- Prophet Exchange–the first US regulated peer-to-peer sports betting exchange–has launched in New Jersey.
- At launch, Prophet Exchange will book moneyline, spread and totals market for the NFL, NBA, NHL, MLB and NCAA basketball and football. More sports will be added in the future.
- Former New York Giants wide receiver Victor Cruz made the first bet.
The United States has a painfully bifurcated sports betting ecosystem. While a handful of states welcome competition and innovation–New Jersey, Iowa, and Colorado among them–the majority of the country remains relegated to cronyism, bumbling regulation and lottery run nonsense. In terms of quality, Ontario has blown by every US jurisdiction in a matter of months.
Every now and then, there is a tangible sign of progress. In New Jersey, the first US regulated peer to peer betting exchange is open for business. Prophet Exchange has been licensed by the New Jersey Division of Gaming Enforcement after four years preparing for a US launch. The company has a market access agreement with Caesars, which will provide entree into additional states in the next year. Based on information in the press release announcing the launch, Prophet Exchange’s next state will be Indiana. Given the limited number of innovative jurisdictions in the US, you can surmise that they’ll be heading to Colorado and Iowa next.
For the few of you out there who might not understand the betting exchange concept, Prophet Exchange offers this succinct explanation:
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 exchange can then pass on this unique benefit by offering all around better prices directly to the customer, separating it from traditional sportsbooks who 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.
At launch, To start, Prophet Exchange will offer moneyline, spread and total markets for NFL, NBA, NHL, MLB, NCAA Football & Basketball games. They will continue to add new sports and markets as the platform scales. New York Giants great Victor Cruz made the ceremonial ‘first bet’ as Prophet Exchange opened their (virtual) doors:
Cruz matched two bets, one on the New York Giants +5.5 at +100 (even) odds against the Tennessee Titans in Week 1 and one on the Giants moneyline at +230. Cruz got the best odds in the market as compared to other traditional sportsbooks. Cruz, a strategic partner and brand ambassador of Prophet Exchange, is the first in a long line of bettors in New Jersey who can now take advantage of even odds on spreads and totals markets and tighter moneyline prices.
Cruz also got a quote in the press release:
“Prophet Exchange is the sports betting platform of the future. 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. Being a native of New Jersey, there’s no company I’d rather partner with. Of course, I had to bet on my Giants for my first wager.”
The company’s founders are no doubt thrilled to finally launch in the US. Prophet Exchange co-founder and CEO Dean Sisun spoke of his desire to become a mainstream platform nationwide:
”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, this is only Prophet’s first major milestone, and we will not lose sight of our north star: becoming the mainstream sports betting platform in the United States.”
Prophet co-founder and COO Jake Benzaquen is also excited to be up and running:
“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. As we say here, to the moon.”
As that quote indicates, the company is now headquartered in Hoboken, New Jersey. The were previously licensed in the UK with an office in London.
