It took the company four years, but there is a new player that brings something new to New Jersey sports betting.
Prophet Exchange, based in Hoboken, hit the state Monday as the first peer-to-peer sports betting exchange to legally launch in the United States.
What Makes Prophet Exchange Different?
How does it work?
Prophet Exchange (PE), which has market access with Caesars NJ, acts as an intermediary as it takes no risk. It allows users to set prices for others to bet on or place bets on prices already available by other users. They then can pass these prices directly to the customer, which separates it from mobile or retail sportsbooks that add margin to their odds.
Another distinction PE brings is there are no limits set on any of these wagers, as long as customers have another party that can match their bet.
Currently, the Prophet Exchange said it offers moneyline, spread and total markets for NFL, NCAA football, MLB, NBA, NCAA Basketball and NHL games. The company aims to add new sports and markets in the future.
Former Giant Cruz Places First Bet
Former New York Giants wide receiver Victor Cruz, who is a strategic partner of PE, became the first bettor on the exchange by matching multiple $100 bets with others, eliminating the -110 margin.
Cruz matched two wagers in N.J. NFL betting for the opening weekend of the season: one on his former team, the Giants, at+5.5 at +100 (or even) odds against the Tennessee Titans on Sunday, Sept. 11 and one on the Giants’ moneyline at +230.
Prophet Share was co-founded in 2018 by Dean Sisun and Jake Benzaquen. Sisun is now titled as chief executive officer and Benzaquen as chief operating officer.
“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,” Sisun said in a news announcement. “This has been a monumentally challenging journey to date, and to see it come to life is an amazing achievement for our team.
“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.”
Benzaquen said the announcement has been a long time coming.
“Launching here in New Jersey is everything we've been working towards for four years,” he said. “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.”
Use Topnjcasinos.com when you are looking for news in the state related to sports betting.
The site also has great information on N.J. casino apps with games such as roulette and blackjack.
Prophet Exchange also will be live next year in Indiana and other states.