When we heard that the US was about to get its first-ever betting exchange, we had to take a look. While this Sporttrade review had seen betting exchanges in Europe before now, we’d never seen anything quite like this.
What Sporttrade have done is combined what we would easily recognize as a sportsbook with what some of us would see as stock trading, to create a way to buy and sell wagers on sporting events. This Sporttrade review will take an in-depth look and report back on whether this could change the future of placing a wager online.
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As you’ll see in greater detail later, this operator is not the house, but instead offers a platform for buyers and sellers to make a betting odds comparison, then buy or sell bets for any sporting event. As they are not the house in this arrangement, you are probably wondering how they could possibly offer any sort of bonus?
That question will have to go unanswered for the moment as Sporttrade are still in the final stages of going live. However, this Sporttrade review has seen how betting exchanges work in Europe, where they have been part of the wagering landscape for over a decade, and we can see a lot of parallels with what is happening here.
With this in mind, we can suggest that what Sporttrade might offer in the way of a bonus will mirror what we see over there, which is a number of small ‘risk-free’ bets to get you started. However, exactly how that will translate to the Sporttrade format is yet to be seen.
With the site still in development, no conclusive verdict can be made. However, from the limited access that was available, the design is familiar enough that it won’t seem alien to anyone who is an experienced bettor and straightforward enough that the new concept behind Sporttrade is clearly set out and easy to understand.
Where a sportsbook user might normally see a market with odds, this is now replaced with options to buy and sell bets on events and the prices or ‘contracts’ involved in doing so. Based on this principle the live site should be easy to navigate to place and close trades.
From our limited access, many of the normal things you would see are there, except they have been renamed to fit in with the concept of the site and the trading principles at its center. So, instead o a section that shows the bets you have in play, the section is called my portfolio, and lists the trades that are not yet closed, either by trading out or the event coming to an end.
Overall, the green and white color scheme is unfussy and workmanlike, and while the site might not win any awards for design, it certainly will help you place your trades without too many distractions. Your account details are where you would expect to find them, and, in short – if you have used a sportsbook before you will face no real challenges finding your way around Sporttrade.
With the project still to launch, the number and types of payment methods accepted are still unknown. However, as this site has a bespoke design, there will be none of the restrictions on payment methods you might find from some sportsbook operators who use off-the-shelf software to run their website.
This means that the range of ways to fund your Sporttrade trading account is an open book. With that in mind, you might expect to see card payments accepted, as well as other methods including bank transfers and deposits from e-wallets – these are usually standard options at new US sportsbooks. Limits and fees are currently unknown, but we do know that customers are able to set their own limits for deposits in line with the Sporttrade responsible gambling policy.
As the site is still in development, none of the current information lists customer support contact details, although a general enquiries email address is available. This is a temporary measure, and it would not be unreasonable to expect that it will be replaced by at least email and telephone options in the near future.
As Sporttrade is unique to the US (and more specifically New Jersey) for the immediate future, it is currently only available to view in English, and there is no information available about any prospective changes.
Being a brand new sports trading operation, you would not expect to see any Sporttrade reviews from users, unless they were beta testers, although none of those were available while carrying out this Gambling Guy Sporttrade review.
Given that this site will introduce a new concept to US sports bettors, this Sporttrade review would hope to see an extensive help center and education section on the finished site, as the current FAQ section is of good quality if a bit limited.
Sporttrade Inc. is not currently listed on the stock market but instead is currently gaining funding via Nasdaq Ventures and has the former CEO of Nasdaq as a board member, so it appears they have some heavyweight backing for this operation.
Despite being based in Philadelphia, when this operator launches, it is expected to be in New Jersey under licensing by the New Jersey Division of Gaming Enforcement. This is expected soon, with expansions to other states to follow.
The exact details of their other policies are currently unknown, except information on their responsible gambling policy from their current FAQ section, although you would expect the standard KYC and verification processes already used by regular sportsbooks to apply here also.
As Sporttrade has much in common, and what would appear to be a similar commission-based system, as betting exchanges in Europe, they may be in a position to offer the same long-term benefits to frequent users.
For European sportsbooks, often preferential commission rates were offered for returning customers, but that was mainly due to competition with other betting exchanges. As Sporttrade currently has zero direct competition, they may not take this route, and not feel there need to offer incentives to stick around, as their USP is that they are more cost effective than sportsbooks for trading on sporting events.
A betting exchange may look a little like a regular sportsbook, but it doesn’t really work like one, so there are two things to consider when looking at betting markets. Firstly, the potential is there for the operator to offer any market that any other sportsbook currently does. That means every sport, and every possible straight bet you would find at your normal sportsbook you can also potentially trade on here. However, the key word there is potentially.
While these markets exist, because the operator here is not ‘the house’ they do not define what will be available. This is done by other users putting money in the market for you to take a position against. This means that if there is no money in the market, you can’t trade it. Or, if there is money in that market, but only a limited amount, the amount you could trade would be restricted as a result.
