Sporttrade Announces Strategic Investor To Enhance Sports Betting Markets

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Oct 04, 2024, 08:47 ET

PHILADELPHIA, Oct. 4, 2024 /PRNewswire/ -- Sporttrade Inc. ("Sporttrade"), a Philadelphia-based sports betting operator, is pleased to publicly announce that it has added strategic investor SIG Sports Investments Corp. (collectively with its affiliated entities, "SIGSports Analytics").

In addition to providing substantial growth capital to the business through two separate investments dating back to 2023, SIGSports Analytics is working to enhance Sporttrade's key markets by providing additional liquidity and improved pricing to high volume markets across a variety of sports and contract types in the coming months. SIGSports Analytics plans to incrementally improve markets on Sporttrade later this year with a long-term focus on creating a highly liquid sports betting platform emphasizing best-in-class pricing.

Funding is being used for customer acquisition, expansion into additional states, and continued investment into the platform and underlying technology.

"Today's announcement represents an impactful milestone for Sporttrade," said Alex Kane, Sporttrade's Founder and CEO. "SIGSports Analytics shares the same vision for the regulated sports betting opportunity in the US; to create a highly differentiated player experience powered by stellar liquidity."

Sporttrade is currently offering its premium sports betting product in Arizona, Colorado, Iowa, and New Jersey and has been approved to launch in Virginia. The company is hopeful Virginia players will have access by late October. Sporttrade is focused on continued state expansion over the months and years to come.

Commenting on the investment, Joe Grubb, Vice President of SIGSports Analytics, said: "With the US sports betting industry still in its early stages, we believe there is an underserved portion of US consumers hungry for a sports betting platform that prioritizes cutting edge pricing and offers liquidity unmatched by the current regulated market. We have been impressed with what Alex and the entire Sporttrade team have built thus far and look forward to beginning to address these industry wide challenges alongside Sporttrade."

About Sporttrade Inc.: Sporttrade was borne out of the belief that the golden age of sports betting has yet to come. Combining proprietary technology, thoughtful design, and capital markets expertise, our platform endeavors to modernize sports betting for a more equitable, responsible, and accessible future.

Sporttrade is led by an accomplished team from sports betting and capital markets backgrounds. The company is based in the Philadelphia, Pennsylvania area. For more information visit us at getsporttrade.com and follow us on Twitter @sporttrade_app, and Instagram sporttrade_app.

About SIGSports Analytics: SIGSports Analytics is a member of the Susquehanna International Group of Companies ("Susquehanna"), one of the largest proprietary, global financial trading firms with more than 3,000 employees in offices throughout the world. SIGSports Analytics was founded in 2016 with a mission to bring better liquidity to sports betting markets by leveraging Susquehanna's capital and trading expertise.

Sporttrade media contact:
[email protected]
www.sporttrade.com

SOURCE Sporttrade Inc.