A state-regulated sports prediction platform is hoping to be available nationwide to compete against trading companies that are offering similar sports-event contracts.
Sporttrade CEO Alex Kane told Sportico in an interview that his company sent a letter to the Commodity Futures Trading Commission on April 25, formally requesting federal approval to operate in all 50 U.S. states just like Kalshi, Robinhood, and Crypto.com.
Kane believes those sites regulated by the federal agency are doing “irreparable harm” to Sporttrade’s product, offered in Arizona, Colorado, Iowa, Virginia, and New Jersey, and putting the operator at a competitive disadvantage. Sports betting companies, which Philadelphia-based Sporttrade falls under, are licensed by and answer to state regulators with rules and laws differing in each market.
