A betting exchange differs from a sportsbook in that instead of playing against the house, bettors compete against one another. Bettors can buy contracts at prices set by other customers and can sell out of their positions at any time before a contract expires.

In this sense, Sporttrade functions somewhat like a stock or options trading platform, except instead of trading stocks, users trade bets.

There are several advantages of trading on Sporttrade compared to a conventional sportsbook, most of which derive from Sporttrade being an impartial party:

• Lower margins
• The ability to cash out of a position without restrictions or penalties
• No hard betting limits

States Where Sporttrade Is Legal

Sporttrade Promo Code

Note: you can also use the Sporttrade referral code BETUSA when signing up to claim the latest promotional offer.

Sporttrade Bonus Details

The Sporttrade bonus awards 10% cash back on every bet new users make during their first seven days for up to $100 back, paid as real funds.

For example, a customer who buys 10 shares of an outcome at $60 per share has wagered $600 and will receive $60 in cash back for the transaction. The 10% cash back offer only extends to entering positions, so the user in this example would not earn additional cash back for selling out of the position.

BettingUSA readers can claim this bonus in four steps:

1. Visit getsporttrade.com to sign up for an account
2. Make your first deposit
3. Bet on outcomes in any league during your first seven days after signing up
4. Get 10% cash back on the sum of all your bets after the seventh day, regardless of their outcomes and paid as real cash in one lump sum

Important terms and conditions:

• The seven-day cashback period begins the day customers place their first wager after signing up
• Only contracts with maximum odds of -400 ($80) count toward the promotion
• It’s OK to cash out of positions during the seven-day period, but only the initial purchase counts toward the cash back offer
• Sporttrade pays the bonus as real cash with no additional wagering requirements
• The Sporttrade bonus has a minimum redemption amount of $5 and a maximum of $100

Getting Started on Sporttrade

Signing up for a Sporttrade account is straightforward. First, you’ll need to download the Sporttrade app.

Then, you’ll need to provide the following information:

• Email address
• Full legal name
• Date of birth
• Phone number (this needs to be verified via a code)
• The last four digits of your SSN
• Username and password

You’ll also have to answer several verification questions. These are necessary to protect customers against fraud.

Once the sign-up process is complete and your identity is verified, you’ll be able to start browsing the Sporttrade app. However, in order to place real-money trades, you must be geolocated in a state where Sporttrade is legal.

Note, you do not need to have a physical address in states where Sporttrade is legal to place wagers.

Sporttrade Explained

When bettors place wagers at traditional sportsbooks, they compete directly against the book and must comply with its ruleset. If they don’t like the lines or limits that a book offers, that’s too bad.

In contrast, Sporttrade acts as a middleman that matches buyers and sellers on either side of a bet. Bettors have full permission to buy positions established by other bettors or set their own prices. They can also sell out of their positions at any time before their contracts expire, so long as there is a willing buyer.

As a brief example, if you like the Grizzles to win 60% of the time, you can browse Sporttade’s marketplace to see if anyone is offering the Grizzles at $59.5 or less per $100 contract. Or you can set your own price anywhere under $60, and wait to see if another customer wants to take the opposing side of your offer.

While this may seem confusing at first, Sporttrade does an admirable job of simplifying the process to where it should become second nature after a few trials.

In short, customers dictate the price, similar to how they do when trading stocks. It’s for this reason that Sporttrade’s platform will look familiar to those who have used an online stock exchange.

Seeing as Sporttrade is an indifferent observer that generates revenue through small commissions instead of an exploitative house edge, it can offer better prices and higher betting limits.

How Sporttrade Works

From the moment you open the Sporttrade app, it’s evident that this is not a traditional sportsbook.

The first major difference is that Sporttrade displays the odds as percentages, not numbers. The percentage represents the implied probability of that outcome according to the market. It also represents the current trading price per share in that outcome.

For example, if you see the Broncos listed at 80%, that tells you three things:

• Collectively, the market believes there’s approximately an 80% chance the Broncos will win
• You can buy Broncos shares for $80 each
• If you buys the Broncos now and they win, you’ll earn a net profit of $20 per share

Note: Sporttrade does not force users to trade in one-share increments; customers may input any dollar amount to buy partial shares or more than one share. For example, if the Broncos are trading at 80% and you input $10, the Sporttrade order slip will automatically show that you’ll receive .125 shares. Similarly, if you put in a $200 order when the Broncos are trading at 80%, you’ll receive 2.5 shares.

