Get ready for a whole different kind of online sports betting experience. Sporttrade is the first of its kind, allowing its players to bet peer-to-peer by “buying” and “selling” sports wagers across various major sports betting markets. This betting exchange is different from a traditional online sportsbook where players place bets against “the house,” and it offers a more interactive, communal take on online sports betting that means increased potential payouts for its players.

But it’s more than just a good time. Sporttrade is offering all new players the ability to earn up to $300 in cash back on the bets they place during the first seven days after they register for an account. 

We’ll explain more in the paragraphs that follow how players in New Jersey and Colorado —the two states where Sporttrade is operating—can accomplish just that. If you’re looking for a change of pace and a nice alternative to online sports betting, as well as the chance to earn big, here’s what bettors need to know about everything Sporttrade offers.

How Bettors Can Earn Their Cash Back With Sporttrade

At its core, Sporttrade is a sports betting exchange that matches buyers and sellers on outcomes. Different from a traditional online sportsbook, players can either buy or sell the bets they’re interested in based on a 0 to 100 probability outcome (whereas traditional online sportsbooks work with betting odds that take a percentage of your wager as “juice”). You’re essentially trading on sports bets the same you would trade stocks.

The fact that these are trades among players means that payouts are higher—Sporttrade takes a small commission on all trades (like a brokerage such as Robinhood does with stocks) which is less than the vig that online sportsbooks take. Note that Sporttrade only takes a commission on winning bets, so the losing side of the “trade” won’t be penalized further. 

It’s an experience that feels more like the stock exchange while also providing bettors with the look and feel of a traditional online sportsbook.

It all begins with registering for a new account, which takes just a few short minutes to complete. You’ll need to provide the typical personal information such as name, email, address, and phone number to create your account. You’ll also need to verify you are at least 21 years old and physically located in either New Jersey or Colorado (we expect more states to join in as the brand grows) and make a qualifying first deposit.

Then it’s time to start betting. The way the Sporttrade promo code offer works is that all new players will earn 3% cash back on all qualifying bets they make during the first seven days of their membership. 

The example Sporttrade gives is that buying 10 shares of an outcome at $50 totals $300, meaning you’ve earned $15 in cash back. Selling any of those shares before the bet settles will not be included in your cashback.

Players can earn a maximum of $300 in cash back during this promotion period, which would mean buying $10,000 of shares in bets on odds of -400 or greater (meaning -500 would not qualify, but -275 or +110 would). Suffice it to say, the vast majority of bettors won’t reach that threshold, but there’s still a great opportunity to earn as you go while winning cash profit in addition to that cash back.

After those seven days, bettors will receive that cash back as one lump sum. You’ll receive it within 72 hours of the qualifying period and be able to buy any bet shares that you’re interested in.

This is certainly something new and unique, which is a tough thing to do in the world of online sports betting that features more promotions, perks, and offers than ever before. If you’re ready for a nice change of pace and try out a type of betting that has the potential to put a little extra cash in your pocket, give Sporttrade a try.