"Today marks the opening of an incredibly exciting chapter of the Sporttrade journey, one that facilitates a return to our original vision."
"The CFTC's market-based regulatory framework enables Sporttrade to provide market participants an elevated level of efficiency, transparency, and consumer protection relative to what we've been able to offer to date."
"We had originally constructed our venue under the assumption that the sports trading vertical would follow the trajectory of most other electronic markets, one towards efficiency and transparency powered by broker intermediation and institutional participation,"
"Federal registration will thus allow us to finally unlock the full potential of our natively-built exchange, clearing, and broker technology in our pursuit to always put the customer first."
Sporttrade submitted Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) applications with the CFTC. Sporttrade operates as a licensed betting operator in New Jersey, Colorado, Iowa, Arizona, and Virginia. The company states that CFTC's market-based regulatory framework will provide market participants with increased efficiency, transparency, and consumer protection. Sporttrade says federal registration will enable fuller use of its natively-built exchange, clearing, and broker technology. The company reports it originally designed its venue expecting broker intermediation and institutional participation. Sporttrade is the first to apply for DCM registration while operating a state-regulated betting platform, and other platforms could follow.
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