The sports betting exchange start-up Sporttrade has announced the acquisition of the Colorado-based Momentum Sports and Entertainment Inc., allowing it to enter the state.
This comes after the Philadelphia-based start-up received $36m in funding back in June.
Sporttrade acquires Momentum
Sporttrade announced the acquisition of Momentum Sports and Entertainment yesterday.
Momentum Sports, a Denver, Colorado-based sports betting company, owns and operates an online sports betting operator license through a market access agreement with GF Gaming and its local affiliate Easy Street Casino.
Alex Kane, Founder, and CEO of Sporttrade said: “We are pleased to announce launch plans in Colorado, a state that has been an early believer in the growth and potential of legalized sports betting with thriving fan bases across multiple professional and college sports teams.
“Our team looks forward to expanding our presence across the US while continuing to refine our sports betting exchange to provide Sporttrade’s passionate user base with a secure, transparent, and technologically advanced platform from which to wager.”
Dan Kelliher, Founder of Momentum Sports, said: “Momentum Sports was founded to generate community-focused economic growth. With Sporttrade’s unique sports betting model, they are the only sports betting platform that provides a true capital market experience to their customers and we are proud to transition our gaming license to Sporttrade to serve Colorado’s growing sports betting community and to continue to evolve the industry.”
With the acquisition, Sporttrade will secure access into the state of Colorado and plans to launch its app iOS in the first half of 2022.
“Easy Street Casino is thrilled to partner with the Sporttrade team as they make their way into the growing Colorado sports betting market. Together, we will pave the way for eager sports fans in Colorado to participate in a new and exciting way to wager online,” added Roger Brown, General Manager & Director of Gaming Operations at GF Gaming.
What is Sporttrade?
Founded in 2018, Sporttrade is a start-up company hoping to launch the first US-regulated sports betting exchange.
The company’s leadership includes a team of executives with sports betting and capital markets backgrounds and now has a team of over 50 staff.
With its “open betting marketplace,” consumers will be able to trade sporting events the same way they trade stocks, with “tighter spreads, more liquidity, and unique features like “always on” in-play trading, and the ability to trade in and out of bets at any time.”
In June, Sporttrade announced it has secured $36m in funding from a group of investors that included Jump Capital, Impression Ventures, Hudson River Trading, Tower Research Ventures, Jim Murren, former CEO of MGM Resorts International and Tom Wittman, former CEO of the Nasdaq Stock Exchange.