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July 2nd, 2021

CNBC & Contessa Brewer Report

There's a brand new way to play the sports betting craze and it's attracting some big-name backers.

Contessa Brewer: These big name investors are throwing their weight around a disruptive platform. It's sports gambling meets stock trading. Sporttrade allows gamblers not only to bet on the game, but then to trade those bets on an exchange the way you trade stocks. So, you make a bet, the odds change, and you can sell that bet before the game ends or even before the game begins. And this won't charge a vigorish – that's the bookmaker's fee to even accept a bet. So, these transaction costs for the betters are lower. And we can exclusively report now a new $36 million dollar funding round from lead investors Jump Capital, Nasdaq Ventures, Impression Ventures, Hudson River Trading, Tower Research Ventures. And then Jim Murran the former CEO of MGM resorts and Tom Whitman, the former CEO of the Nasdaq Stock Exchange also getting in on the action here. Sporttrade is anticipating clearing some regulatory hurdles in New Jersey and launching there this year and then rolling out in other states in 2022.

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Round-up: Sporttrade has a new model for sports betting, and it looks a lot like a stock exchange