{"id":287140,"date":"2023-08-28T13:16:15","date_gmt":"2023-08-28T18:16:15","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=287140"},"modified":"2023-08-29T11:49:42","modified_gmt":"2023-08-29T16:49:42","slug":"sporttrade-wins-approval-to-operate-in-colorado","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/sporttrade-wins-approval-to-operate-in-colorado\/","title":{"rendered":"Sporttrade Lands Colorado License"},"content":{"rendered":"<p>Sports betting exchange operator Sporttrade last week received a temporary sports betting internet operator permit from the Colorado Limited Gaming Control Commission (CLGCC). That paves the way for the company to offer its exchange services in the state.<\/p>\n<figure id=\"attachment_287141\" aria-describedby=\"caption-attachment-287141\" data-style=\"width: 430px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-287141 size-post-thumbnail-430xAUTO\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/ST-430x384.jpg\" alt=\"Sporttrade\" width=\"430\" height=\"384\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/ST-430x384.jpg 430w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/ST.jpg 704w\" sizes=\"(max-width: 430px) 100vw, 430px\" \/><figcaption  id=\"caption-attachment-287141\"class=\"text-description\">The Sporttrade logo. The betting exchange operator won approval to operate in Colorado. (Image: PR Newswire)<\/figcaption><\/figure>\n<p>Colorado joins New Jersey as the states in which Philadelphia-based Sporttrade is operational. The privately held company said it will have details on its Colorado launch date in the weeks ahead. Founded in 2018 by Alex Kane, Sporttrade also has market access agreements in Indiana and Louisiana, and hopes to launch in more states in the future.<\/p>\n<blockquote class=\"main-blockquote\"><p><strong>Sporttrade utilizes proven exchange technology and processes and applies them to sports betting, aimed at enhancing and democratizing the entire industry,\u201d<\/strong> according to the operator. <strong>\u201cSporttrade allows participants to trade sporting events like they trade stocks, drastically improving the customer experience by building a fairer, more efficient, and engaging customer experience.\u201d<\/strong><\/p><\/blockquote>\n<p>The company\u2019s Colorado launch was partly facilitated by its 2021 acquisition of Momentum Sports and Entertainment Inc. Bally\u2019s is Sporttrade\u2019s gaming partner in New Jersey.<\/p>\n<h2>How Sporttrade Separates Itself<\/h2>\n<p>In terms of handle, New Jersey is one of the largest sports wagering markets in the U.S., while Colorado is <a href=\"https:\/\/www.casino.org\/news\/march-madness-boosts-colorado-sports-betting-revenue\/\">one of the fastest-growing<\/a>.<\/p>\n<div class=\"callout\">\n<p>That says Sporttrade has two feathers in its cap by being operational in those states. Still, sports wagering in those jurisdictions is dominated by traditional sportsbook operators such as FanDuel, DraftKings, and BetMGM, indicating upstarts such as Sporttrade need to do something to set themselves apart from entrenched rivals.<\/p>\n<\/div>\n<p>Perhaps more than any other company in the regulated sports wagering space, Sporttrade has proven adept at differentiating itself from competitors.<\/p>\n<p><strong>\u201cBuilt just like a financial exchange, our platform allows customers to trade on sports outcomes by buying and selling contracts, just like trading stocks,\u201d<\/strong> the company noted on its website.<\/p>\n<p>By using that methodology rather than the traditional manner of sports betting, Sporttrade enables users to buy and sell contracts on sporting events like an investor buys and sells stocks. That allows users to cut losses and recoup some capital on losing wagers, something that\u2019s impossible in standard sports betting.<\/p>\n<h2>Bright Future for Exchange Betting<\/h2>\n<p>Exchange betting is still in its infancy. But the future could be bright for operators such as Sporttrade, pending wider regulatory acceptance.<\/p>\n<p><strong>Should that acceptance build, more event-driven market participants, including some hedge funds, could be compelled to use the Sporttrade platform.<\/strong><\/p>\n<p>As things stand today, the upstart company has a partnership with Nasdaq and the backing of <a href=\"https:\/\/www.casino.org\/news\/sporttrade-sports-betting-exchange-startup-lands-36-million-in-investments\/\">some well-known investors<\/a>, including former MGM Resorts International CEO Jim Murren. Other Sporttrade investors include Jump Capital, Delavan Lake Investments, Impression Ventures, Hudson River Trading, and Tower Research Ventures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sports betting exchange operator Sporttrade last week received a temporary sports betting internet operator permit from the Colorado Limited Gaming Control Commission (CLGCC). That paves the way for the company to offer its exchange services in the state. Colorado joins New Jersey as the states in which Philadelphia-based Sporttrade is operational. The privately held company [&hellip;]<\/p>\n","protected":false},"author":46,"featured_media":287141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[86438,13592,86431,1074],"tags":[86457,81895,87734,80968],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sporttrade Wins Approval To Operate In Colorado<\/title>\n<meta name=\"description\" content=\"Sporttrade adds second state to its lineup following Colorado approval.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/sporttrade-wins-approval-to-operate-in-colorado\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sporttrade Wins Approval To Operate In Colorado\" \/>\n<meta property=\"og:description\" content=\"Sporttrade adds second state to its lineup following Colorado approval.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/sporttrade-wins-approval-to-operate-in-colorado\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T18:16:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-29T16:49:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/ST.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"704\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/sporttrade-wins-approval-to-operate-in-colorado\/\",\"url\":\"https:\/\/www.casino.org\/news\/sporttrade-wins-approval-to-operate-in-colorado\/\",\"name\":\"Sporttrade Wins Approval To Operate In Colorado\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/sporttrade-wins-approval-to-operate-in-colorado\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/sporttrade-wins-approval-to-operate-in-colorado\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/ST.jpg\",\"datePublished\":\"2023-08-28T18:16:15+00:00\",\"dateModified\":\"2023-08-29T16:49:42+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Sporttrade adds second state to its lineup following Colorado approval.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/sporttrade-wins-approval-to-operate-in-colorado\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/sporttrade-wins-approval-to-operate-in-colorado\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/sporttrade-wins-approval-to-operate-in-colorado\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/ST.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/08\/ST.jpg\",\"width\":704,\"height\":628,\"caption\":\"The Sporttrade logo. The betting exchange operator won approval to operate in Colorado. (Image: PR Newswire)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/sporttrade-wins-approval-to-operate-in-colorado\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Sports Betting\",\"item\":\"https:\/\/www.casino.org\/news\/sportsbetting\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Sporttrade Lands Colorado License\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. 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The betting exchange operator won approval to operate in Colorado. (Image: PR Newswire)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/sporttrade-wins-approval-to-operate-in-colorado\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Sports Betting","item":"https:\/\/www.casino.org\/news\/sportsbetting\/"},{"@type":"ListItem","position":3,"name":"Sporttrade Lands Colorado License"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. 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