Betting exchange Sporttrade is to utilize Nasdaq technology to identify irregularities and unusual behavior on its soon-to-be-launched sports betting and trading platform.
The operator said it has partnered with the Nasdaq to ensure integrity on its native trading app when it debuts in New Jersey towards the end of 2021. Sporttrade’s open trading marketplace will allow participants to trade sporting events the same way they trade stocks, with the ability to trade in and out of bets at any time.
Sporttrade said that by utilizing Nasdaq’s SaaS-deployed market surveillance technology it will be able to monitor trading patterns and protect its user base by identifying irregularities and unusual trading behavior. Through interactive visualization, complex data can be distilled into a single snapshot and provide a full view of the order book, enabling Sporttrade to transparently and continuously collaborate with regulators.
“Today marks another important step in fulfilling our mission to elevate the sports betting industry with proven capital markets technology that will monitor our platform and protect our user base,” said Alex Kane, founder and chief executive of Sporttrade.
“Adopting Nasdaq’s industry-leading market surveillance technology is essential in Sporttrade’s promise to our participants – to advance fair, transparent, and efficient open sports betting markets.”
Nasdaq’s end-to-end market technology powers more than 2,300 companies in 50 countries, spanning the world’s financial industry, including capital markets infrastructure operators and regulators.
“Through this agreement, Sporttrade will apply exchange-grade technology in their efforts to uphold integrity in the rapidly evolving sports betting industry,” said Tony Sio, head of market regulatory technology at Nasdaq.
“Our expertise in developing and delivering surveillance technology for exchanges, regulators and new types of marketplaces outside of the traditional capital markets will support and advance Sporttrade’s efforts in building a fair, transparent and safe marketplace with robust surveillance processes.”