Betting exchanges are a feature of the sports betting world that are yet to take off in the growing sports betting sector in the US, but one man has set out to change that.
Ron Bernstein, who was one of the driving forces behind Intrade; a trading platform based around politics, has re-introduced an Intrade spin-off, Tradesports, and is hoping that it will catch on with the expanding audience of sports betting fans in the US.
Tradesports is launching with a free-to-play version this week and Bernstein hopes that it will be licensed by a number of US states next year.
The site offers the type of peer to peer betting that was pioneered in the European betting market by Betfair, but Bernstein hopes that the fact that many US citizens trade shares on the stock exchange will encourage people to try the Tradesports site:
“As long as we can create an offering that isn’t too intimidating, we think there’s a really big niche in the professional trader market. But you can really broaden the definition of a ‘trader’ to include anyone who uses Charles Schwab or TD Ameritrade. Everyone trades now.”
Tradesports originally launched from an Irish base, back in the 2000s, although its customers were largely based in the US, where sports betting was banned. It was relaunched as a fantasy sports platform in 2014 but failed to take off. Since then, Bernstein has been working in the cryptocurrency sector, but the legalisation of sports betting in the US, prompted by the 2018 Supreme Court decision that struck down the PASPA Act of 1992, has persuaded him to give sports exchanges another try.
The beta tournament on Tradesports, which starts this week, will include markets for three NFL games, and Bernstein said that he is involved in a process of licensing in a number of US states with a view to launching a fully regulated real money site.