- Legal States
Julie Moraine August 25, 2020 3 min read
Sporttrade Teams up with Twin River to Launch Sports Betting in NJ
The casino operator Twin River signed a multi-year partnership with the sports betting startup Sporttrade. Under the partnership, Sporttrade will be able to launch sports betting in New Jersey once Twin River completes the acquisition of Bally’s Atlantic City Hotel and Casino.
Multi-Year Partnership between Twin River and Sporttrade
The Philadelphia-based sports betting startup Sporttrade signed a multi-year partnership with Twin River Worldwide Holdings. The partnership will see Sporttrade launch sports betting in New Jersey, following the regulatory approvals on the acquisition of Bally’s Atlantic City Hotel & Casino by Twin River. The acquisition deal for $25 million was struck back in April. However, Twin River had to wait for the megamerger of Eldorado-Caesars which was completed back in July.
Currently, the deal is pending the approval of the state’s regulators. Once Twin River completes the acquisition, the company will receive the rights to three sports betting skins in New Jersey. Under the deal which was signed today, Sporttrade becomes the second skin of Twin River which will be able to launch sports betting in the state. The first skin was received by PointsBet following a deal signed earlier this month.
Commenting on the subject, the President and CEO of Twin River Worldwide Holdings, George Papanier shared his excitement. He said that Sporttrade will be a great addition to Twin Rivers’ list of unique partnerships that the company is building in the Atlantic City market. “They will bring a new, exciting online product offering for our guests and we look forward to having them join our Atlantic City team,” added Papanier.
Sporttrade to Release a Truly Differentiated Product on the New Jersey Market
Alexander Kane, Founder and CEO of Sporttrade said that the company is thrilled to partner with Twin River. He outlined that Sporttrade prepares to introduce “a truly differentiated product to the New Jersey market”. Kane continued by saying that with the applying of capital markets technology and market structure to the US betting ecosystem, Sporttrade is creating a revolutionary product.
The new sports betting venue by Sporttrade will be first-of-its-kind offering transparent, liquid, and fair services. In conclusion, Kane said that Sporttrade is looking forward to offering innovative betting products at significantly reduced costs when compared to traditional sportsbooks.
The Philadelphia based private company Sporttrade was created in 2017. The company is known for its pristine team of professionals with experience in the sports betting, iGaming, and capital market fields. With the most recent deal, Sporttrade is on its way to entering the US regulated sports betting market by introducing revolutionary products for sports fans.
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Business August 25, 2020