Creative shares exchange

Alex Kane, like numerous sports enthusiasts, found it difficult to grasp the standard money-line odds system utilized by sports bookmakers for events.

To address this, he played a role in launching a fresh sportsbook modeled after a stock-trading site that leverages probability to streamline betting.

“Understanding the odds was a challenge for me,” remarked Kane, the chief executive officer of Sporttrade, a sportsbook based in Philadelphia. “I developed this platform because I aspired to create a Robinhood-esque experience, allowing users to simply watch the game, observe the win probability, invest at that win probability, and as that probability shifts, you can either gain or lose money. Additionally, you can cash out at a reasonable market price anytime.”

Launched in Arizona through its mobile app in September, Sporttrade is now accessible in five states, having added Virginia in October. 

The platform is attracting attention due to its groundbreaking approach within the sports betting arena. Rather than displaying conventional money-line odds like -200 or +110, Sporttrade presents probabilities, such as 60% or 75%, which provides a more straightforward method for new bettors to comprehend.

“Sporttrade introduces this innovative methodology for presenting lines referred to as probability odds,” Kane explained. “For instance, in a game where a team is offered at 20% odds on Sporttrade, if you’re uncertain about what +400 signifies or -220 means, you won’t need to learn that with Sporttrade. 

“We simply state, ‘Look, they have a 20% chance of winning; if you invest your $100, and the win probability shifts by our market, the value of your bet will change accordingly.’

“If you wager $100 on a team with 20% odds and they drive down the field on their first attempt and score, now the market suggests they have a 40% chance of winning. Your $100 is now worth $200 because the probability has increased.

“This system provides you with a highly engaging, real-time in-game trading experience that is unparalleled elsewhere.”

Similar to most conventional sportsbooks, Sporttrade features a cash-out option where bettors can conclude their bet early to receive a diminished payout.

 In contrast to most other gaming platforms or applications, Sporttrade informs players of the probability associated with their cash-out, enabling them to have precise expectations regarding their potential returns.

“In a standard sportsbook scenario, when you cash out, you only see how much money you’ll receive back and what the payout would be if your bet were to win,” Kane stated. “With Sporttrade, if you entered at 20% odds and the value of a $100 bet climbs to $140, we indicate that corresponds to 26% odds. We provide you with information that other cash-out options lack.”

Although Sporttrade is still emerging in Arizona, analysts throughout the state predict it will eventually make a significant impact on the sports betting landscape.

“I foresee that (Sporttrade’s influence on the betting market) will unfold more over time,” observed Steve Bittenbender, a writer and analyst for BetArizona.com. “I am confident that Sporttrade will play a role in boosting the overall handle.

“I don’t anticipate them taking much business from the current sports betting providers at this moment. Instead, I believe they will cater to a niche that hasn’t been previously addressed by the current exchange model that Sporttrade operates.”

Since its debut, users of Sporttrade have praised the app’s distinctive design. Moreover, bettors have recognized the highly competitive odds available in its market, which proves particularly advantageous for those wagering in larger amounts.

“In the sports betting realm, I primarily engage in arbitrage betting, which involves maximizing the usage of multiple sportsbooks to find the best odds,” stated a bettor who manages the @GreenScreenBets account on X, specializing in sports-betting content. He requested anonymity for privacy concerns.

“The primary reason I chose Sporttrade is that within the sports betting industry, when you become a successful bettor, or if you discover favorable lines beating CLV (closing line value), sportsbooks will recognize you as a valuable player, leading them to impose limitations on your account.

“On well-known platforms like DraftKings, certain bets allow me to wager only $10… However, Sporttrade does not impose such limits because their model has market makers that inform you of the amount you can wager beforehand, and they provide some of the most competitive lines available.”

Sporttrade is still in the nascent stages of its journey. Its launch in Arizona marks the fourth of five states in which the app is operational, joining Colorado, Iowa, and New Jersey. Virginia commenced about a month later. 

Though it may appear advantageous to broaden the number of states the platform serves, Kane and his team prioritize listening to customer insights and enhancing the product before considering expansion towards the end of 2025.

“For the remainder of this year, extending into the first half of 2025, our focus is on product enhancement,” Kane stated. “There are numerous initiatives we wish to undertake to continually showcase our distinctiveness compared to every other platform… Among the projects currently underway are the development of a web application alongside our Android and iOS platforms, tailored for high-volume and professional bettors.

“We are also working on creating a same-game parlay engine product, which would ultimately allow you to do the same – set up a six-leg same-game parlay at 6% win probability, and as each leg is completed, that win probability increases, enabling you to cash out at the updated win probability of your parlay.

“At this point, we have a solid foundation, a uniquely differentiated product, and a clear trajectory ahead regarding how to enhance that product.”