Prophet Exchange, a peer-to-peer New Jersey-based sports betting exchange, has launched in the Garden State following licensing approval from the New Jersey Division of Gaming Enforcement. This turned Prophet into the first sports betting exchange to legally establish itself in the United States, the company claims.
Prophet Exchange co-founder and CEO Dean Sisun commented: “There is an overwhelming amount of emotion I feel for Prophet officially launching as the first fully regulated, peer-to-peer betting exchange in New Jersey. This has been a monumentally challenging journey to date, and to see it come to life is an amazing achievement for our team.”
That being said, Sisun claims this is “only Prophet’s first major milestone,” and the company will not lose sight of its north star: “Becoming the mainstream sports betting platform in the United States.”
NEW JERSEY, WE HAVE LIFTOFF!
PROPHET EXCHANGE IS OFFICIALLY LIVE 🚀https://t.co/fdlm7MhgE9
— Prophet Exchange (@prophetexchange) August 29, 2022
Founded in 2018, the business has spent the last four years preparing for a US launch. In a press release, the company claimed that Prophet Exchange offers “a new way of wagering” for sports bettors in New Jersey.
Prophet Exchange acts solely as an intermediary, meaning it takes no risk, and simply allows users to set prices, or place bets on prices already set by other users, the business explains. The exchange can then pass on this unique benefit by offering all-around better prices directly to the customer, separating it from traditional sportsbooks that add margin or vig to their odds. In addition, no limits are set by Prophet Exchange on any of these wagers, as long as customers have a counterparty to match their bet.
Prophet co-founder and COO Jake Benzaquen, added: “Launching here in New Jersey is everything we’ve been working towards for four years. Being the first start-up and the first betting exchange in the United States regulated market means the world to us and our team here in Hoboken, and globally. We cannot wait to show the public who we are and what our product offers to the market here in New Jersey and beyond.”
To start, Prophet Exchange will offer moneyline, spread, and total markets for NFL, NBA, NHL, MLB, NCAA Football & Basketball games. The company expects to continue to add new sports and markets as the platform scales.
NFL World Champion Victor Cruz has now become the first bettor on the first US sports betting exchange by matching multiple $100 bets with others on Prophet Exchange. A strategic partner and brand ambassador of Prophet Exchange, Cruz is the first bettor in New Jersey who can now “take advantage of even odds on spreads and totals markets and tighter moneyline prices,” the company further added.
“Prophet Exchange is the sports betting platform of the future,” said Victor Cruz. “It was great to place a bet directly with other users on the exchange without having to factor in lines that oddsmakers chose. I’m extremely proud to be a strategic partner of Prophet Exchange as they continue to innovate the sports betting world.”
The Prophet Exchange platform is available on iOS, Android, and web in New Jersey.
