Philadelphia-based Sporttrade Inc. has announced a strategic partnership Caesars Entertainment Inc. (Nasdaq: CZR) to bring its sports betting exchange to Indiana. A betting exchange is marketplace that allows bettors to wager against each other at lower fees than those offered by a traditional sportsbook.
A betting exchange is a marketplace that allows bettors to wager against each other at lower fees than those offered by a traditional sportsbook.
Sporttrade claims its platform is modeled after the financial markets.
“Penn National and Caesars Entertainment believe in our vision of elevating the sports betting industry and see the opportunity to make sports betting more akin to capital markets and tap into growth of retail stock and crypto traders, as well as attracting traditional sports bettors,” said Sporttrade Chief Executive Officer Alex Kane.
Pending regulatory approval, Sporttrade will make its platform available to sports betters in Indiana through Caesars, as well as Louisiana through Penn National Gaming (Nasdaq: PENN).