{"id":403,"date":"2021-06-25T00:21:21","date_gmt":"2021-06-24T21:21:21","guid":{"rendered":"https:\/\/xxbet-company.com\/sporttrade-sports-betting-exchange-startup-lands-36-million-in-investments\/"},"modified":"2021-06-25T00:21:21","modified_gmt":"2021-06-24T21:21:21","slug":"sporttrade-sports-betting-exchange-startup-lands-36-million-in-investments","status":"publish","type":"post","link":"https:\/\/xxbet-company.com\/pl\/sporttrade-sports-betting-exchange-startup-lands-36-million-in-investments\/","title":{"rendered":"Sporttrade, Sports Betting Exchange Startup, Lands $36 Million in Investments"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_34 counter-flat ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Spis tre\u015bci<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1'><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/xxbet-company.com\/pl\/sporttrade-sports-betting-exchange-startup-lands-36-million-in-investments\/#Bringing_Capital_Market_Principles_to_Sports_Betting\" title=\"Bringing \u201cCapital Market Principles\u201d to Sports Betting\">Bringing \u201cCapital Market Principles\u201d to Sports Betting<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/xxbet-company.com\/pl\/sporttrade-sports-betting-exchange-startup-lands-36-million-in-investments\/#Big_Week_for_Murren_Already\" title=\"Big Week for Murren Already\">Big Week for Murren Already<\/a><\/li><\/ul><\/nav><\/div>\n<p class=\"NewNormal\">Sporttrade, a sports betting financial technology company, announced Tuesday it raised $36 million from a group of investors. They include former MGM Resorts International Chairman and CEO Jim Murren and Nasdaq CEO Tom Wittman. The fundraising comes one month after launching its website,<\/p>\n<figure aria-describedby=\"caption-attachment-177424\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"wp-image-177424 lazyload\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Screenshot-06-23-2021-02.08.56-142x81.png?x38396\" data-src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Screenshot-06-23-2021-02.08.56-142x81.png?x38396\" alt=\"Sporttrade $36 million\" width=\"1200\" height=\"683\" data-srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Screenshot-06-23-2021-02.08.56.png 863w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Screenshot-06-23-2021-02.08.56-142x81.png 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Screenshot-06-23-2021-02.08.56-768x437.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" data- title=\"\"><img loading=\"lazy\" class=\"wp-image-177424\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Screenshot-06-23-2021-02.08.56.png?x38396\" alt=\"Sporttrade $36 million\" width=\"1200\" height=\"683\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Screenshot-06-23-2021-02.08.56.png 863w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Screenshot-06-23-2021-02.08.56-142x81.png 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/Screenshot-06-23-2021-02.08.56-768x437.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" title=\"\"><figcaption class=\"text-description\">Sporttrade Founder and CEO Alex Kane testifies before the Ohio Select Committee on Gaming during a May 19 hearing in the Columbus statehouse. On Tuesday, the sports betting exchange startup announced it received $36 million in investor funding and plans to launch in New Jersey later this year. (Image: The Ohio Channel)<\/figcaption><\/figure>\n<p class=\"NewNormal\">In addition, the Philadelphia-based firm announced it would launch its sports betting exchange platform in New Jersey later this year, pending approvals from state regulators.<\/p>\n<div class=\"callout\">\n<p class=\"NewNormal\">Sporttrade describes its sports betting application as \u201cthe only sports betting exchange\u201d in the US. Based on the description given on its website, Sporttrade works like <a href=\"https:\/\/www.casino.org\/news\/iowa-caucus-delayed-returns-show-buttigieg-up-predictit-enjoys-big-day\/\" rel=\"nofollow noopener\" target=\"_blank\">PredictIt<\/a> does for political betting.\u00a0Bettors can place a bet at any time during a game and can trade during the game, with outcomes ranging from 0 to 100. The higher the number, the shorter the odds. For example, if you buy a team at $75 and they win, you net a $25 profit.<\/p>\n<\/div>\n<p class=\"NewNormal\">One key difference is that PredictIt markets are longer-term based on political or government cycles. Whereas, most of Sporttrade\u2019s markets will consist of games or matches that start and conclude within a matter of hours.