Third Time the Charm: TradeSports Returns
Betting exchange TradeSports is returning to the US for the third time, hoping to capitalize on the new legalized sports betting climate.
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Sports betting exchange @TradesportsUS is back, for the third time. Former Intrade co-founder Ron Bernstein is hoping that legal jurisdictions and the populalrity of no-fee trading will help overcome barriers to exchange betting in the U.S. https://t.co/hqsOoo9l6r #SportsBiz
— Eben Novy-Williams (@novy_williams) December 4, 2019
The question Bloomberg asks: Do Americans want to bet on sports like they trade stocks?
Gamblers will buy and sell positions on sports betting events.
The brand is starting a free-to-play beta test this week. They hope to obtain licenses in some US states.
“As long as we can create an offering that isn’t too intimidating, we think there’s a really big niche in the professional trader market,” Bernstein said. “But you can really broaden the definition of a ‘trader’ to include anyone who uses Charles Schwab or TD Ameritrade. Everyone trades now.”
The company originally launched in the early 2000s. It was forced out of the US market in 2008.
In 2014, when daily fantasy sports approached their zenith, Bernstein relaunched Tradesports as a fantasy product. It lasted about a year and a half.
Since then, Bernstein has been working in cryptocurrencies, both as an investor and as a developer, according to Bloomberg. Last year, he was running Paradex, a token exchange, until its sale to Coinbase.
No-fee trading from companies like Robinhood and Ameritrade have helped make individuals comfortable with bid and asking prices.
“Trading is a thing now,” Bernstein said. “People understand what it is.”
- Aaron Goldstein, Gambling911.com
