This firm has just launched in Virginia, its fifth state, and it’s now focusing on the product and making it as intuitive as possible. By Damian Martinez, journalist at G&M News.
As the leader of a growing company, what are the biggest challenges you’ve faced in building Sporttrade, and how have you overcome them?
The biggest challenges are building and developing product market fit. In a sense, it’s the only thing that matters, but doing so in a highly regulated and competitive industry means that there are a lot of distractions/things that pull you aware. As of late, we as a team decided to go completely all-in on what makes us different and focus on making our experience as intuitive as possible.
Sporttrade was born out of the belief that the golden age of sports betting is yet to come. Can you elaborate on this belief and what specific trends or innovations you see leading to this golden age?
In short, we believe the majority of sports betting volume at maturity in the United States will be on a marketplace, where players can access fair prices and an extremely differentiated experience. It will take time to build this marketplace, to get licenses in all the low-cost states, and to build up the brand around what we’re building. To us, this means two things. The first one, incredibly high limits at market leading prices, such that players are paying 80% less fees for the exact same bet anywhere else. The second one is an experience rooted in probability and simplicity, much like what we’re seeing with Polymarket and Kalshi. Sporttrade won’t be perceived as a sportsbook, but rather a true marketplace where it’s so easy to see that the 76ers have a 42% chance to beat the Bucks, and placing a bet on the 76ers will mean your position has a fair liquid value throughout the game.
The company has recently announced SIG Sports Investments Corp as a strategic partner. How does SIG Sports Analytics enhance Sporttrade’s market offerings, and what does this partnership mean for the future of the platform?
SIG Sports will ultimately provide liquidity to many outcomes listed at our venue. It’s not something that’s happening at scale right now, but they’re an essential part of our vision in creating extremely liquid markets pre-game and in-play. It’s been awesome working with that team, they share the same vision.
The deal with the Quechan Tribe has allowed your firm to launch in Arizona. How has this collaboration shaped Sporttrade’s entry into its fourth U.S. state?
We were happy to find a partner in Quechan that gave us access to Arizona. They are our land-based partners. They understood our view to provide an incredibly differentiated experience to players.
What is your perspective on the current state of sports betting regulation in the United States? Are there any regulatory hurdles that you believe need to be addressed to allow for further innovation in space?
We have found a way to get into every state so far and I expect that to continue. From an innovation perspective, I think there needs to be an alternative licensing path for smaller startup and modern companies into the OSB space within states with high barriers to entry. Competition is a good thing.
With your platform now live in five states, what are your key expansion plans for the next year? Are there any new markets or regions you’re particularly excited about?
We have just launched in Virginia, our fifth state, and we’re now focusing on the product and making it as intuitive as possible. It won’t be until 2025 when we’re expanding geographically again.
