Unusual Whales is always interested in some of the most interesting market movers and financial services. One of them recently is Sporttrade. Check below on this promoted post and paid advertisement.
Sports Betting Meets Stock Trading with Sporttrade App
Stock trading has transformed itself over the past few decades. It wasn’t so long ago that traders huddled together with slips of paper in their hands, yelling at each other to buy and sell stocks on the floor of the New York Stock Exchange. Stock trades for consumers through firms like Charles Scwab used to cost as much as $40 per trade!
The floor of the NYSE is now more of a media studio than a real trading floor. Now, almost every trade is made on servers in big data-centers. Startups like Robinhood, eToro, and Freetrade have entered the industry - disrupting and innovating, pushing trade commissions to zero, improving the customer experience and opening up stock trading to everyone.
On top of that, enter Crypto's 24 hour trading cycle with firms like Coinbase and FTX and social media’s enormous impact with platforms like Reddit’s Wall Street Bets, and you have an entirely new and improved landscape for consumers.
Now, around the world, anyone can trade almost anything around the clock, at low or no cost. It's a whole new trading world…
This was something that Sporttrade thought about when building the world’s first dynamic sports betting and trading exchange. Every other asset from natural gas derivatives to baseball cards has been brought into the 21st century where traders can buy and sell with ease whenever they want. Yet sports betting seems stubbornly stuck in its oldest form: you make a bet and you wait until the end of the game to see if it is a winner or a loser.
Yes, the current sports betting industry contains dozens of sportsbooks that allow you to partake digitally, but it’s the same concept as making a bet at the sportsbook ticket window in a casino. You’re locked into the bet until the end of the event. It’s as if you bought shares of $TSLA but then were told that you aren’t allowed to sell them, even if the value doubles. Consumer finance has come a long way while sports betting has stayed the same for 40 years.
That’s where Sporttrade wants to change everything. It’s built like a true exchange, This means they operate in a completely different manner than a sportsbook. They’re not in the business of betting against the customer. They’re a platform that matches buyers and sellers in a safe, transparent, and efficient manner.
Let’s use an example. Say you picked the Jacksonville Jaguars to beat the Philadelphia Eagles. From the moment you buy into this outcome on Sporttrade, you’re able to sell out of it as well. If a key player is announced out before the game with an injury, you could trade out of the bet before the game to stave off a loss. If the Jaguars go up by double-digits in the second quarter, you could sell your contracts to collect an early gain.
The traditional sportsbooks use a format called American Odds to display their pricing. This is a confusing one. Numbers like +240, -110, and +3000 don’t make intuitive sense to people new to betting. That’s why Sporttrade uses contracts priced from $0-$100 where price = probability of the outcome to occur If a team has a 50% chance to win, their contract price will be $50 on Sporttrade. If they go on to win it closes at $100 and if they lose it closes at $0. Sporttrade was built with the trader in mind, because buying at $51 and selling at $71 for a gain of $20 makes more sense than buying at -106 and selling at -250 for a gain.
When you buy stocks, crypto, or options contracts, you are free to turn around and sell if you feel the wind blowing a direction you dislike. Sporttrade wants to see sports betting follow suit. That’s the problem with today’s sportsbooks – they’re archaic, opaque and the “house” always wins. You no longer need to be on the floor of the NYSE screaming “Buy” and “Sell” to trade stocks and now you don’t need to wait until the end of a game to trade your bets. That’s the Sporttrade advantage.
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