A new form of online sports betting that bypasses traditional oddsmakers and allows gamblers to wager against each other could be coming to Colorado by late summer if approved by the state’s regulatory board on Thursday.that would govern exchange wagering, a form of online sports betting. Exchange wagering, for now, is only offered in New Jersey, and Colorado would become the second state in the country where exchanges operate.
The exchange wagering operator makes money by keeping a commission from the bets, which is typically 2% or 2.5%, Buckingham said. “Exchanges allow customers to enter their own odds, which informs the odds other players see,” said Alex Kane, the chief executive officer of Sporttrade, an exchange wagering platform hoping to enter the Colorado market. “On an exchange, anyone can partake in helping set the pricing.”The company that runs the exchange accepts the money placed on the bets, holds it until the event is over and then pays winners, Kane said.