A Philadelphia-based company Sporttrade recently announced a multi-year partnership with the Twin River casino. Through this deal, the company can launch its proprietary betting exchange, a Sporttrade New Jersey app.
The legal US sports betting industry continues to expand at an accelerated pace fueled by the addition of multiple sportsbooks. As the nation’s first true sports betting exchange, Sporttrade is stepping way out of the box with the planned launch in New Jersey sometime this summer.
SPORTTRADE PROS & CONS
To put the pros and cons of Sporttrade in their proper perspective, you need to understand the overall concept behind a sports exchange. A good starting point is the stock market. Shares of company stock are traded based on the perception of value.
The same concept can apply to the value of one sports team over another when playing each other in a head-to-head matchup. This perceived value has an impact on the betting lines.
The biggest pro behind this Sporttrade review is the ability to lock in profit by selling your shares in a team at any time. The initial share price is dictated by a team’s chance to win. Suppose you bought into the Los Angeles Lakers with a winning probability of 35%. You would have the chance to sell those shares at a higher market price if they take an early lead in that game.
You can also buy individual shares of teams and players covering all the major sports leagues (NFL, NBA and MLB). The value of those shares will fluctuate throughout the season based on actual performance.
The biggest con in this Sporttrade review would be the learning curve involved with the Sporttrade app. This is an extremely interesting betting concept. However, there are any number of moving parts that need to be taken into consideration for the average sports bettor.
The stated goal of Sporttrade is to add a new and unique way to bet on the games and sports in general. The company is not looking to compete against traditional sportsbooks. Rather, it is looking to create a new way to invest in your favorite players and teams.
SPORTTRADE AVAILABLE SPORTS
We didn’t find a list of sports available for players on Sporttrade New Jersey, but we can expect all the classics. From matches to leagues, the company should include all the favorites to stay afloat. Here are a few sports you can expect.
SPORTTRADE PROMO CODE & WELCOME OFFER
As part of this Sporttrade review, detailed information on promo codes and welcome bonuses remains a work in progress.
As part of the start-up process, there are no active promo codes tied to registering through the Sporttrade app. This may change once the site goes live.
WELCOME OFFER DETAILS
Registering through the Sporttrade app is free. Along with the use of Sporttrade promo codes, new members can expect to receive a welcome offer to get started.
SPORTTRADE MOBILE APP REVIEW
At this point in time, the Sporttrade app is still a work in progress. However, the site does a good job at explaining this new and unique betting concept in the About section of the site.
There is also a helpful FAQ section that covers most of the basic questions that would normally arise.
HOW SPORTTRADE WORKS
The easiest way to think of the Sporttrade app is a cross between a daily fantasy sports site and a traditional sportsbook.
You are buying stock in the projected outcome of games. You can also buy stock in team and player performances. The better your stock performs, the more valuable the shares.
Changes in share price are impacted by two main factors. The first is how they perform in relation to preconceived expectations. Beating those projections leads to a higher share value and more Sporttrade winners.
The second factor is tied to supply and demand. The more overall shares that are sold across the entire Sporttrade app platform the better. Total shares sold for a particular game, team or player also impacts Sporttrade winners.
IS SPORTTRADE SAFE?
As with any form of online gambling, players can win money and they can lose. As part of this Sporttrade review, it is important to know that this site makes its money on various transaction fees. This is a sports betting exchange as opposed to a traditional sports betting book.
Operating as an exchange, Sporttrade can offer lower fees to help minimize your overall risk. This can also enhance the overall return for Sporttrade winners. The Sporttrade app also offers responsible gaming tools such as setting deposit and spending limits.
SPORTTRADE STATE BY STATE
As mentioned earlier in this Sporttrade review, New Jersey will be the initial live market. The Sporttrade app is expected to officially launch later this summer. This should be accompanied by corresponding Sporttrade promo codes and a welcome bonus.
Future plans call for an expansion into additional states in 2022.
SPORTTRADE EASE OF USE – 3 OUT OF 5
As a new concept, there is going to be a high learning curve with the Sporttrade app. This will be more prevalent during the initial rollout and the early months after launch.
The actual Sporttrade site offers an attractive landing page as well as helpful reference sections. Overall, the Sporttrade app projects a professional online image.
SPORTTRADE PAYMENT OPTIONS – 3 OUT OF 5
Sporttrade has yet to list the banking options for funding an online account or requesting withdrawals.
You can expect to see standard options listed such as credit cards and bank transfers. For the purpose of this Sporttrade review, an average grade was used in anticipation of the site’s actual banking options.
SPORTTRADE CUSTOMER SERVICE – 4 OUT OF 5
The initial information that has been released concerning the anticipated launch has been professional in its presentation. Sporttrade is based in Philadelphia with Bally’s Corp listed as an active partner.
Given the strong credentials in the initial presentation, this Sporttrade review sees customer service as a strong suit once everything does go live.
Let's end this Sporttrade review by answering some common questions about betting exchanges and what we know about this one in particular.
WHAT IS SPORTTRADE?
Sporttrade is an exchange for sports and sporting events. This models “betting” on sports in the same fashion as buying, selling and trading stocks through a financial exchange.
HOW DOES SPORTTRADE MAKE MONEY?
Sporttrade does not charge a commission (or juice) in the similar fashion of a traditional sportsbook. However, there is a slight commission charged on Sporttrade winners.
Sporttrade also makes money by charging low transaction fees for moving funds in and out of an online account. All site fees are tied to the actual use of the exchange.
HOW IS SPORTTRADE DIFFERENT FROM OTHER BETTING PLATFORMS?
Sporttrade leverages the marketplace through the “exchange” business model. The site does not book bets which eliminates inherent risk. Instead, it creates an active buying, selling and trading market for sports and sporting events.
HOW DO I PLACE BETS ON SPORTTRADE?
You start by browsing the events in the offer. Once you find an outcome that you'd like to place a wager on, enter the bet amount, and submit it. Then, wait for another player to match your bet, after which it becomes like a stock, with its value changing throughout the game.
WHEN SHOULD I CASH OUT ON SPORTTRADE?
You're a trader in this scenario. So, you aim to sell your bet at high prices and buy them at lower ones.
There are two reasons to cash out. One, if your bet gained value. Two, if the market turned against you, threatening a loss.
WHAT SPORTTRADE ODDS CAN I SEE?
Sporttrade odds will likely come in two forms, American and Implied Probability odds.
Implied Probability displays odds in percentages, with lower figures implying riskier bets with higher potential returns. However, if you find it confusing, there'll be an option of switching to the American system.
OUR SPORTTRADE VERDICT – 3 OUT OF 5
Summing up this Sporttrade review, this concept may have trouble appealing to the traditional sports betting customer. Given the existing level of competition in the legal US sports betting industry, the sports exchange concept could take longer than expected to catch on.
However, it does offer appeal for anyone looking to diversify their online sports betting activity. Given the strong relationship with daily fantasy sports, Sporttrade will also appeal to DFS fans.
Other great sportsbooks where you can place an online sports bet: