Prophet Exchange opens first P2P betting platform in US

Prophet Exchange has become the first peer-to-peer betting exchange in the United States, launching its app in New Jersey after receiving licensing approval from the state’s Division of Gaming Enforcement.

The company previously held a sports exchange license in the United Kingdom for two years till it relinquished it in April 2021 so it can focus on capturing the US market. So far, the company has undertaken several strategic actions to establish itself as a disruptor in the US sports betting industry, especially ahead of the new NFL season.

To begin, Prophet Exchange plans to offer moneyline, spread, and over/under markets on MLB, NBA, NFL, NHL, and NCAA football and basketball leagues, with other sports, added as the company scales up. The exchange will act as an intermediary, pairing bettors with others who can offer corresponding bets and thus removing the role of traditional sportsbooks. As against traditional sportsbooks, the exchange will not set prices or place bets on prices already set by other players. It also does not add margins to odds and places no limits to bets placed.

Victor Cruz, former New York Giants player and now strategic partner of Prophet Exchange, placed the first bet on the exchange. Cruz made a $100 wager on his former team covering the 5.5-point spread against the Tennessee Titans in their season opener on September 11, an even-money bet.

Cruz became the brand ambassador for Prophet Exchange when he joined the company last November. In his words: “Prophet Exchange is the sports betting platform of the future.”

He said: “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.”

Dean Sisun, co-founder and CEO, has expressed excitement about being the first licensed sports betting exchange in the country, saying: “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 added: “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.”

Jake Benzaquen, Prophet COO, joined his voice with his fellow co-founder, said: “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.”

Prophet Exchange is currently available on iOS, Android, and the web anywhere in New Jersey.