Twin River Partners With Sporttrade in New Jersey for First US Sports Betting Exchange

  • Twin River Worldwide Holdings is giving one of its three online sports betting skins to Sporttrade
  • Sporttrade claims that it will be the first regulated sports betting exchange in the US upon launch
  • The deal is conditional on Twin River finalizing its deal to purchase Bally’s Atlantic City
  • Twin River also recently partnered with PointsBet and Esports Entertainment Group in New Jersey
betting exchange board
Twin River has partnered with Sporttrade in New Jersey, giving it one of its three available skins to launch the first US sports betting exchange. [Image: Shutterstock.com]

A new exchange offering

Twin River Worldwide Holdings has given one of its three New Jersey online sports betting skins to a new exchange betting startup called Sporttrade.

Philadelphia-based Sporttrade claims that it will be the first regulated sports betting exchange in the country upon launch. The startup’s founder and CEO, Alexander Kane, said the company is “thrilled” to partner with Twin River as it gets ready to offer “a truly differentiated product to the New Jersey market.”

significantly lower costs than traditional sportsbooks”

Sports betting exchanges are already popular in the likes of Europe, but the idea has not yet really been seen in the regulated US market. According to Kane, the exchange will be “fair, liquid, and transparent”, offering innovative betting products to people at “significantly lower costs than traditional sportsbooks.” 

Confirmation still needed

Confirmation for this multi-year partnership does depend on Twin River finalizing its purchase of Bally’s Atlantic City Hotel and Casino from VICI Properties and Caesars Entertainment. The $25m sale was initially agreed upon back in April and is expected to be completed during the first quarter of 2021. 

The acquisition was subject to the Caesars Entertainment merger with Eldorado Resorts moving forward as planned. The merger was successfully completed in July, with Twin River also buying the MontBleu Resort Casino and Spa in Lake Tahoe and the Eldorado Shreveport Resort and Casino in Louisiana from Eldorado Resorts. 

Recent Twin River partnerships

Twin River has already entered into a partnership with Australian gambling operator PointsBet to launch an online casino in New Jersey. It also previously gave one of its online sports betting skins to the Esports Entertainment Group. The latter deal was announced on August 21; the proprietary platform will offer betting on all sorts of different esports events. 

At the moment, the New Jersey Division of Gaming Enforcement only allows esports betting in the state on a case-by-case basis. However, there are plans in the works to ease this rule and allow esports betting to become the norm in a similar fashion to traditional sports. Esports Entertainment Group went public earlier in 2020 through an initial public offering (IPO), raising approximately $6.2m.

Twin River still has the ability to partner with one more sports betting operator in New Jersey or launch its own online sportsbook.