Sporttrade 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. 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,” Alex Kane, CEO of Sporttrade, said.
Both states represent a strong opportunity for Sporttrade to capture market share. Louisiana has generated over $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.
Sporttrade is expected to launch in New Jersey in mid-2022, with additional states, including Colorado following closely.
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