Sporttrade, a sports betting exchange based in Philadelphia, has recently received licensing approval in Virginia, marking its entry into its fifth state. Despite the announcement coming just before the start of the 2024-2025 NFL season, Virginia sports fans will have to wait until October to start betting with Sporttrade. The company has encouraged Virginians to sign up now and take advantage of a welcome offer as they prepare for the launch.
The decision to enter the Virginia market was influenced by the exits of other sportsbooks like WynnBET, Unibet, and SI Sportsbook, creating an opportunity for Sporttrade to establish itself in the region. CEO Alex Kane expressed confidence in the move, stating that Virginia was a “no-brainer” choice for the brand. Kane emphasized the importance of conducting a thorough competitive analysis before entering a new market and highlighted Sporttrade’s unique offering of allowing users to trade sports bets like stocks.
One of the key advantages for Sporttrade in Virginia is the ability to deduct promotions from its first year of operations, giving the brand a competitive edge over other established players in the market. Kane estimated that this deduction would result in a lower effective tax rate for Sporttrade compared to its competitors. The brand’s Sporttrade Economic Rating index identified Virginia as a particularly attractive state for market entry, positioning Sporttrade for success in the Commonwealth.
In addition to the favorable market conditions in Virginia, Sporttrade’s pricing model has also been a draw for bettors. The brand offers competitive vig pricing, appealing to premium players who may be looking for an alternative to platforms like DraftKings and FanDuel. Sporttrade has ramped up its marketing efforts, including roadside billboards in New Jersey, to promote its pricing model and position itself as a top choice for sports bettors.
Overall, Sporttrade’s entry into the Virginia market represents a strategic move for the brand, taking advantage of favorable market conditions and a unique offering to attract bettors in the Commonwealth. With a focus on innovation and competitive pricing, Sporttrade is poised to make a significant impact in Virginia’s sports betting landscape when it launches in October.