Sporttrade Partners with Twin River Worldwide Holdings, Inc. to Offer Online Sports Betting in New Jersey
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Rhea-AI Summary
Sporttrade, a sports betting startup, has partnered with Twin River Worldwide Holdings (NYSE: TRWH) to launch a proprietary sports betting exchange in New Jersey, pending regulatory approvals for Twin River's acquisition of Bally's Atlantic City Hotel & Casino. The partnership aims to deliver a unique online betting experience, featuring lower costs compared to traditional sportsbooks. Sporttrade's innovative approach combines capital markets technology with sports betting, promising a fair, liquid, and transparent platform.
Positive
- Partnership with Twin River enables entry into New Jersey's sports betting market.
- Unique sports betting exchange promises reduced costs and innovative products.
Negative
- Partnership depends on regulatory approvals for Twin River's acquisition of Bally's, introducing uncertainty.
Details
News Market Reaction – TRWH
The recorded move for TRWH in the trading session of this news was +0.32%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
PHILADELPHIA, Aug. 25, 2020 /PRNewswire/ -- Sporttrade (the "Company"), a Philadelphia-based sports betting startup has entered into a multi-year partnership with Twin River Worldwide Holdings, Inc. (NYSE: TRWH). The partnership will lead to the launch of Sporttrade's proprietary sports betting exchange product in the state of New Jersey, pending Twin River obtaining the necessary regulatory approvals to complete its acquisition of Bally's Atlantic City Hotel & Casino in Atlantic City, New Jersey. Upon the acquisition, Twin River acquires the right to three online sports betting skins in New Jersey, leading to the creation of this partnership.
"We are thrilled to partner with Twin River as we prepare to introduce a truly differentiated product to the New Jersey market," added Alexander Kane, Founder and CEO of Sporttrade. "By applying capital markets technology and market structure to the US 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."
"Sporttrade will be a great addition to our list of unique partnerships we are building in the Atlantic City market" says George Papanier, President and CEO of Twin River Worldwide Holdings. "They will bring a new, exciting online product offering for our guests and we look forward to having them join our Atlantic City team."
About Sporttrade Inc.
Sporttrade is poised to enter the US market with the first regulated sports betting exchange in the country's history. Sporttrade is led by an accomplished team from iGaming, sports betting, and capital markets backgrounds. The company is based in Philadelphia, Pennsylvania. For more information visit http://getsporttrade.com/.
About Twin River Worldwide Holdings, Inc.
Twin River Worldwide Holdings, Inc. owns and manages nine casinos, two in Rhode Island, two in Mississippi, one in Delaware, one in Missouri and three casinos as well as a horse racetrack that has 13 authorized OTB licenses in Colorado. Properties include Twin River Casino Hotel (Lincoln, RI), Tiverton Casino Hotel (Tiverton, RI), Hard Rock Hotel & Casino (Biloxi, MS), Casino Vicksburg (formerly Lady Luck Casino Vicksburg in Vicksburg, MS), Dover Downs Hotel & Casino (Dover, DE), Casino KC (formerly Isle of Capri Casino in Kansas City, MO), Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino (Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack (Aurora, CO). Its casinos range in size from 603 slots and 8 electronic table games to properties with over 4,100 slots, approximately 125 table games, and 48 stadium gaming positions, along with hotel and resort amenities. Its shares are traded on the New York Stock Exchange under the ticker symbol "TRWH." For more information, visit www.twinriverwwholdings.com.
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SOURCE Sporttrade Inc
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