Like many sports fans, Alex Kane struggled to understand the traditional moneyline odds system placed by sports bookmakers on events.
So he helped launch a new sportsbook modeled after a stock-trading platform that uses probability to simplify wagering.
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“I never understood the odds,” said Kane, chief executive officer of Sporttrade, the Philadelphia-based sportsbook operation. “I built this whole thing because I wanted to create more of a Robinhood-type of experience, where you can just turn on the game, see the win probability, buy in at that win probability, and as the probability changes you can either make or lose money. And you can cash out at a fair market price at any point.”
Sporttrade launched in Arizona via its smartphone app in September and now is available in five states after adding Virginia in October. The platform is gaining interest because of its revolutionary take on the sports betting market. Instead of listing traditional moneyline odds such as -200 or +110, Sporttrade uses probability, such as 60% or 75%, to offer an easy-to-understand approach to new bettors.
“Sporttrade offers this very innovative way to present the lines called probability odds,” Kane said. “Take for example a game where a team was offered on Sporttrade at 20% odds. If you’re out there, and you don’t really know what +400 means or -220, you don’t have to learn any of that with Sporttrade. We just say, ‘Hey look, they have a 20% chance of winning, you put your $100 in, and as the win probability according to our marketplace changes, that changes the value of your bet.’
“So if you put $100 in on a team to win at 20% odds and that team marches down the field on the first drive and scores a touchdown, now the market says they have a 40% chance of winning. Well, now your $100 is worth $200 because the probability has doubled.
“It gives you this very engaging, real-time, in-game trading experience that you wouldn’t get anywhere else.”
Like most traditional sportsbooks, Sporttrade offers a cash-out feature, where bettors can terminate their bet early to earn a reduced payout. Unlike most other gambling sites or apps, Sporttrade informs players of the probability they are cashing out, so they know exactly how much money to expect.
“In a traditional sportsbook, when you cash out, all you have is how much money you get back and how much you would get back if your bet wins,” Kane said. “At Sporttrade, if you bought in at 20% odds, if the value of a $100 bet goes up to $140, we’re showing you that’s 26% odds. We’re giving you that information that other cash-out offers don’t give you.”
While Sportrade is still relatively new to Arizona, experts across the state believe it can eventually make a splash in the sports betting market.
“I think (the impact of Sporttrade to the betting market) will be more down the line as it progresses,” said Steve Bittenbender, a writer and analyst for BetArizona.com, which is part of the Gambling.com group. “I definitely think Sporttrade is going to help increase the overall handle.
“I don’t think they’re going to be taking away much from the existing sports betting operators right now. I think they’re going to be fitting a niche that hasn’t been available through the exchange operation that Sporttrade runs.”
Since it was launched, Sporttrade’s users have raved about the app’s unique style. In addition, bettors have noticed the highly competitive odds its market offers, which is especially beneficial for higher volume bettors.
“In the sports betting industry, I’m primarily an arbitrage bettor, what that entails is utilizing as many sportsbooks as possible to line shop,” said one bettor who manages the @GreenScreenBets account on X that specializes in sports-betting content. He asked that his name not be used for privacy reasons.
“The reason I got into Sporttrade specifically is because within the industry of sports betting, if you happen to become a profitable bettor, or you hit good lines that beat CLV (closing line value), sportsbooks know you’re a good bettor, so what they do is they’ll kind of limit you.
“On some of the more popular books, like DraftKings, there are certain bets where I can only get 10 bucks down… Sporttrade doesn’t limit people because their model has market makers that tell you how much you’ll be able to get down ahead of time, and they offer some of the most competitive lines in the market.”
Sporttrade is still in the early stages of its development. Its launch in Arizona marked the fourth state of five the app has gone live in, joining Colorado, Iowa and New Jersey. Virginia launched about a month later. While it may seem beneficial to increase the number of states the platform operates in, Kane and his team are more focused on listening to customer feedback and working to improve the product before eventually looking to expand near the end of 2025.
“At least for the rest of the year, even into the first half of 2025, it’s going to be about improving the product,” Kane said. “There are so many things we want to do to continue to show and demonstrate the daylight and differentiation between us and every other platform … Some of the things we’re working on are, right now we have Android and iOS, and we’re working on a web application as well, for those high-volume and professional players.
“We’re working on building a sort of a same-game parlay engine product as well, so ultimately you could do the same thing – load up a six-leg, same-game parlay at 6% win probability, and as each leg gets checked off, that win probability goes up and you can cash out at the new win probability of your parlay.
“Right now, we’re at a pretty solid base, a very differentiated product, and we have a pretty clear path in front of us in terms of how to improve that product.”