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Sporttrade expands US footprint via Penn National and Caesars Entertainment deals

Philadelphia-based Sporttrade has announced strategic partnerships with Penn National Gaming and Caesars Entertainment to bring its platform to a further two states.

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Following regulatory approval, Sporttrade will make its sports betting exchange platform available to players in Indiana and Louisiana, building on recent expansion efforts into New Jersey and Colorado.

Starting in 2023, eligible participants in the Hoosier and Bayou States will be able to access the company’s exchange, “where you can trade sports bets like you trade stocks.” This messaging could pose a risk further down the line, however, given the collapse of Football Index in the UK following similar marketing and advertising.

Its partnership with Caesars will see Sporttrade’s platform debut in Indiana, while its partnership with Penn National is for Louisiana. Both states, Sporttrade said, represent a “strong opportunity” to capture market share.

Sporttrade’s CEO, Alex Kane, remarked: “We are incredibly humbled to be partnering with two of the most recognised gaming leaders to bring our differentiated sports trading platform to customers in Louisiana and Indiana.

“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.”

Sporttrade expects to launch in New Jersey in mid-2022, with additional states, including Colorado, to follow.

The company was established in 2018 and intends “to elevate the sports betting industry by introducing the first institutional-grade, US-based sports betting exchange.” Sporttrade claims its platform is modelled after the financial markets.

In other news, Caesars Entertainment recently reported $2.6bn in revenue for the fourth quarter of 2021.

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