09.16.2022. Daily highlights
The first sports betting exchange in the US: Sporttrade
Sporttrade is the first dynamic sports betting and trading exchange where you can trade sports bets like you trade stocks. The Philadelphia-based tech firm has launched its sports betting exchange in New Jersey. They claim it’s the first one of its kind in the market.
Sporttrade, founded in 2018, provides trading in and out of positions on sports outcomes. It is similar to trading stocks, options, or cryptocurrencies. The exchange will initially offer to trade on win/loss outcomes, spread bets, and under/over on NFL, NHL, MLB, WNBA, golf, college football, and basketball matches. The firm is planning to launch in Colorado, Indiana, and Louisana.
Alex Kane, founder, and CEO of Sporttrade, said: “We are thrilled to be live in the state of New Jersey with the first sports trading platform. “New Jersey was the first state to launch legalized sports betting in 2018. We are proud to be the first operator to launch a unique and differentiated product. It is designed for sports betting and trading enthusiasts seeking a better customer experience.”
To add, on what he hopes the platform can achieve, Kane commented: “We set out to create a better and more modern sports betting platform tapping into America’s passion for trading. What we’ve launched is the only differentiated sports betting platform. We believe we are defining a whole new category of sports wagering – trading sports.”
Michigan residents sentenced for running illegal gambling facility
Four Michigan residents have been sentenced for their roles in running an illegal gambling facility. Sam Daoud, aged 52, Nadia Daoud, aged 50, and Brian Shufeldt, aged 42 all pleaded guilty to one felony count each, pertaining to the illegally-run gambling operations.
Sam Daoud got probation for 18 months and had to pay $498 in costs. Both Nadia Daoud and Shufeldt got a fine of $798 each. Kim Green, aged 44, pleaded guilty to a high court misdemeanor of maintaining a gambling house for gain. She paid a fine of $978, served two days in jail, and received six months on probation.
A joint effort between the Michigan Department of Attorney General and the Michigan Gaming Control Board (MGCB) – seized $14,212 in cash and gift cards. They also found a total of 35 slot-style gaming computers.
In addition, Sam Daoud and Shufeldt, along with three other individuals, pleaded guilty to operating a second business, Motorcity Jackpott’s. “The Michigan Gaming Control Board works closely with police agencies and the Attorney General’s office to find and eliminate illegal gambling operations and the unwanted crime they bring,” said MGCB executive director Henry Williams. in a statement.
XLMedia extends Advance Local partnership to create MassLive.com content
London-listed affiliate enhances its partnership with publisher Advance Local. They will produce premium betting content for Massachusetts leading local news and information website Masslive.com.
To highlight, this extension comes after the pair launched betting content in Ohio. Cody Darwick, director of partnerships at XLMedia, said: “The timing is ideal ahead of the anticipated Massachusetts sports betting launch early next year. MassLive.com represents a significant win for XLMedia’s media strategic partnership. The offer includes key US coverage in Massachusetts via MassLive.com’s large audience in the state ahead of its upcoming online betting launch,” he added.
Howard Kamen, VP of sports betting and igaming at Advance Local, commented: “XLMedia’s impressive betting content and results to date in Ohio gave us great confidence to work with their team in Massachusetts, another key market for us.
Massachusetts “temporary” sportsbook licenses could require sportsbook closures
The state’s 2022 sports betting law has separate requirements for awarding “temporary” sportsbook licenses and “permanent” licenses. Under an interpretation of the law, officials weighed the possibility it would effectively mandate awarding licenses to books that would then be required to shut down within a year.
Under the “temporary” sportsbook license scenario, Massachusetts regulators would have to award temporary licenses to all applicants that qualified by law and state regulations. Since the law explicitly prohibits more than 15 permanent licenses, all operators that didn’t earn that qualification would then have to shut down the operations.
State gaming officials questioned how customers could withdraw money from shuttered accounts. Also, receive payouts from futures wagers and be aware of the risk of a book ceasing operations. They highlighted a host of other issues under this scenario. Bettors could potentially go months depositing and wagering with a sportsbook. Afterward, they would have little notice that the operator would soon shut down.
Along with US market share leaders FanDuel, Caesars and Boston-based DraftKings, other major US books including PointsBet, BetRivers, Bally Bet and Hard Rock have filed formal notices of intent. Well-funded operators looking to build traction in the US including bet365 and BetFantics have also applied.
Massachusetts Gaming Commision Chair Cathy Judd-Stein “Because (sportsbook licenses) are capped at the begging and not at the end, we have a real challenge.”
Regulators weighed delaying the temporary license process and instead tieing it with permanent licensure, a more thorough and complex process. This would eliminate the possibility of a retroactive operator shut down. Also, it would likely delay the launch timeline and may not even be possible under the constraints of the law.
Massachusetts Gov. Charlie Baker signed his state’s sports betting bill into law next month. Looks like the state’s legal sportsbooks would miss most of the lucrative NFL and college football seasons. It could be open by the 2023 Super Bowl and NCAA Men’s Basketball Tournament.