Sporttrade announced Tuesday morning it has launched in Colorado.
It’s the second state for the Philadelphia-based operator, which launched in New Jersey nearly a year ago. However, as Sporttrade Founder and CEO Alex Kane told BetColorado, there are differences in how it will operate in the Centennial State. In New Jersey, Sporttrade operates as a full sports betting exchange, meaning bettors can place limit orders to seek a certain price for buying or selling a position. In Colorado, bettors can only buy or sell at what Kane called the best available price.
Still, Sporttrade will offer Colorado sports betting customers “the best in-play experience the world has ever seen,” according to Kane.
“Our launch today proves that Sporttrade can operate in any jurisdiction, with the same great features our customers have come to know us for: instant in-play betting, great prices, awesome liquidity, and the ability to always trade in and out of bets at fair value,” he said in the company’s release.
While Kane said bettors won’t be able to match against another person’s position, the Sporttrade app will still be identical to what’s offered in New Jersey. Those who have Sporttrade accounts in New Jersey will be able to use the sports betting app in Colorado when physically located in the state.
“It is our position that allowing players to use limit orders improves the ecosystem for everyone else,” he told BetColorado in an email Monday. “We hope we can work with the (Colorado Division of Gaming) to offer limit orders in the future.”
Partnering With Easy Street Casino
Sporttrade’s application for a license was approved by the Colorado Limited Gaming Control Commission at its meeting last Thursday. It will partner with Easy Street Casino in Central City.
“Having seen what Sporttrade has already achieved with its innovative and successful launch in New Jersey, we firmly believe that the brand and platform make for an ideal partnership for us in Colorado,” said Roger Brown, General Manager of GF Gaming and Easy Street Casino. “Providing a better odds experience for the player is what GF Gaming has always been about, and Sporttrade Colorado brings that same priority to the sports betting market in Colorado.”
Why Colorado?
While Colorado is not as big a market as New Jersey, it still stands out among the states that have legalized sports wagering since the U.S. Supreme Court overturned PASPA more than five years ago.
Sporttrade noted bettors, some with the help of Colorado sportsbook promos, have wagered more than $12 billion since the first operators launched there in May 2020. A study earlier this year also found that the per capita handle was second only to New Jersey.
“It’s a very healthy market, and a lot of big players have settled down there thanks to all the legal options,” Kane told BetColorado. “Informed customers use as many outs as they can. Informed customers are our best customers, and we know there’s a good amount of them in Colorado.” This is also a state where there are plenty of smaller brands that have done well for themselves, including names like ClutchBet Colorado.
With a second state now in the portfolio, Kane said Sporttrade is ready to launch again. However, he declined to share details about where or when that will occur. Kane has also been active in sports betting social media circles for urging states to establish rules and tax policies that foster innovation and make it easier for smaller operators to succeed.
“We look for informed customers, fair tax rate and access economics, and market size,” he said. The Colorado launch, “proves that we can remain a very lean team and be in multiple states, with the universal account and wallet that some larger incumbent operators still don’t have.”
Sporttrade is not the only exchange-based operator with plans for Colorado. Last week, start-up Novig announced it received $6.4 million in seed funding. It has plans for a fall launch.
