Newly Founded Sports Betting Exchange (SBX) Set To Launch in Colorado

Sports Betting Exchange (SBX) is set to launch in Colorado after struggling to gain traction in sports betting exchanges in the two states where wagering is legal. The Chicago-based SBX has been developing its proprietary exchange-wagering technology since 2022.

Sports Betting Exchange (SBX) secures Colorado market access through Gilpin Casino

According to SportsHandle’s Mike Seely, three men with backgrounds in the finance, legal, and gaming sectors co-founded Sports Betting Exchange (SBX): CEO Peter Karahalios, CTO Billy Smolen, and COO/General Counsel Mike Roselli. SBX recently announced a market access agreement with the Gilpin Casino in Black Hawk, Colorado.

“We are excited to partner with SBX on their innovative platform that will bring sports betting to Colorado in a unique form that we think will appeal to both casual and hard-core fans,” Gilpin Casino General Manager Ben White said in a press release.

However, before it can launch, the Colorado Division of Gaming (CDG) still must grant regulatory approval to the peer-to-peer exchange, a decentralized form of exchange that allows users to trade directly with each other. It is essentially a software-based platform that eliminates any third-party involvement.

“We are excited to announce this very important market access agreement for our company,” said Karahalios. “Colorado is the perfect first state for us to showcase our innovative, differentiated exchange product that we firmly believe is poised to shake up the entire sports betting industry.”

Colorado’s exchange wagering rules went into effect on June 14, making the state the second U.S. jurisdiction to allow exchanges

Colorado’s recently approved exchange wagering rules went into effect on June 14. This made the Rocky Mountain State the second jurisdiction in the U.S. to allow exchanges, following New Jersey.

SBX’s order-matching engine will allow Colorado gamblers to set their own limit orders and match one another. This typically leads to a much better price for the user.

Real-time trading of wagers allows users to move quickly in and out of positions without problems. Users more often than not encounter issues at other legal, regulated U.S. sportsbooks.

At launch, the SBX app will be available on iOS. Users will be offered the most reasonable pricing in the market on moneylines, point spreads, and game totals. This includes both pre-game and in-game betting lines.

Sports Betting Exchange (SBX) will launch first in Colorado before expanding into other jurisdictions next year.