Former CEOs of MGM Resorts, Nasdaq Stock Exchange Invest in Birmingham Township Native’s Sporttrade

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Image via Sporttrade.
Alex Kane.

Sporttrade, a fintech company founded by Birmingham Township native Alex Kane, has raised $36 million in funding to revolutionize sports betting.

The funding round was led by Jump Capital, with Impression Ventures, Hudson River Trading, and Tower Research Ventures also participating. The investors also include Jim Murren, former CEO of MGM Resorts International, and Tom Wittman, former CEO of the Nasdaq Stock Exchange.

In connection with this transaction, Sporttrade has also issued convertible debt to Nasdaq Ventures.

The funds will be used to acquire customers, expand into more states, and grow the company’s team.

The application is expected to launch in the second half of this year, pending approvals and licensing by the New Jersey Division of Gaming Enforcement. It will help Sporttrade strengthen its position as the country’s only sports betting exchange.

“We are thrilled to back Alex and his amazing team at Sporttrade,” said Partner Yelena Shkolnik of Jump Capital. “They have built a retail trading solution for betting, reflecting pricing based on win probabilities and allowing users to easily trade in and out of any position.”

Kane founded Sporttrade three years ago with the goal of making sports betting more responsible and akin to stock trading.

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