Over the past two weeks, the Philadelphia Phillies have delighted their fans by sending two division winners on early leave, including defending World Series champion Atlanta Braves.
For Sporttrade, a sports betting newcomer previously launched only in New Jersey, the Phillies’ unlikely run serves as an archetype to spot an undervalued asset that can beat expectations through a massive surprise. On Friday, when their National League Division Series against the Braves was tied at a game apiece, a Phillies purchase deal on Sporttrade’s futures market cost $7, the third-lowest among the eight teams featured in the Major League Baseball playoffs stayed.
Futures are now live on @sporttrade_app. Why is this such a game changer?
Snapped @Phillies to win the World Series ahead of the NLDS.
I’ve almost tripled my money and can trade ANYTIME pic.twitter.com/ezBYpfn5jN
— Dan Koob (@SporttradeKoob) October 17, 2022
Two days after the Phillies eliminated the Braves in four games, the Phillies price rose to $20.50 on Sporttrade, rewarding savvy traders with a healthy profit. In between, Sporttrade officially went live with the futures markets on Saturday, offering New Jersey clients a new trading option in the top pro sport.
“The Futures experience is going to be incredible,” said Alex Kane, CEO of Sporttrade, in an interview with Sports Handle. “We believe customers will love it.”
Profiting from an unexpected playoff run
Sporttrade, an online trading platform that bills itself as the “Robinhood of sportsbooks,” officially launched a real money platform in September ahead of week 2 of the NFL regular season. The platform allows clients to trade sports scores in real-time, similar to how investors trade stocks. Sporttrade joined Prophet Exchange and became the second new sportsbook to go live in the Garden State since early August.
As of Monday morning, Sporttrade had traded about 22,000 contracts, Kane told Sports Handle, with about 13,500 in play.
Sporttrade is headquartered near the Camden Waterfront on the banks of the Delaware River, approximately three miles from downtown Philadelphia. As a result, Philly Sports is closely monitored by Sporttrade’s dealer team. Kane even followed the Sporttrade app from his seat at Citizens Bank Park during a Phillies regular-season game a few weeks ago.
Kane spoke to Sports Handle for a 40-minute Zoom chat on Oct. 4, a day after the Phillies clinched the final National League playoff berth. In light of the Phillies’ and San Diego Padres’ unexpected postseason runs, Kane’s comments about the appeal of trading a massive underdog proved prophetic. Back then, Kane noted that a trader could buy a Phillies to Win World Series contract on Sporttrade’s beta app for as little as $3. If the Phillies somehow upset Albert Pujols and the St. Louis Cardinals in the wild card round, Kane explained, the Phillies price could double to $6.
Course changes on the MLB futures market by Sporttrade (from 10/14 to 10/17):
On Friday, October 14, the LA Dodgers and Houston Astros remained Sporttrade’s co-favorites to win the World Series at a price of $27 per contract. But the market changed drastically after the Padres rallied to eliminate the Dodgers while the Phillies knocked out the defending champion Braves. As of Monday morning, the Astro’s price rose to $37, well ahead of the Padres, second pick at $21.50.
The prices on the Sporttrade futures market are very similar to the World Series odds at traditional sportsbooks. For example, in Monday’s FanDuel, the Astros hovered as the heavy favorites at +140, with the Padres (+320), Phillies (+340), Yankees (+500) and Guardians (+1300) all well behind. There will certainly be more turnover after a crucial ALDS Game 5 between the Yankees and Guardians on Monday night in the Bronx.
But Sporttrade can stand out from the traditional books with one attractive feature. Sporttrade allows traders to “get in and out of the market” at any time. If the Yankees advance Monday, the price of a contract with the Bronx Bombers will rise from Monday’s level of around $15. A dealer can sell the contract before Game 1 of the American League Championship Series and buy it back at a lower price if the Astros win the opener.
For the same reason, there’s a high possibility that the price of the Padres-Phillies Game 1 loser will fall sharply after Tuesday’s opener.
Other sports
The outcome of Sunday’s campaigns in the NFL also caused movement on Sporttrade’s football markets. The Bills, the first pick at Sporttrade, outlasted the Chiefs 24-20 in a possible AFC Championship preview. Buffalo is the definitive Super Bowl favorite at almost every sportsbook across the country.
The price of the Bills rose $2 per contract to $24.50 after the thrilling win. The Chiefs, Bucs and Packers all fell more than $1 with losses on Sunday. The Eagles, meanwhile, are up 50 cents to $13 after beating the Cowboys on Sunday Night Football.
Price changes in Sporttrade’s NFL futures market since Sunday’s week 6 action:
The Warriors took the top spot in NBA markets on Monday with a $13.50 purchase deal. Two others, the Clippers and Bucks, were just behind at $13 and $12.50, respectively. Two local New Jersey bettors, the Nets and the Sixers, were priced at $11 and $8, respectively.
Kane hinted that a variety of new markets could be launched over the next few weeks. On Thursday, all four of North America’s top professional sports leagues will be in action in a rare event known as the “sports equinox.” The Equinox also occurs on Sunday when games are scheduled in the NFL, NBA, NHL, and MLB.
Ahead of the FIFA World Cup 2022 in November, Sporttrade plans to offer futures on the biggest global sporting event.
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