jersey sports betting market has been at the helm of it all. Racetracks and casinos in AC started opening betting windows within days of said momentous Supreme Court victory and mobile sports betting apps quickly followed.
Since the launch of sports betting in the Garden State, 11 land-based casinos have set up sportsbooks and a total of 15 online sports betting sites have set up operations in the state. New Jersey has served a wonderful entry point for daily fantasy sports operators such as DraftKings and Fanduel to join the industry.
As such, it makes sense that Sporttrade would want to set up shop in New Jersey as well. Sporttrade’s partnership with Twin River will introduce a truly distinguished and extraordinary product to the already burgeoning New Jersey sports betting market. By combining their experience in capital markets tech and market structure to the New Jersey sports betting ecosystem, Sporttrade hopes to create an extraordinary experience for all.
Sporttrade is slated to offer New Jersey gamblers a unique never been done before sports betting venue based on the principles of fairness and transparency. It will offer gamblers unique betting products at considerably lower costs compared to traditional sportsbooks.
How does exchange betting fit into the New Jersey sports betting market?
Sporttrade hopes to introduce a different kind of sports wagering to New Jersey residence thus being the 1st betting exchange in America. But what exactly is betting exchange and where does it fit in the New Jersey sports betting market?
Betting exchanges are popular in Europe with companies such as Betfair being known for it. A betting exchange allows gamblers to trade the outcome of sports and events. However, unlike traditional sportsbooks, betters get the chance to wager against each other instead of the Sportsbook. Sporttrade will also present the odds in percentages instead of the conventional decimal to make the betting process easier on the customer.
Why the partnership with Twin River?
Simple! Twin River’s headquarters are in Lincoln, Rhode Island, which is where it also manages the 2 casinos in the state. Twin River has experience in the gambling industry as covered here, as it also owns 3 casinos in Colorado, one in Delaware and Missouri each, and 2 in Mississippi.
Just recently, Twin River agreed to purchase Bally’s from Caesars Entertainment as covered here. It also purchased Eldorado Resort’s properties in Nevada and Louisiana. Twin River has a reputation for working with lesser-known brands and companies, such as Sporttrade, and giving them opportunities to thrive.
Plus, if Sporttrade has any chance of being taken seriously, it needs a strong partnership to become a force in the AC market, which is just what Twin Trade has provided. US Customers have been calling for a betting exchange for some time now but the Wire Act has made it almost impossible for this to happen.
The FanDuel Group, which is the company that owns one of the largest and most well-known exchange companies in the world, has stated previously that exchange wagering has never been a top priority for the US betting market primarily because of the limitations posed by the Wire Act. Sporttrade seeks to change all that.
Will a betting exchange thrive in New Jersey?
Exchange betting in other parts of the world has never quite lived up to its potential even in Europe where it is seemingly more popular than in other parts of the world. However, it might just succeed in New Jersey as there is an eager population of experienced customers that are always on the lookout for the next big thing. If Sporttrade’s product offerings as are unique as they say they are, then the company shouldn’t have any problems integrating into the New Jersey sports betting market.