Philadelphia-based sports betting exchange Sporttrade has raised $36m worth of funding through a coalition of investors including major figures from both gaming and finance.
Former MGM Resorts International CEO Jim Murren is among the investors, as well as Tom Wittman – former chief executive of the Nasdaq Stock Exchange.
Lead investor Jump Capital, Impression Ventures, Hudson River Trading and Tower Research Ventures make up the rest of the group.
Sporttrade founder and CEO Alex Kane said: “Our mission is to elevate the sports betting industry by applying capital markets principles and technology and to place the customer at the forefront.
“Today marks a significant broadening of our coalition to achieve that mission.”
The money raised will go towards customer acquisition, expansion into other states – which started with Sporttrade’s deal with Twin Rivers last year – and “continued investment in a diverse, talented team”.
Sporttrade also hopes to launch an iOS app later this year, pending approval from the New Jersey Division of Gaming Enforcement.
Jump Capital partner Yelena Shkolnik added: “We are thrilled to back Alex and his amazing team at Sporttrade. They have built a retail trading solution for betting, reflecting pricing based on win probabilities and allowing users to easily trade in and out of any position.”