Philadelphia-based sports betting startup Sporttrade Partners will offer online sports betting in New Jersey through Twin River Worldwide Holdings, which is acquiring Bally’s Atlantic City.
The deal, announced Tuesday, is pending regulatory approval by New Jersey.
Twin River announced a $25 million acquisition of Bally’s from Caesars Entertainment in April. Upon the acquisition, Twin River will acquire three online sports betting skins in New Jersey through the purchase.
“Sporttrade will be a great addition to our list of unique partnerships we are building in the Atlantic City market,” Twin River CEO George Papanier said in a statement.
The agreement will mark Sporttrade’s initial location in the U.S. sports betting market and will be the country’s first regulated sports betting exchange. In a statement, Sporttrade said it “is led by an accomplished team from iGaming, sports betting, and capital markets backgrounds.”
“By applying capital markets technology and market structure to the US sports betting ecosystem, we are creating something revolutionary,” Sporttrade CEO Alexander Kane said in a statement. “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.”
