Sporttrade

Sporttrade, Inc. operates a sports betting exchange, positioning itself as a dynamic alternative to traditional sportsbooks. Founded in 2018 by Alexander Kane, the company has established its headquarters in Philadelphia, Pennsylvania. Kane's background in finance, including his experience as a former trader and his studies in economics and statistics at the University of Pennsylvania, directly influenced the creation of Sporttrade, which applies stock market principles to sports wagering.

The platform functions as a marketplace where users can trade on the outcome of sporting events, much like trading stocks. Instead of placing bets against the house, participants buy and sell contracts representing a stake in a particular outcome, trading with other users on the exchange. This model introduces concepts like 'limit orders' and the ability to trade in and out of positions at any time before or during a game, offering greater control and potentially better pricing due to tighter spreads. Sporttrade's revenue is generated by taking a commission, reportedly 2%, on the profits of winning trades, distinguishing its business model from traditional bookmakers who profit from bettors' losses.

Initially launching in New Jersey in September 2022 and later expanding to Colorado in August 2023, the company targets a wide range of sports bettors, from casual fans to more sophisticated traders seeking more advantageous pricing and liquidity. The platform's interface is designed to resemble that of a financial trading application, providing users with real-time data and the tools to manage their positions effectively. Sporttrade has secured significant funding to support its growth, including a notable investment from the an entity affiliated with the a co-founder of the exchange IEX.

Keywords: sports betting exchange, financial trading, peer-to-peer betting, sports wagering, commission model, live in-play trading, New Jersey, Colorado, Alexander Kane, sports market