PHILADELPHIA, Aug. 4, 2021 /PRNewswire/ -- Sporttrade, a Philadelphia-based fintech, sports betting company, today announced the acquisition of Momentum Sports and Entertainment Inc. ("Momentum Sports"), a Denver, Colorado-based sports betting company, which owns and operates an Internet Sports Betting Operator License through a market access agreement with GF Gaming and its local affiliate Easy Street Casino. The transaction will allow qualified participants in Colorado to access a dynamic sports trading experience through the Sporttrade iOS app upon its launch in the first half of 2022.
"We are pleased to announce launch plans in Colorado, a state that has been an early believer in the growth and potential of legalized sports betting with thriving fan bases across multiple professional and college sports teams," said Alex Kane, Founder and CEO of Sporttrade. "Our team looks forward to expanding our presence across the U.S., while continuing to refine our sports betting exchange to provide Sporttrade's passionate user base with a secure, transparent and technologically advanced platform from which to wager."
Founded in 2018, Sporttrade was built to elevate the sports betting industry by utilizing proven exchange technology and processes to enhance and democratize the traditional betting experience. Sporttrade's open betting marketplace allows participants to trade sporting events the same way they trade stocks, with tighter spreads, more liquidity, and unique features like "always on" in-play trading, and the ability to trade in and out of bets at any time.
Dan Kelliher, Founder of Momentum Sports, said, "Momentum Sports was founded to generate community-focused economic growth. With Sporttrade's unique sports betting model, they are the only sports betting platform that provides a true capital market experience to their customers and we are proud to transition our gaming license to Sporttrade to serve Colorado's growing sports betting community and to continue to evolve the industry."
Sporttrade's Colorado sports betting license will now be held by Easy Street Casino.
"Easy Street Casino is thrilled to partner with the Sporttrade team as they make their way into the growing Colorado sports betting market. Together, we will pave the way for eager sports fans in Colorado to participate in a new and exciting way to wager online," added Roger Brown, General Manager & Director of Gaming Operations at GF Gaming.
Sporttrade's expansion into Colorado follows its recent announcement of a $36 million fundraise, which included proceeds from Jump Capital, Impression Ventures, Hudson River Trading, Tower Research Ventures, Jim Murren, former CEO of MGM Resorts International and Tom Wittman, former CEO of the Nasdaq Stock Exchange. Terms of the transaction were not disclosed.
About Sporttrade Inc.
Sporttrade is the first regulated sports betting exchange in U.S. history. Sporttrade is led by an accomplished team from sports betting and capital markets backgrounds. The company is based in the Philadelphia, Pennsylvania area. For more information visit http://sporttrade.com/.