Sporttrade Launches in New Jersey as Sports Betting Exchange Option

A New Jersey online gambling option is now available for download from Sporttrade – a sports betting exchange that picked the Garden State as its first live U.S. market.

Sporttrade, founded in 2018, calls itself a “dynamic sports trading platform” and its stated aim is to “trade in and out of positions on sports outcomes much like they would trade stocks, options or cryptocurrencies.”

"We are thrilled to be live in the state of New Jersey with the first sports trading platform,'' Sporttrade founder and CEO Alex Kane said in a news release. “New Jersey was the first state to launch legalized sports betting in 2018 and we are proud to be the first operator to launch a unique and differentiated product designed for sports betting and trading enthusiasts seeking a better customer experience."

Using gambling websites in this manner is still fairly novel, though it’s a growing part of New Jersey gaming options that are different from traditional sportsbooks. In August, Prophet Exchange became the first per-to-peer sports betting exchange in the state, and in the American market.

Sporttrade is different in that customers can trade during and after games, with the ability to buy or sell outcomes at different prices and dynamic pricing that changes constantly.

According to the release, Sporttrade will start out by having lines for moneylines, spreads and over/unders available for trade for NFL, MLB, NBA, NHL, WNBA, NCAA football and NCAA basketball games, plus golf tournaments.

The Garden State is one of 30-plus states that legalized sports betting after the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act in 2018; PASPA had prohibited legal sports betting outside of Nevada.

As for online casino, New Jersey is one of six states with legal iGaming options such as online roulette, poker and blackjack.

The New Jersey market continues to expand as one of the nation’s leaders in gambling. And, as launches such as Sporttrade (a company based in Philadelphia) have been demonstrating, New Jersey is a place where companies are willing to try new concepts.

For instance, earlier this year, the BetMGM NJ Casino announced plans to launch Wheel of Fortune Casino in North America with New Jersey as the first market.