The capacity to bet on sporting activities in ways similar to trading of stocks could soon be an option in the U.S. Based on information on a local media, Tradesports, a sports betting firm exchange, is seeking a return to the U.S gambling market, thanks to legalization of this activity in most parts of the U.S.
Their Beta Testing is currently underway, and a more significant rollout is expected to begin in 2020, as long as local regulators approve the platform.
One Ron Bernstein, a founder of now-defunct Intrade political exchange, is introducing the new firm. The company is now launching a free beta version this coming week and is expected to offer customers the ability to purchase and sell positions on a sporting event, same as what happens in Europe’s Betfair.
The platform made an appearance out of the Irish market nearly 20 years ago to target the American market. Nevertheless, it fizzled out due to a ban on sports gambling before it re-emerged in 2014 after daily fantasy sports become popular.
Currently, sports gambling is taking shape in America, and timing will never be better than this for a sports-cantered exchange firm. As Bernstein puts it, if the firm can come up with offers that are not intimidating, he feels it has a significant chance of cutting a niche in the market for itself.
More than 19 different states have legalized gambling, and others are following suit. After the introduction of no-fee trading, more traders have come up and are currently helping to expand the market in general.
Compared to typical sportsbooks, traders working with this new system will not be required to give up a considerable part of their revenues. Typically, sportsbooks get to keep about 6 to 7 percent of winnings; however, Tradesport’s fees are hovering around 4 percent.
The current Beta test is expected to cover just three NFL games. However, implementing the platform will not be an easy task. Bernstein is quite confident that this time around, it will work, and goes on to state that he has good evidence that the business is lucrative.