Sporttrade, a sports betting company based in Philadelphia, has announced the acquisition of Momentum Sports and Entertainment Inc. (Momentum Sports), a Colorado sports betting company based in Denver that owns an Internet Sports Betting Operator License with GF Gaming and its local affiliate Easy Street Casino. This will offer a dynamic sports trading experience to qualified participants through the Sporttrade iOS app that will be launched in the first half of 2022 in Colorado.
Alex Kane, Founder and CEO of Sporttrade, said, “Our company is pleased to announce about our launch plans in Colorado, a state which is known for being the early believer in growth and potential of legalized sports betting due to its thriving fanbases across various professional and college sports team.” He added, “Our company looks forward to expanding our presence across the US while continuing to offer our passionate users a secure, transparent, and technologically advanced platform from which to wager.”
Sporttrade was started in 2018 with a mission to upgrade the sports betting industry through the latest technology and processes to improve and normalize the traditional betting experience. The open betting marketplace of Sporttrade offers the users an experience of trading sporting events in the same way of trading stocks, also more liquidity, tighter spreads, and unique features like “always-on” in-play trading, and also allows them to trade in and out of the bets at any time.
Founder of Momentum Sports, Dan Kelliher, said,
Momentum Sports was founded with a mission to build a community-focused economic growth. And with the unique sports betting model of Sporttrade, the only sports betting platform that offers their users an experience of true capital market and we are excited for the transition of our gaming license with Sporttrade to serve Colorado’s sports betting community better with continuing to evolve the industry.
Colorado sports betting license of Sporttrade will now be held by Easy Street Casino.
Roger Brown, General Manager and Director of Gaming Operations at GF Gaming, said,
Easy Street Casino is excited to partner with the Sporttrade as they make their way into the growing market of Colorado sports betting. The partnership will lead us in paving the way for our thrilling Colorado sports fans to participate in exciting new ways to wager online.
After the expansion of Sporttrade into Colorado, they announce fundraise of $36 million, which included proceeds from Impression Ventures, Jump Capital, Tower Research Ventures, Hudson River Trading, Jim Murren, former CEO of MGM Resorts International, and Tom Wittman, former CEO of the Nasdaq Stock Exchange. No disclosure of the Terms of the transaction.