Eventually, all contracts will settle at $0 or $100, depending on whether the position was a winner or a loser.

In contrast, US legal sportsbooks use American Odds (e.g., -120, +210, etc.), which can be confusing to new bettors. However, Sporttrade does allow users to flip a switch in their account settings menu to view the odds in the American Odds format.

The values displayed on Sporttrade represent the best available price. These prices are set by other bettors, not by Sporttrade. However, Sporttrade does work with liquidity providers and market makers to ensure that there’s enough volume to make trading seamless.

If you’d like to view all available prices, Sporttrade provides a live markets page. This page also shows how many contracts are available per price point.

Beginning bettors are best off treating Sporttrade like a conventional sportsbook. They’ll use the app to browse open markets, buy positions established by other players, and sell positions when they feel things aren’t going their way. Selling positions is akin to using a sportsbook’s Cash Out feature, except it’s much more flexible.

Bettors can view all of their open positions from Sporttrade’s Portfolio page, which bears a striking resemblance to an online stock exchange portfolio.

Once bettors become more familiar with the platform they can begin setting their own prices. This feature enables anyone on the platform to become a market maker.

However, if your price isn’t competitive, then no one will match the other side of your position. If it’s too generous, you’ll be exploited by value hunters.

Placing a Wager on Sporttrade

To begin purchasing contracts on Sporttrade, you’ll first need to:

• Download the Sporttrade app from the App Store
• Sign up for an account
• Deposit funds
• Browse open wagers

Buying Sporttrade Contracts

Once you find a bet to your liking, click on it and the “Buy” screen will populate. If the game is live, the current state of the game will also populate. Click “Buy” again and you’ll have four trading options:

• Buy in dollars: Execute the trade at the current best available price. Once you input how much you want to spend on this outcome, the order slip will display how many shares you’re about to purchase. For example, if the Colts are trading at 50% and you input $25, you’ll receive 0.5 shares on the Colts winning.
• Buy in shares: This option also executes the trade at the best available price. Instead of inputting a dollar amount, you input how many shares you wish to buy.
• Set a price in dollars: This feature is essentially a limit order. It allows bettors to set their own price and how much they wish to spend . When you set your price in dollars, you’ll input your desired price (as a percentage), how much you wish to spend on the trade (in dollars), and designate how long you’re willing to leave the order open (ranging from 30 seconds to 24 hours or when the game begins). Sporttrade will only execute the trade if the price reaches the desired price or lower before your order expires.
• Set a price in shares: Same as the “set a price in dollars” option, except you choose a number of shares to buy rather than an amount to spend.

There are two caveats worth noting when it comes to buying positions. First, if a bettor tries to purchase more shares than the number available at the target price, the remaining order will be filled at the next best price(s), up to a $2.00 differential.

Secondly, during times of high market volatility Sporttrade will only allow limit orders. These temporary lockouts should only occur when an event is live and something significant just happened, like an MLB player hitting a home run.

Selling Sporttrade Contracts

A contract expires when a position is settled. For moneyline wagers, positions settle when the game is over. Futures may not settle until late into the season, or even until the very last game.

Winning contracts settle at $100, and losing contracts are effectively worthless, but that doesn’t mean your trades have to be all-or-nothing propositions.

Bettors with open positions can attempt to sell their contracts at any time before they settle, with the only lockout being during times of extreme market uncertainty.

To opt out of a position, open your Portfolio. From there, you’ll be able to see how your positions are doing. Click “Sell” and you’ll have two options:

• Market sell: This option allows you to sell shares at the current market value. Since there are already bidders willing to pay this price, the transaction should be processed instantaneously.
• Set a price: Bettors can also set their own sale price, effectively making them market makers. To do so, they’ll select “Limit Sell” and then set the slider to their desired sell price. They can also indicate how many shares they’d like to sell. If the price is matched, then the sale will be executed.

One big difference between selling positions and using the early payout feature at traditional sportsbooks is that sportsbooks tend to charge bettors an additional tax for cashing out early. Sporttrade does no such thing.

Also, sportsbooks control what bets are eligible for early payouts, whereas Sporttrade only prohibits market sales during a game’s most intense moments.

Note: When placing “set a price” orders, it’s usually a good idea to keep tabs on the associated event. Otherwise, you run the risk of being exploited by bettors looking to snatch up stale prices. If you can’t keep an eye on market movements, cancel your offer.

