It’s a new era for New Jersey, and in turn, US sports betting with the launch of Prophet Exchange, the first-ever sports betting exchange platform to be regulated by a US market.
Super Bowl champ Victor Cruz placed first bet
Prophet Exchange, which is available on iOS, Andriod, and desktop, launched in New Jersey Monday morning with former NFL star and Propet Exchange partner Victor Cruz placing the first wager. The longtime New York Giants wide receiver placed a bet on the Giants +5.5 at even odds against their Week 1 opponent, the Tennessee Titans. Cruz also took the Giants moneyline at +230. By comparison, the price for the Giants moneyline on FanDuel at time of writing was +205.
The exchange model hopes to gain traction with its vig-less approach to betting. Rather than a sportsbook booking the action, Prophet Exchange allows users to match up with other bettors who want the opposite side of that bet.
“Prophet Exchange is the sports betting platform of the future,” said Cruz. “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.”
Prophet Exchange launches after four years of work
Co-founders Jake Benzaquen and Dean Sisun started Prophet Exchange in 2018. Over the past four years, the team there has worked to ready the product for regulatory approval and the US market.
“Launching here in New Jersey is everything we’ve been working towards for four years,” now COO Benzaquen 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.”
”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” added now CEO Sisun. “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.”