TLDR Sporttrade is closing all US sports betting operations, with New Jersey users losing access May 25 and remaining states by June 26 The shutdown comes just three months after Sporttrade applied to the CFTC for approval as a designated contract market Customers in Arizona, Colorado, Iowa, and Virginia have until June 25 to withdraw funds before the platform goes offline Sporttrade had been operating in New Jersey since 2022, predating rival Kalshi’s sports contracts by over two years The company initially tried to work under state gaming regulators before pivoting to the CFTC, but neither path led to a sustainable model
Sporttrade has announced it will shut down its sports betting operations across the United States. The closure affects users in five states and marks an abrupt end to the company’s push into exchange-style sports wagering.
New Jersey customers were told their access will end on May 25. They must withdraw their funds before that date.
Sporttrade Sets State-by-State Shutdown Timeline
Users in Arizona, Colorado, Iowa, and Virginia have a longer window. Those customers have until June 25 to pull their balances from the platform.
The platform is scheduled to go fully offline on June 26. Any funds left in accounts after the deadlines will be mailed to the addresses on file.
The timing of the closure stands out. Sporttrade submitted an application to the Commodity Futures Trading Commission just three months ago, seeking approval to operate as a designated contract market and derivatives clearing organization.
That application was directly tied to the company’s exchange model. The model allowed users to take prediction-style positions on sports events rather than placing traditional bets.
CEO and founder Alex Kane had expressed optimism when the application was filed. He called it “an incredibly exciting chapter” for the company.
Kane