Twin River Worldwide Holdings has granted the second of three online sports betting skins it is set to gain through its acquisition of Bally’s Atlantic City to Sporttrade, an exchange betting start-up.
The operator’s latest partner is a start-up currently developing what it claims will be the first regulated betting exchange in the US.
Sporttrade was “thrilled” to partner Twin River as it prepares to introduce “a truly differentiated product to the New Jersey market”, its founder and chief executive Alexander Kane said.
“By applying capital markets technology and market structure to the US sports betting ecosystem, we are creating something revolutionary,” Kane explained.
“Sporttrade will establish a first-of-its-kind sports betting venue that will be fair, liquid, and transparent, and we look forward to offering customers innovative betting products at significantly lower costs than traditional sportsbooks.”
The agreement remains dependant on Twin River finalizing its acquisition of Bally’s Atlantic City, agreed in April this year.
The operator will acquire the property from Caesars Entertainment and Vici Properties, a real estate investment trust spun off from Caesars in 2017, for a total consideration of $25m.
The deal is expected to complete in the first quarter of 2021.
“Sporttrade will be a great addition to our list of unique partnerships we are building in the Atlantic City market” Twin River president and chief executive George Papanier said. “They will bring a new, exciting online product offering for our guests and we look forward to having them join our Atlantic City team.”
Twin River has been building out its partner base in recent weeks, pairing up with PointsBet for the Australian operator’s first online casino product, and awarding one of the three sports betting skins it gains through Bally’s to Esports Entertainment Group.
This gives Twin River scope to sign up one additional sports betting partner in the state, or to launch its own offering.