Sporttrade & Twin River Unite for Unique NJ Sports Betting

Pennsylvania-based innovative sports betting start-up, Sporttade will go into business with the Rhode Island-based Twin River Worldwide Holdings to launch into the online sports wagering industry in New Jersey.

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Pending Twin River receiving regulatory approval to complete its acquisition of Bally’s Atlantic City Hotel and Casino, Sporttrade will launch its proprietary sports betting exchange product in the Garden State. Upon the finalization of their acquisition of Bally’s, Twin River will then own the hosting rights to three online sports betting skins in New Jersey, leading to the creation of this iconic partnership.

“We are thrilled to partner with Twin River as we prepare to introduce a truly differentiated product to the New Jersey market,” Alexander Kane, founder and CEO of Sporttrade, wrote in the media release. “By applying capital markets technology and market structure to the US sports betting ecosystem, we are creating something revolutionary.” Kane continued.

Great – but what is Sporttrade’s Exchange Betting?

 Sporttrade will bring with it a radically different type of sports betting to New Jersey with their exchange betting. The company said in the press release it will become the first betting exchange established in the United States.

Betting exchanges have become extremely popular in Europe with companies like U.K. company Betfair leading the way. A betting exchange permits bettors to literally trade the outcome of events and they differ from a traditional sportsbook as bettors can wager against each other on the outcome, rather than against the sportsbook.

A bettor can either “back” that an outcome will occur, just like betting for a win, or “lay” against it, basically wagering that particular outcome will not happen. In theory then, the bettor can receive more competitive odds through an exchange.

“Sporttrade will establish a first-of-its-kind sports betting venue that will be fair, liquid, and transparent, and we look forward to offering customers innovative betting products at significantly lower costs than traditional sportsbooks,” Kane went on to explain further.

Twin River’s Big Plans of Innovation in New Jersey

Twin River is based in the Ocean State of Rhode Island, where it operates the two bricks-and-mortar casinos in the state. In addition, Twin Rivers owns two casinos in Mississippi and one each in Delaware and Missouri with three casinos in Colorado the company’s most significant holding.

In April, Twin River came to agreement to buy Bally’s from Caesars Entertainment, in addition to Eldorado Resorts properties in Nevada and Louisiana. Caesars and Eldorado sold the properties as part of the recently completed merger.

In readiness for the Bally’s purchase being approved by the New Jersey state government, Twin River is getting its sports betting licenses in place and it is giving less-established companies opportunities. Malta-based Esports Entertainment Group now with offices in New Jersey, focuses on eSports wagering and 18+ gaming with fixed-odds wagering, fantasy sports and pools on various eSports events all part of an innovative package.

Earlier in August, Twin River and online sportsbook PointsBet announced their partner to work together on an online casino product, while the TheScore Bet and Twin Rivers announced a similar online casino deal just a matter of hours after the announcement of the Sporttrade deal. Clearly, Twin Rivers are encouraging new thinking outside the box when it comes to their future business model.

“Sporttrade will be a great addition to our list of unique partnerships we are building in the Atlantic City market,” George Papanier, President and Chief Excutive Officer of Twin River, wrote in the press release. “They will bring a new, exciting online product offering for our guests and we look forward to having them join our Atlantic City team.” he concluded.

 

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