00:00 (upbeat music)
00:02 - Every time I get ready to talk about sport trade,
00:05 I wanna say Scott trade.
00:06 I feel like sport trade may have looked at Scott trade
00:09 and thought, hey, let's use something similar.
00:11 So people, and by the way, not a bad idea.
00:14 If that's what they chose to do, I'll never know, I guess,
00:16 but it does sort of feel like that.
00:18 And by the way, they are doing trading,
00:21 trading of props live in Colorado.
00:24 But my understanding Matthew is that sport trade,
00:27 what they were initially signed up to do
00:30 is not exactly what they're doing in Colorado.
00:34 The sports prop exchange in sports trade
00:37 is not a running entity in Colorado.
00:40 So what is it exactly?
00:42 - Yeah, so it's interesting because sport trade in New Jersey
00:46 it was only live in New Jersey before it joined Colorado.
00:49 And even in New Jersey, the exchange business
00:53 where you get to post your own price on a wager
00:56 and then someone else can come in and take the opposite side
00:59 that was not the biggest part of the business.
01:02 It was really the standard sports book business
01:06 in New Jersey for sport trade.
01:08 And so that's what they're going to open up with
01:10 in Colorado to begin with.
01:13 Colorado has for a couple of months now
01:15 been focused on bringing exchange betting into the state.
01:19 And they actually do have rules for exchange betting,
01:24 but it's coming down to the regulators
01:26 getting comfortable with it,
01:28 with governing those types of wagers
01:31 and just really getting into,
01:36 I honestly understand the exchange betting
01:39 because not everybody truly does.
01:41 And kudos to the Colorado regulators
01:44 for not just saying, okay, sure, let's open it up.
01:47 They're really taking their time to do this.
01:48 And like I said, it's not really going to hurt sport trade
01:52 that much as they enter the state
01:54 because they can take all the traditional wagers as well.
01:57 But sport trade is one of those apps.
02:00 When you think about a differentiated product,
02:03 when points bet came out
02:05 and everybody was interested in points betting,
02:07 you would go sign up for points bet
02:09 just to check that out and see what it was like.
02:11 And so with sport trade,
02:13 I would think the same thing should happen.
02:14 Everybody in Colorado sees this coming out and saying,
02:17 yeah, for now it's a regular sports book,
02:19 but they will have this exchange option coming up
02:22 where I can set my own price on a wager
02:24 and hopefully get somebody else on the back end of it.
02:27 And that to me would be worth signing up for
02:31 and waiting to see how that fleshes out.
02:33 Everybody's always waiting for the next thing in sports
02:36 and the next big push in sports betting.
02:39 And exchange betting certainly can be that
02:42 for a certain type of customer.
02:43 And Colorado has kind of been
02:46 an interesting market recently, Craig.
02:49 We're seeing smaller operators drop out.
02:53 These aren't operators with big national brands.
02:55 It's more local casinos who tried to do it on their own
02:59 and they're just falling out of the market.
03:04 Colorado has more than 20 sports books right now.
03:08 Don't know the exact number on it with that recent ebb and flow
03:12 but it's definitely a competitive market
03:15 and there are definitely more licenses available,
03:17 but yeah, it's one of those markets
03:20 where it's interesting to see how it's starting to shake out.
03:24 We're not hearing about those closures
03:27 as big as maybe some of the other closures
03:30 because they're just one market
03:31 and really one property kind of sports book situations.
03:36 But yeah, Colorado is definitely a market worth being in
03:41 if you're going to market and operate correctly
03:46 as a sports book and really go out there and get customers.
03:49 So, as we said with all the other states,
03:52 I don't know how Colorado shakes out
03:56 once some of these bigger names start to flow into it.
03:58 And we'll have to see what kind of different sport trade
04:03 can make with its differentiated offerings
04:07 once that's available.
04:09 (upbeat music)
04:11 (bells chiming)
