As sports betting continues to evolve, Louisiana remains at the forefront. After the successful launch of mobile wagering in January, the state will welcome sports wager trading next year. Sporttrade operates much like Robinhood or Coinbase, except with sports instead of stocks. CEO Alex Kane says that brings a completely new dimension to the betting landscape.
“It’s an application of trading that allows you to take exactly how you may trade stocks, or options, or cryptocurrencies and apply that exact same dynamicism, excitement, entertainment, and fun to a sports outcome,” he said.
Sports trading is new to the U-S but has been active in the UK where betting exchanges account for nearly 10 percent of all wagers. Kane says it’s a concept that easy to understand and utilize because bettors no longer have to deal with point spreads or money lines.
“I think this is possibly a more approachable form of betting,” said Kane. “It’s a lot simpler. When customers in Louisiana see our mobile app and see the interface, they’re going to see a much less crowded user experience that’s much simpler.”
Sporttrade made its commitment to Louisiana prior to the launch of mobile betting, based on a number of factors. The record-setting debut last month only served to reinforce the company’s decision to set up shop here.
“We took a little bit of a leap of faith from the state knowing it has a ton of sports fans, it’s got a really engaged fan base,” Kane said. “When we ultimately saw the numbers for January, I think it was even above and beyond our expectation.”
Sporttrade launches in New Jersey and Colorado this summer with a narrow focus on pro and college football and basketball, Major League Baseball, and pro golf.
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