Disclaimer: Sporttrade Sportsbook is not yet online in New Jersey. This review is speculative based on what we know so far and will be updated when it launches here. In the meantime, check out our recommend New Jersey online sportsbooks:
Sporttrade is a new take on online sports betting that could soon open to New Jersey players. The company mixes sports betting and stock trading to provide a legal sports betting exchange market, allowing you to buy and sell shares of your favorite teams.
Founder Alex Kane explained the exchange concept to Legal Sports Report: “People without a financial background can open Robinhood and understand how to invest in stocks. Why should sports betting be any different?
“In finance, retail traders get a good experience, but they also get good execution. When my sister opens Robinhood and makes a trade, it gets executed at the best price in America because of regulatory requirements. I believe the same things should happen in sports.”
Sporttrade uses percentages, rather than odds, with live prices always available. Winning contracts make up to 100%. A user could buy the New Jersey Devils pregame at 30, for example, then close out at 50 if they take the lead.
Here’s a full review of Sporttrade New Jersey, and details of its welcome offer in the state.
Sporttrade NJ welcome bonus in 2022
Sporttrade has launched with a two-part welcome bonus for new players. When you create an account, you’ll be eligible to claim it and start betting.
The exchange will first credit your account with a $10 bonus upon player verification. You can spend this anywhere on the site to get you started. Then, when you’re ready to fund your account, Sporttrade will match your first deposit up to a total of $500.
|Online Sportsbook||Sporttrade NJ|
|Deposit Match Offer||100% match up to $500|
|Last Updated||May 2022|
Sporttrade welcome bonus — the fine print!
The Sporttrade New Jersey bonus is pretty simple to understand. First, create your account using the bonus code in the table above, then wait for Sporttrade to verify your details. Once it’s done that, a $10 join bonus will land in your account.
Use this bonus to buy into any market you’d like — that includes the NBA, MLB, NFL, NHL and college leagues. You will only need to play the bonus through once in order to meet its wagering requirements. Make sure to do this within seven days of receiving the bonus.
Fund your account for the first time to receive the second part of Sporttrade’s welcome bonus. The exchange will double your first deposit up to $500 for you to spend as bonus cash on the site. You’ll need to play these funds through 25 times before you can cash out, so make sure to bear this in mind when depositing.
Can I trust Sporttrade in New Jersey?
Yes. Although sports betting exchange markets are a new concept, Sporttrade is trustworthy. It received approval to launch in the state from the New Jersey Division of Gaming Enforcement and follows all state guidance on creating a secure betting environment for all users.
Sporttrade is also backed by some big names in the game. It announced a $36 million funding round in June. Investors included former MGM Resorts CEO Jim Murren and former Nasdaq Stock Exchange CEO Tom Wittman.
Getting started at Sporttrade sports betting and trading
All new Sporttrade bettors will need to make an account before getting started. Visit the website then click the green sign-up button. From there you will need to enter the following information:
- Full name
- Date of birth
- Email address
- Home address
- Last four digits of your Social Security number
- User ID for your account
- Password for your account
Click the button to register your account. Sporttrade will then verify that you are who you say you are.
How do I download the Sporttrade app?
To place and trade bets at Sporttrade, you need to download the app. The app will work on Apple and Android smartphones and tablets, so you shouldn’t come across any problems.
Here’s how to download the Sporttrade app for full access to the operator’s markets, promotions, banking, support, and more.
- Head to the Sporttrade site via mobile browser.
- Sign up for an account if you haven’t already.
- Click the button to download the app and select the relevant link for your device.
- Follow any additional prompts to install the app, then log into your account.
Where do I find Sporttrade promotions?
As Sporttrade is a sports betting market exchange platform, you won’t find “promotions” as such on it. It does, however, tout its prices. That’s because the app doesn’t charge a “vig” as an exchange, unlike online sportsbooks.
Sporttrade will match buyers and sellers at the best price currently available on the market. This translates to better “odds” for you, as the exchange doesn’t operate as a house as such.
Why should I choose the Sporttrade app?
Sporttrade is a new concept in NJ. Here are some of the main strong points that stood out during our review:
- Trade at any time: If you’re a regular live bettor at an online sportsbook, you’ll know the familiarity of the fleeting “cash out” button. At Sporttrade, however, you can trade in or out at any time just like stocks. This allows you to maximize potential rewards.
- Watch your “betting portfolio”: When you create a Sporttrade account, you’ll receive a betting portfolio. This allows you to watch your bets change in value in real time, meaning you have complete control to sell at any time.
- Set your own pricing: Head over to the “Limit Buy” tab of the app to help you set your own pricing. Here, you’re ordering the app to buy or sell stock when it reaches a specific price or better.
