Sporttrade

Sporttrade is the only US-licensed sports betting exchange. Instead of a traditional sportsbook where the operator sets prices and absorbs the action, Sporttrade lets users buy and sell positions on game outcomes against each other, with prices displayed as 0–100 implied probabilities that move in real time like a stock chart.

Overview

Sporttrade is operated by Sporttrade Inc and launched its first state product in 2022. The exchange model is closer to Betfair than to FanDuel — there is no built-in vig, and the operator earns a flat 2 percent commission on net profits rather than embedding a hold percentage in the line. Pricing is materially sharper than traditional sportsbooks for users who understand how to read the order book.

Welcome Offer

The standard offer is a deposit-match cash back promotion that returns a percentage of net losses on early activity, with current values varying by state and promotional cycle. Sporttrade does not run the headline-grabbing first-bet insurance offer offers that traditional sportsbooks lean on, which reflects the exchange model's lower-margin economics.

Product

Markets cover the major US leagues (NFL, NBA, MLB, NHL), college sports, soccer, and select international events. The defining feature is in-play trading: positions can be bought and sold continuously throughout a game, allowing users to lock in profits or cut losses without waiting for a final settlement. The product is built for sophisticated users who understand market dynamics — casual bettors will find the order-book interface less intuitive than a traditional sportsbook, but the pricing advantage on liquid markets is real.

Banking

Standard regulated US payment methods: ACH, debit card, online banking, and PayPal where supported by state. Withdrawals process under standard regulated turnaround windows, and KYC is handled in-house under each state license.

Ongoing Promos

Cash-back loss rebates, market-maker incentives for users who post resting orders, and occasional event-specific promotions form the recurring economy. The model is structurally different from the bonus-heavy traditional sportsbook category — Sporttrade competes on price, not on promo volume.

Regulatory Reality

Sporttrade holds state gaming licenses in Arizona, Colorado, Iowa, New Jersey, and Virginia. In February 2026 the operator filed an application with the Commodity Futures Trading Commission for Designated Contract Market and Derivatives Clearing Organization status, which would allow it to operate as a federally-regulated prediction market exchange nationwide alongside the existing state licenses. As of April 2026 the CFTC application is pending and Sporttrade remains a state-by-state product. Players outside the five licensed states cannot access the platform.

User Experience

The interface is built around the order book and price chart rather than a sportsbook-style line list, which takes adjustment for users coming from FanDuel or DraftKings. Once oriented, the in-play trading tools are materially more powerful than any traditional sportsbook cash-out feature. Customer support is responsive and the mobile app is well-built.

The Bottom Line

Sporttrade is the right choice for sophisticated US bettors in licensed states who prioritize price over promo volume and want real in-play position management. The 2 percent commission model rewards users who shop pricing and trade positions; the order-book interface is overhead for casual bettors. The pending CFTC application could meaningfully expand the footprint in 2026 or 2027.