This is called liquidity and will be a key factor in your strategies when using Sporttrade. If Sporttrade works like foreign betting exchanges, the amount of money in any market will increase as the start of the event approaches, so larger trades can be completed, and positions closed. Theoretically, this can mean that you can lock in a profit before the event even begins.
Looking for a betting odds comparison? As with the betting markets, the ‘odds’ are not set by the operator, but by the other users of the betting exchange. This is not done on a one-to-one basis, so you are not taking the opposite position to a single person, but all of the money placed on the opposite outcome to yours is pooled together.
Because the operator is not the house, they will have little control over the money that is on either side, so the concept of odds doesn’t really apply here either. So, while you might expect to see odds in the traditional American format like you would at a regular sportsbook, that’s not what you are going to see here.
You won’t see anything in decimal or fractional odds either, as Sporttrade have replaced these with another indicator which is, on balance, probably simpler. They are basing this on probability, so if for instance, the Steelers have a 47% chance of winning, what you’ll see where you might expect to see the odds will be a ‘47’.
As this is defined by other users, the operator will not be able to offer any preferential ‘odds’ although while there is little money in a market, there might be the possibility of making the equivalent of a ‘value bet’. Also, as things stand (and looking again towards how European betting exchanges work) exotic bets have no real parallel in this format, so those types of operator offers probably won’t be available either.
Given what you’ve already read, you might expect the live betting markets to be fast and furious. In principle that could be true, but as this exchange is not yet live, any expectations would have to be based on what we have seen on European betting exchanges.
If live trading on Sporttrade reflects this, you would be able to live trade on any of the markets that you could before the event started. That aspect would seem very familiar to regular sportsbook users, as will closing out an in-play trade to anyone who has used a sportsbook with a cash out button.
You will also know from that experience, that speed is vital here as you watch the markets and either lock in a profit while you are ahead, or close out a losing position to stop things getting worse.
There is no indication so far as to whether Sporttrade will be live streaming any events or not, or even if the same graphical representation of in-game action used by many sportsbooks will be used. However, as many online bets are placed by those watching the event on TV or in a bar, you might expect live trades to be made the same way.
The subject of limits is one with two answers. The first is that there are currently no defined limits for trading amounts on the site so far, or any written indication on the terms and conditions or FAQs currently viewable on the site. While these might be defined at a later date, as the operator here does not act as the ‘house’, they might have to rely on other limits.
As you have already seen, the amount of money available for any particular trade is not defined by the operator but by other customers funding the opposite position with their money. In principle then, the limit for any particular transaction is the money available, or the ‘liquidity’.
As discussed earlier, this liquidity could increase as the start of the event approaches, so in effect the limits at any given time are variable. So, while the limit 48hrs before a game could be hundreds of dollars, just before kick off it could easily be tens of thousands. As already mentioned, however, no formal limits have been defined by the operator.
One limit they have outlined though, is the ability for a customer to self-limit the amount of money they can use.
Sporttrade has much to recommend it. The extra options offered by a sports trading platform should not be underestimated by experienced sportsbook users, or those who might not want to take time to learn the principles involved.
While straight sports betting means you place a bet and have to await the outcome, sports trading allows you more control to exit a position to your advantage if the opportunity presents itself. While the sums involved can mean your profit from a trade might be smaller than a winning bet, at the same time, closing out a losing position before the end of an event can reduce any losses.
The benefits of this might not be immediately obvious but using a platform like Sporttrade can open up a whole range of new strategies that would not have been possible by just using regular sportsbooks.
Even though Sporttrade is yet to fully go live, and when it does will initially be limited to just New Jersey, the potential of betting exchanges makes this something you might want to be involved with, as soon as you can.
Sporttrade is a betting exchange that enables sports trading, which is a new concept in the US – although sports trading has been popular in the UK for over a decade. While users of a regular sportsbook might find some parts of Sporttrade familiar, other areas will need more explanation. By checking out our Sporttrade review and US sports betting guide, you will be able to find all of the answers you need
Sporttrade is not a regular sportsbook as we would understand it. For this reason, the different look and concept behind Sporttrade can make it seem like a scam. For this reason, this was one of the first things that our reviewers checked out when they came across this operator. To discover what they found out, including whether Sporttrade is legit, check out our comprehensive sportsbooks and betting sites 2023 review.
Sporttrade is a brand new operator that is expected to be licensed in New Jersey. Because it is new, things like bonus offers can be very different to anything you have seen before, and because Sporttrade is not a regular sportsbook either that means that the bonus offer was checked out in our Sporttrade review
Even though Sporttrade is still a work in progress, it is easy to see the potential here and how it could turn sports betting on its head in the US. The prospect of fusing a regular sportsbook with the trading options you might find on the stock exchange has been a huge success in Europe and could do the same here.
Even though the concept might seem odd at first, and terms like contract and portfolio are not ones you would usually see on a sports betting site, the basic principle of selling something for more than you paid for it is universally seen as a good idea, and that is what is at the center of successfully using Sporttrade.
Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.
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