- No vig: As we mentioned earlier, Sporttrade classes itself as an exchange rather than an online sportsbook. This means there’s no house edge. The app matches buyers and sellers at the best price in the market at that time.
What won’t I like about the Sporttrade app?
Here are a couple of things to bear in mind about Sporttrade:
- It’s an exchange market: This isn’t a negative point about Sporttrade, but it’s important to keep in mind that the app is an exchange market and therefore does not offer sports bets as such. Instead, you can “buy in” to markets before or during a game, then “sell” whenever suits you. For example, you could buy in to a game where the Devils are winning, and sell later in the game for a higher price if they continue to lead. If the Devils lose the lead, however, the price of the market would likely go down.
- It’s brand new: Sporttrade is a new concept to NJ and the country as a whole, which means there’s very little to base our expectations of the product on. Similar apps are available in the UK and elsewhere in the world, however, so it’s not entirely new.
What kind of bets can I make at Sporttrade?
Sporttrade is an online sports betting exchange market. This means users can trade on sporting event outcomes by buying and selling contracts, similar to stocks.
Markets for each game are opened 24 hours before the game is due to begin, allowing you to buy in at the initial share price. Stock prices will then fluctuate based on the run-up to the event, and how the team performs during the game. If your team scores in the opening minutes, for example, the stock price is likely to go up. If your team is losing, the stock price will likely go down.
You can also choose to buy into a team at the start of the season — this is the Sporttrade version of a futures bet. You can follow this throughout the sporting season, the difference being that you can choose to sell at any time.
The main difference between a normal online sportsbook and a sports betting exchange market is the “cash out” feature. At normal sportsbooks, cashing out is available only for a limited time, if at all. With an exchange market, you can sell (effectively cashing out) at any time.
Can I bet on the New Jersey Devils at Sporttrade?
Yes, all New Jersey Devils games are available on the Sporttrade app for users to buy and sell. There’s also the opportunity to buy in to the Devils at the start of the season, then track the team’s progress throughout the year. This is effectively backing them to win the Stanley Cup — but if things aren’t looking so good halfway through the year, you can sell your shares.
Track the progress of your New Jersey Devils bets via your betting portfolio. This is the exchange version of a bet slip. You can find a button to open this toward the bottom of the app.
How do I get money on (and off!) Sporttrade quickly?
Sporttrade has secure banking for its users. Deposits will land into your account instantly, and the exchange uses a variety of protections. Fund your Sporttrade account using the following:
- Online bank transfer
- ACH e-check
Withdrawals can take up to five days to reach your account as the exchange processes requests.
How do I get help at Sporttrade?
Sporttrade has an FAQ in anticipation of user questions. This is available by opening the app’s main menu and clicking the “Help” button. It covers information on how a sports betting market exchange works and how to fund your account.
If you have further queries, get in touch with a representative by emailing [email protected]. Someone will aim to respond within one to three business days.
How do I exclude myself from Sporttrade?
Sporttrade provides multiple ways to practice responsible gambling. This means you can set limits on your deposits and spending on the app, but you can also self-exclude at any time.
There are two exclusion options at Sporttrade — temporary cool-off periods and permanent exclusion. You can select a cool-offer period of between one day and three months by opening the account section of the app. To permanently close your account, get in touch with Sporttrade customer support.
Can I bet at Sporttrade in person?
In-person betting is not available at Sporttrade as it is an online exchange market.
The company has, however, teamed up with Bally’s Atlantic City to launch in New Jersey. This means that customers could soon be able to deposit and withdraw funds in person by visiting the casino.
How does Sporttrade compare to other New Jersey sportsbooks?
It’s very difficult to compare Sporttrade to other NJ online sportsbooks as it’s such a new way to bet on sports in the US. The sports exchange market is looking very promising, however, and is a refreshing change to the cookie-cutter approach that tends to be the case with many sportsbooks. We’re definitely looking forward to seeing how Sporttrade progresses over time.
How does Sporttrade work in New Jersey?
Sporttrade is NJ’s first legal online sports betting market exchange. You can buy into and sell your shares at any time. This works exactly like a stock exchange, but is based entirely on sporting events.
What is the Sporttrade welcome bonus?
New Sporttrade users will receive a $10 join bonus and a deposit match offer of up to $500.
Does Sporttrade let you cash out early?
You can sell — effectively cashing out — shares at any time at Sporttrade. Unlike online sportsbooks, this option is always available to users.
Is Sporttrade licensed in New Jersey?
Yes, the exchange received approval from the New Jersey Division of Gaming Enforcement to launch in the state.
Do I need to download the app to bet at Sporttrade?
Yes. Sporttrade is available only on mobile or tablet, so you will need to download the app in order to buy or sell sports markets.