Nasdaq Expands Its Market Technology to Sports-Betting Industry
(Bloomberg) -- Nasdaq Inc. is lending its market technology to the sports-betting industry, allowing users to get in and out of wagers the same way they trade stocks.
Fintech company Sporttrade Inc. will use software from New York-based Nasdaq to oversee its sports betting and trading platform, the companies said in a statement Tuesday. The cloud-based software, used by 2,300 companies across the finance industry, will help monitor sports bets to identify irregularities and unusual trading behavior.
“Adopting Nasdaq’s industry-leading market-surveillance technology is essential in Sporttrade’s promise to our participants -- to advance fair, transparent and efficient open sports-betting markets,” Alex Kane, founder and chief executive officer of Sporttrade, said in the statement.
Sporttrade, based in the Philadelphia area, bills itself as the first regulated sports-betting exchange in U.S. history, and is led by a team with sports-wagering and capital-markets backgrounds. The company functions much like the stock market that Nasdaq technology already supports, offering tighter spreads, more liquidity and the ability to trade in and out of bets at any time. Its trading app is set to launch in New Jersey by the end of the year, with additional states following in 2022 and after.
“By providing customers with win-loss visualizations, promoting limits and leveraging Nasdaq’s market surveillance technology, Sporttrade is taking responsible gaming seriously and putting it at the forefront of its mission,” Keith Whyte, executive director of the National Council on Problem Gambling, said in the statement.
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