WagerWire, a one-of-a-kind marketplace that allows bettors to sell and buy active sports bets on its mobile app as well as within its partner sportsbook applications, has formed a strategic technology partnership with Sparket: Social Betwork, a B2B live event wagering software that lets users bet on traditional sports, esports, live events and beyond.
As part of the partnership, WagerWire’s technology – which allows for the buying and selling of previously placed bets – will be integrated into Sparket’s “bet-on-anything” platform. This will enable secondary market trading for Sparket bets to be traded on WagerWire’s free mobile app that is launching early this year, and within Sparket’s platform. This new functionality allows players to leverage line movements and momentum swings, unlocking new ways to capture profit or reduce losses.
The two rapidly rising startups will also join forces in a social capacity. WagerWire has invited Sparket into its rapidly growing community of engaged sports fans and bettors, where they will utilize Sparket’s betting markets to create custom and entertaining opportunities for its community.
“WagerWire and Sparket are aligned on our journeys to bring new dimensions to the sports betting experience,” said Zach Doctor, co-founder and CEO of WagerWire. “Sparket’s system allows for betting on new and interesting markets. Adding WagerWire means that each bet originated by Sparket will become a tradable asset. This partnership is going to pave the way to an entirely new era of betting.”
The advantages of this strategic partnership are underscored by the data that WagerWire compiled in a survey of bettors and non-bettors conducted in 2022. The survey revealed over 90% of online sports bettors would be more likely to choose a sportsbook with secondary bet trading functionality. The next data release from the survey is expected this February and will further illuminate the market demand for products like WagerWire.
“Combining forces with WagerWire creates powerful possibilities for our users,” said Aaron Basch, CEO of Sparket. “The ability to flip in and out of bets gives our users more power and freedom over their wagers. For the first time in history, pari-mutuel markets will now become tradable after the event begins and the windows are closed. This enhanced user experience takes Sparket to the next level and is already being eagerly anticipated by our partners.”
WagerWire splashed onto the scene in 2022 with the announcement of its seed round, backed by investors including Miami Marlins co-owner, Roger Ehrenberg, NBA All-Star Richard Jefferson and SimpleBet and Betr founder Joey Levy, among others. WagerWire has also announced strategic partnerships with The Gaming Society and AI sports analytics company Quarter4.
In the last year, Sparket has announced partnerships with Cahuilla Casino Hotel and Station Casinos, as well as its certification to Gaming Laboratories International’s (GLI) standard, GLI-33 Event Wagering Systems v1.1.