New Jersey-based Prophet Exchange has become the first peer-to-peer sports betting exchange to go live in the US regulated market following licensing approval from the state regulator, the New Jersey Division of Gaming Enforcement.
Prophet was founded in 2018 by CEO Dean Sisun and COO Jake Benzaquen. Last year, the betting exchange hoped to launch in time for the year’s NFL season through a partnership with Caesar’s Entertainment – but was delayed in achieving that goal.
In 2020 the business lost its GB license over social responsibility failings after failing to integrate with the UK self-exclusion scheme GAMSTOP, which became a mandatory requirement for operators in January of that year.
Prophet will be the only sports betting exchange with a license for a US market. Betfair previously operated a horse racing exchange in the country, but withdrew from the market. Political exchange PredictIt allowed for bets on non-sporting events, but regulators announced last month that the site would be forced to close from 15 February 2023.
Former NFL wide receiver Victor Cruz placed the first bet after being described by Prophet as a “strategic partner” of the business.
The exchange will offer moneyline, spread and total markets for a NFL, NBA, NHL, MLB, NCAA Football & Basketball games. The business states that it plans to add new sports and markets as the platform scales.
Long-term growth
Prophet Exchange co-founder and CEO Dean Sisun made an emotional statement accompanying the launch:
“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,” he said.
The CEO continued, elaborating on the business’s long-term expansion goals.
“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 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. As we say here, to the moon.”