Sports Betting Exchange Partners with Penn National Gaming Inc. in Louisiana
PHILADELPHIA — Sporttrade, a Philadelphia-based sports betting exchange, has announced strategic partnerships with Penn National Gaming Inc. in Louisiana and Caesars Entertainment Inc. in Indiana, pending regulatory approval. The agreements follow Sporttrade’s recent expansion efforts into both New Jersey and Colorado. Following regulatory approval, Sporttrade’s differentiated sports betting exchange platform will be accessible to eligible participants within the specified states starting in 2023.
“We are incredibly humbled to be partnering with two of the most recognized Gaming leaders to bring our differentiated sports trading platform to customers in Louisiana and Indiana,” said Sporttrade CEO Alex Kane in a press release. “Penn National and Caesars Entertainment believe in our vision of elevating the sports betting industry and see the opportunity to make sports betting more akin to capital markets and tap into growth of retail stock and crypto traders, as well as attracting traditional sports bettors.”
Sporttrade said both states represent a strong opportunity to capture market share. Louisiana has generated more than $67 million in total handle thus far and is projected to draw more than $2.5 billion in annual wagering once the market matures. Indiana first launched regulated sports betting in September 2019 and has been on the upclimb every year since, producing a total handle of over $6.5 billion to date.
Established in 2018, Sporttrade’s mission is to “elevate the sports betting industry by introducing the first institutional-grade U.S.-based sports betting exchange. Utilizing proven capital markets technology and processes, Sporttrade will offer a fair and transparent environment and the ability for participants to trade sporting events the same way one would trade stocks.”
For more information visit at www.sporttrade.com.