Have you ever thought about trading in and out of your NJ sports betting positions? Well, thanks to the Sporttrade app being live, Garden State bettors, or in this case traders, now have options.
The Philadelphia-based company is billing itself as “the first and only dynamic sports trading marketplace in the United States.” New Jersey is the first market where the app is available.
Basically, gamblers now have the opportunity to buy and sell shares of the Philadelphia Eagles or New York Giants like they would with Caesars Entertainment or DraftKings. However, unlike Wall Street, the current inflation rates are a non-factor.
Sporttrade is the second skin under the Bally’s Atlantic City license (esports betting app vie.gg from Esports Entertainment Group is the other).
Sporttrade CEO: ‘Thrilled to be live in New Jersey’
Unlike many of the other NJ online sportsbooks, Sporttrade is still a fairly new company, founded in 2018 by CEO Alex Kane. According to the the press release, the platform utilizes proven capital markets technology and infrastructure to “enable users to realize profits or trim losses based on changes in the implied probability of the event to occur at any time.”
So this means if the Cincinnati Bengals jump out to a double-digit lead over the Dallas Cowboys this weekend, bettors can trade out of their Bengals position before the Cowboys make a comeback. We’re not saying this will happen, it’s just an example.
Of course, Sporttrade finally launching in the Garden State is a pretty big deal.
“We are thrilled to be live in the state of New Jersey with the first sports trading platform, ” said Kane. “New Jersey was the first state to launch legalized sports betting in 2018 and we are proud to be the first operator to launch a unique and differentiated product designed for sports betting and trading enthusiasts seeking a better customer experience.”
Exchanges seem to be the hot new NJ sports betting concept. Last month, Prophet Exchange debuted as the first peer-to-peer sports betting exchange available in the US. And Mojo Sportsbook (co-founded by former New York Yankee Alex Rodriguez), which is in testing mode, is billing itself as “the sports stock market.”
Sporttrade NJ sports betting markets
Sporttrade does not offer as extensive of a betting, or in this case trading, menu as market leaders FanDuel and DraftKings sportsbooks. However there are still plenty of options:
- NCAA football
- NCAA basketball
As far as types of bets, gamblers can choose win/loss outcomes, spreads and total points.
However, you will not see normal odds like -110. Here here is an example of what the trading menus look like for NFL Week 2 action:
So if you think the Green Bay Packers will beat the Chicago Bears straight up, a $100 investment will get you 1.24 contracts.
‘Defining a whole new category’ of NJ sports betting
The concept is providing tight, liquid, and dynamic markets so that users can trade frictionlessly both before and during games. Sporttrade also offers unique order types like limit orders, which will allow traders to buy or sell outcomes at customized prices.
“We set out to create a better and more modern sports betting platform tapping into Americans’ passion for trading. What we’ve launched is the only differentiated sports betting platform in the U.S. but we believe we are defining a whole new category of sports wagering – trading sports,” Kane said.
And it’s looking like New Jersey is Sporttrade’s jumping off point as the company is working toward launching in Colorado, Indiana and Louisiana.