Fully regulated, peer-to-peer high frequency sports betting exchange in the United States, Prophet Exchange, announced a new line of funding of over $10 million, right after the company’s official launch in August 2022, and a successful Super Bowl where the company saw over $1 million traded on the event.
Founded by Dean Sisun and Jake Benzaquen in 2018, Prophet Exchange is a peer-to-peer sports betting platform that matches users’ potential bets with others from across New Jersey.
The benefits of such service are that each user wins more or loses less on every single bet, there are no wager limits, and people can trade in and out of positions on tight margins. Additionally, users can make offers on outcomes at their desired prices, similar to financial exchanges.
The platform offers money line, spread and total markets for NFL, NBA, NHL, MLB and NCAA football and basketball games, and will continue to add new sports and markets as the platform scales. Soccer, tennis, golf, UFC and other Tier 2 sports will also be going live in the immediate future.
CEO and co-founder, Dean Sisun, commented: “As excited as we are to enter the emerging market of sports betting, we are a tech company at heart. We are a scrappy, lean and agile firm in a sea of behemoths, which allow us to respond to changes and capitalize on opportunities at a moment’s notice.”
Regarding this round of funding, the CEO said it will let the company “continue as disruptors in the betting space,” and push their product forward in the market.
Built entirely on proprietary technology, Prophet Exchange capitalizes the rapidly changing and expanding sports betting market. As gambling legislation continues to roll out nationwide and change the face of gambling in the U.S., “Prophet aims to position itself as the people’s exchange of choice,” the company wrote.
While common in Europe and abroad, peer-to-peer exchanges arrived in the United States in 2022, when Prophet first opened its doors in New Jersey. Rather than develop the app similar to a sportsbook operator that charges a large tax on every bet, the company instead focuses on a user-friendly system where bettors compete directly with each other. Successful bets are rewarded, and the company does not count winnings based on losses.
Some exciting news…
We’ve received additional fuel to launch @ProphetExchange into our next chapter and beyond.
Onwards and upwards 🚀https://t.co/vCi4gLp6YU
— Prophet Exchange (@ProphetExchange) April 11, 2023
“To be frank, something has always bothered us about ‘the house always wins’. At Prophet we win only when the user wins,” co-founder Jake Benzaquen stated. “As the first pro-consumer betting exchange in the country, we believe it’s time for the house to lose a few hands.”
Only users in New Jersey can place bets at this time. However, users across the country can download the app, view their lines, and learn the ins and outs of peer-to-peer exchanges, free of charge.
“Prophet’s current mission is to dominate the straight bet experience in the U.S. Best-in-market prices, creating offers with requested prices, unlimited action, and frictionless trading in and out of positions with lower capital requirements make up that experience,” Sisun said.
Over the long term, Prophet’s goals will evolve to scaling across states with a suite of betting products, “at a speed unforeseen by our competitors,” the CEO concluded.
Original article: https://www.yogonet.com/international/news/2023/04/12/66789-prophet-exchange-secures-10m-in-new-funding-round-to-position-itself-in-the-us-market
