Sporttrade Enters Colorado Market Following Big Acquisition
Sporttrade Acquires Momentum Sports and Entertainment
Sporttrade is an innovative sports betting company that is approaching the market in a completely unique way. To date, the Philadelphia-based Sporttrade has only had access to New Jersey. However, after acquiring Momentum Sports and Entertainment, the company will be able to access the Colorado market. This announcement came the morning of Wednesday, August 4th, and Sporttrade wants to move quickly into this new state.
The reason that Sporttrade can now enter Colorado is that Momentum Sports had a sports betting operator license due to its Colorado affiliate Easy Street Casino. In Colorado, companies must access sports betting licenses through local affiliates. Sporttrade was able to skip this step by acquiring a company that already had an affiliation in place.
In regards to the announcement, Alex Kane, Founder and CEO of Sporttrade, said, “We are pleased to announce launch plans in Colorado, a state that has been an early believer in the growth and potential of legalized sports betting with thriving fan bases across multiple professional and college sports teams.”
Colorado will be a whole new market that is much different from New Jersey. However, one thing that these two markets share is their competitiveness. It can be argued that these are the two hardest markets to break into. Both Colorado and New Jersey have tons of options for sports betting. Luckily for Sporttrade, it does have a unique platform that may be able to corner a unique area of the market.
According to the press release, Sporttrade will be able to access the market through its iOS app when it launches in the first half of 2022. While this is unfortunate since Sporttrade will miss out on the 2021 NFL Season, hopefully, it will give ample time to the company to make sure it markets its product correctly. While the idea of a sports betting exchange, similar to stocks, sounds fun, unique, and promising, there undoubtedly will be a barrier to entry for new bettors.
Colorado is one of the top-10 sports betting markets in the United States and has had online sports betting for well over a year now. The market in total has brought in over $2.8 billion in wagers and produced over $183 million in revenue for the sportsbooks. However, this sizable pie has been split between the many, many operators that Colorado currently has. DraftKings, FanDuel, and BetMGM are big players. Then, WynnBet, PointsBet, Caesars, Betfred, and more have all entered.
Next Move For Sporttrade
Sporttrade will continue to look into new markets and see where it can offer its sports betting platform. In the release, Alex Kane was also quoted as saying, “Our team looks forward to expanding our presence across the U.S., while continuing to refine our sports betting exchange to provide Sporttrade’s passionate user base with a secure, transparent, and technologically advanced platform from which to wager.”
While Colorado is one step, there will be several more steps needed for Sporttrade to really make a name for itself. One of those steps could be expanding into new and upcoming markets like Arizona, Maryland, and Louisiana, where it can compete for a user base at the launch of sports betting for those states.