Launches in other states likely
Prophet has signed a multi-year deal with Caesars Entertainment, giving it market access to launch a sports betting exchange initially in New Jersey and later in Indiana.
The New Jersey-based peer-to-peer sports betting exchange announced its partnership with the casino company in a Monday tweet:
The betting exchange operation, betprophet, will make its United States debut in New Jersey in time for the 2021 college football and NFL seasons. It will then go live next year in Indiana, with launches in other US states also in the pipeline. The offering will be available on Android and iOS devices, as well as through a website and its public API.
Focusing on the US market
Prophet was started in 2018 by CEO Dean Sisun and the current chief operating officer, Jake Benzaquen. It initially had an operating license in the UK, which it later surrendered as it turned its focus to the United States sports betting market.
Sisun welcomed the new partnership with Caesars, saying he believes the betprophet exchange is going to be a success thanks to its simplicity and its “focus on sports betting principles.” He added:
We are for the customers who want the best experience and prices on the market.”
The sports wagering product aims to allow bettors to do without limits on the bets they can place, and to create their own odds for certain markets.
Sports betting exchange competition
Sports betting exchanges, while very popular in Europe, have yet to really infiltrate the burgeoning US sports betting market. A couple of other companies are looking to also roll out similar offerings across the country in the near future.
Among these, ZenSports is creating a peer-to-peer sports betting app with market access deals in place in Colorado and Nevada. It has also applied for licenses in Virginia and Tennessee.
Sporttrade is another exchange intent on launching in New Jersey later this year through its market access agreement with Bally’s Corporation. Just last month, the company announced that it had raised $36m from investors. The plan was to become the only sports betting exchange live in the US market at the time of launch.
Betfair previously had a race betting exchange in New Jersey. It withdrew its offering from the market last year after it failed to generate satisfactory results.