Sporttrade, the “first and only” sports betting trading market in the US, has joined the International Betting Integrity Association (IBIA). The Pennsylvania-based company recently launched in New Jersey, and its entry into the IBIA, according to the company, is an effort to support transparency and fairness in the sports betting market.
Sporttrade took its cue from other trading markets, like equities and options. It allows users to trade positions on sports results just like they would in those other markets.
Integrity in all sports-related activity, including sports betting, is at the forefront of several global initiatives. By aligning itself with the IBIA, Sporttrade will embrace the organization’s charter of ensuring the legal sports betting industry operates in accordance with established laws and regulations.
The IBIA includes gaming operators and companies across the globe and represents almost 50% of all regulated online betting companies. These account for more than $137 billion in annual wagers, according to the organization, and its presence in North America continues to grow.
The organization works with regional and international sports groups and agencies to tackle match-fixing and corruption in sports. As it adds new members and improves its approach, the IBIA and its members will be in a better position to fulfill their mission.
We are committed to promoting fair, transparent and efficient open sports betting markets. Our membership in the IBIA and our use of industry-leading technologies, such as Nasdaq market surveillance, are critical to achieving this promise,” said Sporttrade founder and CEO Alex Kane.
Now, in the US, the IBIA’s members cover around 70% of the regulated online betting revenue. This is significant, as the entity only launched in the country this past February.
Among its first members were DraftKings and FanDuel. It now has licenses in seven states and, as the country continues to advance its legal sports betting industry, this number will continue to grow.
Sporttrade Finds Its Niche
In sports betting, bettors typically choose a side – favorite or underdog on the moneyline, over or under on the total. The outcome of the wager is clear in that the bet either wins or loses.
Sporttrade gives bettors a little more flexibility. Its users can move in and out of wagers almost at will, allowing them to better manage the results of their bets.
They can realize greater profits or cut their losses with greater ease, even during a competition. If things aren’t going the way they expected, bettors can trade out their bets and cut their losses.
The model, which is similar to that of PredictIt and its political exchange, launched in its first state, New Jersey, last month. Since then, according to the company, it has begun to develop a substantial following.
Founder and CEO Alex Kane reported recently that the company matched 6,500 contracts in the first 17 days of operation. Of the more than 1,500 trades it handled in that period, 27% concluded during sports contests.
Its launch is also bringing with it an inauguration into the legal field. Sporttrade tapped Xpoint to provide it with geofencing capabilities in New Jersey, and GeoComply isn’t happy. It has an established geofencing solution and accuses Xpoint of infringing on its technology.
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