Philadelphia-based sports betting fintech platform Sporttrade has announced its acquisition of Denver-based Momentum Sports and Entertainment. The move will allow the sports betting platform to expand into the state of Colorado.
Colorado’s growing sports betting community
Momentum Sports holds a sports betting operator license through an agreement with GF Gaming and its affiliate Easy Street Casino. Sporttrade’s Colorado sports betting license will now be held by Easy Street Casino.
Momentum Sports founder, Dan Kelliher, is proud of the acquisition. He 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.”
A win for players
This news comes just weeks after Sporttrade announced it had raised over $35m (£25m) in funding. Investment came from a number of key figures and companies in the financial and gaming industries such as former CEO of MGM Resorts International Jim Murren and former CEO of the Nasdaq Stock Exchange Tom Wittman.
Funding will contribute towards customer acquisition, state expansion, and continued investment in a first-class team down the line.
As a result of the transaction, players in Colorado can place bets through a separate Sporttrade app that is set to launch in the first half of 2022.
A brief history of Sporttrade
Founded in 2018, Sporttrade has raised the bar for the sports betting industry. Its open betting marketplace is unique in that it gives players the opportunity to trade sporting events as they would trade stocks. It also benefits from tighter spreads and greater liquidity. Players can also trade in and out of bets at any given time.