Sporttrade Advantages

There are a plethora of advantages to using a betting exchange over a conventional sportsbook. Here’s a look at some of the best:

Lower margins

Betting exchanges can offer prices that conventional sportsbooks simply cannot compete with.

A sportsbook only has to worry about competition from other sportsbooks. Therefore, they have more liberty to set prices at their discretion.

Additionally, sportsbooks generate revenue from a tax called vigorish. They are incentivized to offer larger bet spreads (more vigorish) because it will result in more revenue and less liability.

At betting exchanges, anyone can become a market maker. This promotes a highly competitive environment, resulting in smaller bet spreads. Sporttrade also uses its own market makers, who are obligated to set fair offers. This enables Sporttrade to offer competitive pricing even in low-liquid markets, which is especially important in the US where interstate transmissions are forbidden, due to the Wire Act.

To illustrate the power of a betting exchange, let’s look at a real-world example.

On Sporttrade, an NBA playoff game between the Memphis Grizzles and the LA Lakers had a pregame spread of $37.5 (Memphis) and $64 (Lakers). This is equivalent to American Odds of +167/-178. At FanDuel Sportsbook, the same wager is listed at +160/-190, a house edge of 3.83%.

The theoretical house edge on Sporttrade is just 1.46%. However, Sporttrade does take a 2% commission on profitable trades, so the true house edge is closer to 2.4%, which is still a full 1% less compared to FanDuel.

As Sporttrade’s liquidity increases, its bet spreads will only get tighter, opening up great opportunities for line shoppers.

No betting limits

Most conventional sportsbooks are quick to limit or ban sharp bettors. Limiting is particularly prominent in the US-regulated market, where most books are struggling to turn a profit.

Sporttrade doesn’t compete against bettors and therefore has no interest in limiting winning customers. Its revenue is generated solely off a 2% commission taken from each profitable wager.

For instance, if a bettor buys a contract for $50, and the position is successful, the contract will settle at $100. The profit margin is $50, so the bettor will pay 2% of that amount ($1) to Sporttrade. The bettor ends up with $99.

No spinning wheels

One of the most unnerving facets of conventional sportsbooks is that bets often take precious seconds to be processed. This delay is particularly rattling during live betting when the odds could change at any moment.

Worse yet, the “spinning wheel” may spit back a counteroffer at a worse price or for a reduced bet size.

At Sporttrade, trades are generally executed at lightning speed. This is because Sporttrade doesn’t have to run every bet through its system before approving it. If someone places an offer, and there’s a matching seller, then an agreement can be made without delay.

Sporttrade does prevent market buys and sells at times, but only when prices are highly volatile.

Two-way action

The nature of a betting exchange demands that all trades have two-way action. If Sporttrade offers a prop on Kevin Durant to score over 31.5 points, then there must be a wager on Durant to score under 31.5 points.

This isn’t always the case at conventional sportsbooks, which commonly offer one-way markets. The disadvantage of one-way markets is that prices tend to be skewed against the bettor, and the bettor has no idea how much tax they’re paying because they can’t see the opposing market.

Sporttrade Disadvantages

Betting exchanges charge smaller commissions, welcome all bettors, and are extremely flexible. So why would anyone opt for a conventional sportsbook over Sporttrade?

Well, there are a few reasons:

• Fewer niche sports than online sportsbooks: Sporttrade primarily offers markets on the world’s most popular sports leagues: MLB, NFL, NCAAFB, NHL, Tennis, WNBA, Golf, UFC, and Soccer. Traditional online sportsbooks tend to cover a greater range of leagues and niche sports.
• Limited bet types: Bettors won’t find parlays, same-game parlays, and teasers on Sporttrade. However, Sporttrade has steadily expanded its prop offerings and alternative lines. For example, in a recent NFL game, Sporttrade had liquid markets for Eagles spreads ranging from +13.5 to -21.5.
• Liquidity issues: Although Sporttrade doesn’t set hard betting limits, bettors are limited by the amount of liquidity in the pool. Fortunately, Sporttrade has also improved in this regard. Money lines, totals, and spreads all have liquidity in the mid-4 figures to mid-5 figures, depending on the market. Keep in mind that liquidity tends to increase closer to game start times. Liquidity can still be a bit slim when trading certain props.
• Limited promotions: Outside of the welcome offer, Sporttrade doesn’t offer many promotions. Betting exchanges typically do not offer recurrent promotions, so it’s a plus that Sporttrade even offers the occasional promo.
• Sharper lines: Betting exchanges utilize a theoretically infinite number of market makers, which means price discovery and market movements are more efficient. Thus, it’ll be more difficult for bettors to find an edge. Sporttrade’s lines will only get sharper as liquidity increases.

