Warning: Undefined array key "post_type_share_twitter_account" in /var/www/vhosts/casinonewsblogger.com/public_html/wp-content/themes/cryptocurrency/vslmd/share/share.php on line 24
- Sporttrade last week announced it will close its online sports betting markets
- The betting exchange will close its online sports betting offerings on May 25, 2026
- Sporttrade is currently waiting Designated Contract Market and Derivates Clearing Organization approval from the CFTC for its prediction market services
Sporttrade, a popular betting exchange founded in New Jersey, last week announced it will be ceasing its online sports betting markets in the coming months.
Sporttrade announced the decision on X, reporting it will shut down all of its online sports betting markets in its licensed states by June 26, 2026, at the latest.
While the announcement advised users to “stay tuned for what’s next!” it’s likely the company will focus on its prediction market journey, as it currently waits on word from the Commodity Futures Trading Commission on its applications for a Designated Contract Market and Derivatives Clearing Organization licenses.
Exiting Markets Starting End of May
A request for comment to Sporttrade CEO and Founder Alex Kane was not returned before the publication of this article.
Sporrtrade will begin its exit from the online sports betting markets on May 26, 2026, as all wagering will cease completely on the platform. New Jersey users will have to withdraw their funds on May 25, 2026, the same day they lose access to the platform.
Arizona, Colorado, Iowa, and Virginia customers will need to withdraw funds by June 25, 2026.
On June 26, 2026, platform access will be removed for every customer. Remaining balances that have not been withdrawn will be mailed via check to the users’ address on file.
Waiting on CFTC For Approval For Prediction Markets
As Sporttrade winds down its online sports betting markets, it likely has an eye on ramping up its prediction market entry.
The company announced in February it applied for Designated Contract Market and Derivatives Clearing Organization licenses with the CFTC.
“Today marks the opening of an incredibly exciting chapter of the Sporttrade journey.” Kane said after the applications were filed. “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.”
Federal regulation, Kane noted in the application announcement, “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.”
The licensure process is a timely one, however. The CFTC, upon agreeing that an applicant’s submission is complete, has a 180-day clock to review the application before making its decision. However, companies have had to wait several years for a final determination on their applications.