Most betting is done between bettor and sportsbook. The sportsbook sets the parameters; the bettor places a wager based on those parameters. Prophet Exchange has a different approach—billed as a peer-to-peer exchange, bettors set prices or place bets on prices set by others, according to NJBIZ.
The New Jersey Division of Gaming Enforcement on August 29 approved the Hoboken-based company for a license as the first sports betting exchange in the U.S.
The company, founded in 2018, acts as an intermediary, allowing users to set prices or place bets on prices already set by other users.
“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,” said Dean Sisun, Prophet Exchange co-founder and CEO. “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.”
The exchange offers moneyline, spread and total markets for NFL, NBA, NHL, MLB, NCAA football and basketball games.
“Prophet Exchange is the sports betting platform of the future,” said New Jersey native and New York Giant Victor Cruz who serves as a brand ambassador. “It was great to place a bet directly with other users on the exchange without having to factor in lines that oddsmakers chose.”
Jake Benzaquen, Prophet’s co-founder and COO, said that launching in New Jersey caps the journey.
“Being the first startup and the first betting exchange in the United States regulated market means the world to us and our team here in Hoboken, and globally,” said Benzaquen. “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.”
