Sporttrade is coming to New Jersey.
The fledgling Philadelphia-based sports gambling firm on Tuesday announced a multi-year partnership with Rhode Island-based Twin River Worldwide Holdings for online/mobile sports gambling in New Jersey. Twin River, owner-operator of nine casinos in five states, is awaiting regulatory approval to acquire Bally’s Atlantic City Hotel & Casino.
Upon completion, Twin River will own the right to three online sports betting skins in New Jersey.
“We are thrilled to partner with Twin River as we prepare to introduce a truly differentiated product to the New Jersey market,” Alexander Kane, founder and CEO of Sporttrade, said in a statement. “By applying capital markets technology and market structure to the U.S. sports betting ecosystem, we are creating something revolutionary. Sporttrade will establish a first-of-its-kind sports betting venue that will be fair, liquid, and transparent, and we look forward to offering customers innovative betting products at significantly lower costs than traditional sportsbooks.”
According to Sportttrade, it is “poised to enter the U.S. market with the first regulated sports betting exchange in the country’s history.” It intends to operate in additional states.
“Sporttrade will be a great addition to our list of unique partnerships we are building in the Atlantic City market,” George Papanier, president and CEO of Twin River, said in a statement. “They will bring a new, exciting online product offering for our guests and we look forward to having them join our team.”
Terms of the partnership deal were not disclosed.
Twin River making moves
Earlier this year, it was announced that Twin River would acquire Bally’s Atlantic City from Caesars Entertainment for $25 million in cash. Twin River also announced a deal to acquire the Eldorado Shreveport Resort and Casino in Louisiana and the Mont Bleu Resort Casino & Spa in Nevada from Eldorado Resorts for a combined $155 million. The deals came as Caesars and Eldorado were in the process of merging.
The deal for Bally’s Atlantic City is expected to close in the fourth quarter, meaning a Sporttrade online gambling launch probably won’t come until 2021. A launch timeline wasn’t made public.
In an April presser announcing the deal for Bally’s, Caesars said that following the sale it will continue to operate the Bally’s retail sportsbook, which will become part of its adjacent Caesars casino.
Twin River indicated in the spring that it plans to build out a new retail sports betting space. Additionally, Twin River is eyeing online casino gambling.
In addition to the Sporttrade partnership, Twin River has inked deals with PointsBet and Esports Entertainment Group for online/mobile sports gambling in the state.
“PointsBet will be a great addition to our growing partnerships with innovative leaders around the world,” Papanier said in the statement. “Adding an exciting iGaming experience with such a prominent partner, as well as significant property upgrades to the Bally’s facility, including renovated hotel rooms, a full-service spa, updated convention space, revitalizing the slot floor, and dramatically improving the food and beverage amenities, we have an ambitious plan to fundamentally transform the property. We are also extremely excited to have the opportunity to participate in the best-in-class mobile gaming environment that New Jersey has created and that we believe will bring new and innovative offerings to the market.”
PointsBet, an Australia-based firm, is already a top player in the New Jersey sports betting space under a deal with the Meadowlands Racetrack.