This isn’t to say that edges can’t be found on Sporttrade, it’s just that they’re more likely to be found when betting on less popular markets or derivatives, like alternative spreads.

Savvy bettors can transform a negative into a positive by using Sporttrade’s lines as the starting point for their line shopping efforts.

Assume Sporttrade is offering a position at $56/$45.5 (-127/+120) on the Mets/Nationals game. Bettors may find a better price on one side of this line elsewhere. For example, FanDuel may offer it at -140/+125, which represents a larger house edge, but a better price on the Nationals.

Sporttrade Betting Markets and Bet Types

• Betting Markets: Football (NFL, NCAA), Basketball (NBA, NCAA, WNBA), MLB, NHL, golf, soccer, UFC
• Bet Types: Moneylines, Spreads, Totals, Run & Puck Lines, Futures, and a limited number of Props

Sporttrade App Review

The Sporttrade app can be downloaded for iOS-powered devices from the App Store and Android devices from the Google Play Store. Simply search for the app by name.

The Sporttrade app features a clean and intuitive interface that looks like a cross between a less-cluttered sportsbook and an online stock exchange. Simplicity and user-friendliness were clearly key components of the company’s design philosophy, as very little real estate is wasted on extraneous aesthetics.

The app is divided into four key segments. The Markets tab is where bettors can view live and upcoming games, with live events featured at the top of the page. Odds are displayed as probabilities, as opposed to American Odds, which makes the interface that much easier to digest.

Bettors can click into any wager to view its historical price chart, buy a position, or set their own price. Sporttrade incorporates easy-to-use controls that make this process easy.

The one potential drawback of the current design is that each individual wager has its own interface. This is fine for now, but as Sporttrade grows it seems counterintuitive to have a separate interface for Boston -1.5 and Boston -4.5. By contrast, sportsbooks tend to house many wagers under one tab.

The Portfolio tab allows bettors to easily track their open positions. This is also where bettors can initiate sales. Sporttrade modeled its homegrown platform on financial app technology, and this is no more evident than on the Portfolio tab.

The Futures tab is similar to the Markets tab, except it only displays markets that won’t settle for a period of time.

Finally, the Account tab is where bettors can manage their funds and responsible gaming settings, and customize their user experience. The list of account options is extensive, including a light/dark mode toggle, a full trading history, deposit and withdrawal statements, and even an option to enable an Advanced Trading mode.

Sporttrade may lack some of the bells and whistles that conventional sportsbook support, but it makes the process of buying and selling action virtually painless, and that’s what matters most. It may need to rethink its design in the future, but right now, it’s one of the cleanest and fastest platforms in the regulated sports betting market.

Sporttrade Deposit Methods

Sporttrade currently offers a few deposit options, and we expect more to roll out as the platform matures.

Sporttrade Withdrawal Methods

• Push Cash (Sporttrade’s recommended deposit option – offers fast deposits and instant withdrawals using your debit card or bank account)
• Online banking
• PayPal
• Venmo
• Cash at the Bally’s AC casino cage (New Jersey)

Sporttrade FAQ

Expert Opinion: Is Sporttrade Legit?

Sporttrade is a legal, licensed, and legit betting exchange. It was granted permission to operate in New Jersey by the state’s official gaming regulatory body, the NJ Division of Gaming Enforcement (NJDGE), only after passing a strict vetting process. Sporttrade passed an equally intense vetting process when it received a license to offer online sports betting in Colorado from the Colorado Limited Gaming Control Commission (LGCC).

In other words, Sporttrade bettors can be assured that their funds and identities will be protected and that their cashout requests will be honored.

If anything, betting exchanges arguably provide an even more fair experience than conventional sportsbooks, as exchange traders are not subject to betting limits, account bans, and poor pricing models.

However, those who prefer diverse betting markets, parlays, teasers, frequent promotions, and loyalty programs may feel more at home at a conventional sportsbook.

Liquidity also remains a concern, but Sporttrade is actively improving in that regard, especially since receiving significant capital infusions from SIGSports Analytics.

As Sporttrade explained in a press release, SIGSports “is working to enhance Sporttrade’s key markets by providing additional liquidity and improved pricing to high volume markets across a variety of sports and contract types.” Sporttrade is also using the funds to support customer acquisition and expansion into new states.