Sporttrade, a startup looking to change the way American fans bet on sports, has acquired a license to operate in Colorado.
The company, which plans to launch first in New Jersey later this year, is building an exchange model that aims to make wagering work like stock trading, with outcome-based contracts that close at $0 or $100 and the ability to buy or sell at market-based prices before and during the action.
Founded in 2018, Sporttrade recently announced a $36 million raise, led by Jump Capital. Nasdaq’s investment arm, Nasdaq Ventures, participated by taking convertible debt. “Nasdaq has the same vision we do,” Sporttrade CEO Alex Kane said at the time.
