Sporttrade Inc., a Philadelphia, PA-based sports betting operator, received a strategic invesment from SIG Sports Investments Corp.
The amount of the deal was not disaclosed.
The company intends to use the funds for customer acquisition, expansion into additional states, and continued investment into the platform and underlying technology.
Led by Alex Kane, Founder and CEO, Sporttrade is currently offering its premium sports betting product in Arizona, Colorado, Iowa, and New Jersey and has been approved to launch in Virginia. The company is focused on continued state expansion over the months and years to come.
In addition to providing growth capital to the business through two separate investments dating back to 2023, SIGSports Analytics is working to enhance Sporttrade’s key markets by providing additional liquidity and improved pricing to high volume markets across a variety of sports and contract types in the coming months. SIGSports Analytics plans to incrementally improve markets on Sporttrade later this year with a long-term focus on creating a highly liquid sports betting platform emphasizing best-in-class pricing.
FinSMEs
04/10/2024