Brand licensed in five states
Philadelphia-based sports betting exchange Sporttrade has announced it has received licensing approval in Virginia. The company called the timely move into its fifth state “a no-brainer.” Despite the news coming out hours before the start of the 2024-2025 NFL season, sports fans in the Commonwealth will have to wait until October to bet with Sporttrade.
The brand, however, took to X to alert Virginians that while “premium sports betting” is still on its way, bettors in the Commonwealth can sign up now and receive a welcome offer:
A sign of the times is that more sportsbooks appear to be exiting US markets than entering them, with Betsafe pulling out of Colorado this week, and ClutchBet out of the US entirely a few days before.
Time is ripe
According to media reports, Sporttrade has done its homework on Virginia and feels the time and place is ripe for opportunity. For one, WynnBET,?Unibet, and SI Sportsbook?have all exited the Virginia sports betting market, while the Betfred USA CEO has hinted his brand could be heading both out of the Commonwealth and US market after news that it hit the red in July.
Virginia is just a no-brainer state for us.”
Sporttrade CEO Alex Kane summed up his firm’s optimism, telling Action Network: “Virginia is just a no-brainer state for us.”
Kane told the media that his brand won’t enter a new market without conducting “a detailed competitive analysis of its rivals.”
Now with even fewer rivals in the Virginia sports betting market, Sporttrade’s stock market-style product offers bettors a new brand to explore.
What’s more, starting from its launch in October, Sporttrade will be able to deduct promotions from its first 12 months of operations. This gives the brand a big advantage over the likes of DraftKings, FanDuel, and BetMGM, whose year of promo deductions have all expired.
Kane estimates without the deductions, the Virginia sports betting tax rate is approximately 40% higher, something it won’t have to worry about until October 2025.
Coast is clear
According to Kane, his brand’s Sporttrade Economic Rating index reveals the most attractive states to in which to gain market entry. With Virginia outranking the likes of Kentucky, Illinois, Indiana, Louisiana, Massachusetts, North Carolina, and Ohio on the Sporttrade market index, the coast is clear for the Philly brand to make a big impact in the Commonwealth. Sporttrade is currently offering live markets in Colorado, Iowa and New Jersey, and is expected to go live in Arizona around mid-September having already received its license.
Along with the tax break and withdrawal of competitors, another USP is Sporttrade’s pricing model, which lures bettors from the likes of DraftKings and FanDuel, which charge a larger vig. According to media reports, before the Kansas City Chiefs vs Baltimore Ravens NFL opener on Thursday, Sporttrade has increased its marketing efforts to showcase its vig pricing appeal.
a captivating option for the premium player”
In New Jersey, Sporttrade has branded a roadside billboard with the tagline: “The expressway to -104 lines.” Kane stated his brand has upped its marketing “because we feel like it’s finally reached the maturity level to be successful and to be a captivating option for the premium player.”