Sporttrade and Twin River Worldwide Holdings, Inc have entered into a multi-year partnership that could change the sports betting market in New Jersey. With this partnership, Sporttrade will be looking to launch their sports betting exchange platform in New Jersey.
The deal hinges on Twin River’s ability to acquire the appropriate licenses to take over Bally’s Atlantic City Hotel and Casino in New Jersey. If this deal goes through, Twin River will hold three sports betting skins in New Jersey, and Sporttrade will have access to one of them.
Twin River has been aggressive in forming partnerships with up and coming sports betting operators in recent weeks, but all of the deals are waiting for Bally’s acquisition. Twin River is a big name in the gaming industry in other parts of the country, but this is their first time breaking into New Jersey.
Sporttrade has been looking for a company to partner with that would give them the ability to unveil their new product. Breaking into the New Jersey market will not be an easy task, but they are offering a new service that has never been seen before.
About Twin Rivers
Twin River Worldwide Holdings, Inc. has emerged as a major force in the growing sports betting industry. Twin River has yet to own or operate a casino in New Jersey, but that is expected to change soon.
The company currently owns and operates nine casinos throughout the United States, with a majority of their properties being in Colorado. Twin River Worldwide Holdings owns two major casino properties in Rhode Island, but they have been looking to expand.
Shares for Twin River are traded on the New York Stock Exchange under the ticker symbol, TRWH. Their casino properties range from locations with just a couple hundred slots to large casinos that feature a few thousand different gaming opportunities.
Sporttrade is based out of Philadelphia, Pennsylvania, but they have decided to give the market in New Jersey a try first. The company will provide the first sports betting exchange program in the history of the United States when they launch.
Sporttrade believes that there is a market for this type of program, and they are expected to become a major force in the New Jersey market. Their team is put together with experts from the iGaming, sports betting, and capital markets industries.
New Jersey Market Continues to Thrive
The New Jersey sports betting market continues to be one of the leaders in the entire industry, and even the COVID-19 pandemic could not slow things down. In July, the sports betting handle blew past the July 2019 numbers, and the industry is expecting even bigger things in the coming months.
Some of the industry’s biggest names have launched an online sportsbook in the state, and that has created plenty of competition. Bettors in the state are offered some great promotions from sportsbooks in an effort to entice them to sign up for a new account.