And just like that, Bally’s new owners have another sports betting partnership lined up.
In this case, Twin River Worldwide Holdings, which is in the process of buying the Atlantic City casino, is taking a creative approach to its plans.
Philadelphia-based Sporttrade announced via a press release that it entered into a multiyear partnership with Twin River. The deal will provide an entry point for Sporttrade to launch its propriety sports betting exchange product in the Garden State.
It will be the first of its kind in the US. As far as a timeline goes, today’s announcement did not include a target date.
The partnership is the second to be announced with Bally’s in less than a week. The other is with Esports Entertainment Group.
Both deals are pending based on Twin River securing regulatory approvals and licensing in New Jersey.
And there is that minor detail of completing the casino sale with Caesars Entertainment.
Who in the world is Sporttrade?
Like Esports Entertainment, Sporttrade does not have brand recognition among NJ sports betting customers. In this particular case, it’s because the company is a sports betting startup.
And not just any startup. Sporttrade wants to become the country’s first regulated sports betting exchange once it secures licensing from the Division of Gaming Enforcement.
According to Legal Sports Report, the exchange product will include “tighter margins and better prices, and the ability for sharp players to get bigger wagers down.”
Think of it as sports betting with a financial market twist.
Alexander Kane, founder and CEO of Sporttrade, said the company is prepared “to introduce a truly differential product to the New Jersey market.”
“By applying capital markets technology and market structure to the US sports betting ecosystem, we are creating something revolutionary.
“Sporttrade will establish a first-of-its-kind sports betting venue that will be fair, liquid and transparent, and we look forward to offering customers innovative betting products at significantly lower costs than traditional sportsbooks.”
A unique NJ sports betting approach
The Sporttrade deal is just the latest example of how Twin River is taking an outside-the-box approach to online sports betting in New Jersey.
Being a newcomer to the Atlantic City market, the license holder is permitted three online skins. Sporttrade will provide users a unique experience that no other license holder in the country is offering.
At least, not yet.
George Papanier, president and CEO of Twin River, referred to Sporttrade as a “great addition to our list of unique partnerships we are building in the Atlantic City market.”
Here is more from Papanier:
“They will bring a new, exciting online product offering for our guests, and we look forward to having them join our Atlantic City team.”
Esports Entertainment falls under the same category. The Garden State has yet to approve esports betting legislation. So for now, the DGE approves permitted wagers on a case-by-case basis.
There is one familiar name Twin River is working with … but not for sports.
The PointsBet NJ sports betting app operates via the Meadowlands Racetrack license. To operate an online casino, however, the site must be linked to an AC property.
For Twin River, the trio of deals is proof of how serious it is about the Atlantic City market.