By acquiring Momentum Sports, Sporttrade gained market access to Colorado. The company plans to launch its unique sports betting exchange services in the first half of next year.
Sporttrade Acquires Momentum Sports, Prepares for Colorado Entry
Sports betting company Sporttrade announced Wednesday that it acquired Momentum Sports and Entertainment. Momentum Sports is a Denver and Colorado-based sports betting company that owns and operates Internet Sports Betting Operator License via market access agreement with GF Gaming and its affiliate Easy Street Casino.
Consequently, under the acquisition, Sporttrade will be able to launch its revolutionary sports trading experience platform for Colorado customers. While regulatory approval is pending, the launch is expected to happen in the first half of 2022. Besides Colorado, Sporttrade also plans a launch of its services in New Jersey later this year.
Sporttrade Continues to Grow
The company’s expansion to Colorado follows a recent announcement of a $36 million fundraiser. Participants in the fundraiser included Jump Capital, Impression Ventures, Tower Research Ventures, and Hudson River Trading. Additionally, Tom Wittman, former NASDAQ stock exchange CEO, and Jim Murren, former MGM Resorts CEO have also joined the fundraising.
Sporttrade was founded only a few years ago, in 2018. The company aims at elevating the sports betting industry by offering a stock exchange technology for sports betting. The technology allows participants to trade sporting events as if trading stocks. The company’s innovative platform offers users more liquidity, as well as unique features and the ability to trade bets in and out at any time.
The Company Is Pleased to Announce Colorado Launch Plans
Alex Kane, Sporttrade’s CEO and founder, said that the company is pleased to announce its plans for the Colorado launch. Additionally, he said that the state has seen the potential of sports betting and its fan base is thriving. Kane revealed that while Sporttrade is focused on expanding in the US, the company will continue to refine its sports betting exchange service, providing users with a technologically advanced, secure, and transparent platform to bet on.
“We are pleased to announce Sporttrade’s launch plans in Colorado.”Alex Kane, CEO and founder, Sporttrade
Roger Brown, general manager and director of gaming operations at GF Gaming added that Easy Street Casino is thrilled to partner with Sporttrade. He stressed that together, the two companies “will pave the way for eager sports fans in Colorado to participate in a new and exciting way to wager online.“
Dan Kelliher, Momentum Sports founder also shared his excitement about the recent announcement. He outlined that Momentum Sports “was founded to generate community-focused economic growth.” Now, according to him, Sporttrade’s unique sports betting model will further boost the sports betting growth in Colorado and help the industry evolve.