<\/p>\n<p class=\"NewNormal\">Since sports bettors will trade shares amongst each other, Sporttrade said it will not include juice in its odds. Instead, it will charge what it calls a small commission for using the exchange.<\/p>\n<p class=\"NewNormal\">The company has established a partnership with <a href=\"https:\/\/www.casino.org\/news\/ballys-closes-on-tropicana-evansville-establishes-presence-in-indiana\/\" rel=\"nofollow noopener\" target=\"_blank\">Bally\u2019s Corp<\/a> as its gaming partner. Besides New Jersey, Sporttrade expects to venture into other states starting next year.<\/p>\n<h2 class=\"NewNormal\"><span class=\"ez-toc-section\" id=\"Bringing_Capital_Market_Principles_to_Sports_Betting\"><\/span>Bringing \u201cCapital Market Principles\u201d to Sports Betting<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"NewNormal\">Founder and CEO Alex Kane said Tuesday\u2019s announcement was a significant milestone toward achieving its mission.<\/p>\n<p class=\"NewNormal\">\u201cOur mission is to elevate the sports betting industry by applying capital markets principles and technology and to place the customer at the forefront,\u201d Kane said.<\/p>\n<p class=\"NewNormal\">Yelena Shkolnik, a partner at Jump Capital, said that Sporttrade has developed \u201ca transparent open market\u201d for sports bettors.<\/p>\n<p class=\"NewNormal\">Jump Capital, along with Delavan Lake Investments, Impression Ventures, Hudson River Trading, and Tower Research Ventures also invested in Sporttrade.<\/p>\n<blockquote class=\"main-blockquote\">\n<p class=\"NewNormal\">They have built a retail trading solution for betting, reflecting pricing based on win probabilities and allowing users to easily trade in and out of any position,\u201d Shkolnik said.<\/p>\n<\/blockquote>\n<p class=\"NewNormal\">The company said it will use the investment funds to \u201cstrengthen its position\u201d as the only US-based sports betting exchange. It already employs a workforce of more than 50 financial, trading, and sports betting professionals.<\/p>\n<h2 class=\"NewNormal\"><span class=\"ez-toc-section\" id=\"Big_Week_for_Murren_Already\"><\/span>Big Week for Murren Already<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"NewNormal\">Sporttrade\u2019s news was the second significant gaming announcement involving Murren this week.<\/p>\n<p class=\"NewNormal\">Also on Tuesday, <a href=\"https:\/\/www.casino.org\/news\/playstudios-set-to-debut-as-public-company-following-spac-merger\/\" rel=\"nofollow noopener\" target=\"_blank\">Playstudios, Inc<\/a>. became a standalone publicly traded company, as the social casino developer completed its merger with a special purpose acquisition company, Acies Acquisition Corp., established by Murren. The deal was first announced in February.<\/p>\n<p class=\"NewNormal\">Murren announced in February 2020 that <a href=\"https:\/\/www.casino.org\/news\/jim-murren-leaves-mgm-early-to-lead-nevada-covid-19-task-force\/\" rel=\"nofollow noopener\" target=\"_blank\">he would leave MGM Resorts<\/a> before his contract ended. COVID-19 hastened his departure, as he was called on by Nevada Gov. Steve Sisolak to lead the state\u2019s pandemic task force.<\/p>\n<p>The post <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\/sporttrade-sports-betting-exchange-startup-lands-36-million-in-investments\/\" target=\"_blank\">Sporttrade, Sports Betting Exchange Startup, Lands $36 Million in Investments<\/a> appeared first on <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\" target=\"_blank\">Casino.org<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Sporttrade, a sports betting financial technology company, announced Tuesday it raised $36 million from a group of investors. They include former MGM Resorts International Chairman and CEO Jim Murren and Nasdaq CEO Tom Wittman. The fundraising comes one month after launching its website, Sporttrade Founder and CEO Alex Kane testifies before the Ohio Select Committee <a href=\"https:\/\/xxbet-company.com\/pl\/sporttrade-sports-betting-exchange-startup-lands-36-million-in-investments\/\" class=\"more-link\">&#8230;<\/a><\/p>","protected":false},"author":1,"featured_media":404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/posts\/403"}],"collection":[{"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/comments?post=403"}],"version-history":[{"count":0,"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/posts\/403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/media\/404"}],"wp:attachment":[{"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/media?parent=403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/categories?post=403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/tags?post=403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}