Peer-to-peer sports betting platform Prophet Exchange may only be live in New Jersey, but investors see a much bigger picture for the upstart founded by Dean Sisun and Jake Benzaquen in 2018. The company announced Tuesday that it recently completed a round of funding that raised in excess of $10 million. The news comes fresh off a productive Super Bowl for the NJ exchange when it generated over $1 milllion in handle.
“As excited as we are to enter the emerging market of sports betting, we are a tech company at heart,” said Sisun. “We are a scrappy, lean, and agile firm in a sea of behemoths, which allows us to respond to changes and capitalize on opportunities at a moment’s notice. This round of funding will let us continue as disruptors in the betting space and push our fast-moving product forward in this blossoming market.”
According to the press release about the news, investors in this cycle included MIXI, Ninjabet, and Chicago Trading Company.
Last week, Benzaquen spoke in an SBC Americas roundtable about how Prophet Exchange is taking advantage of deficiencies with the bigger operators with the unique exchange model.
Prophet Exchange first obtained a license and regulatory approval in the UK before moving into the US space last November. The announcement states the company intends to eventually bring the model to other states but the main goal is achieving profitability. That includes expansion into in-game markets and improved e-wallet technology.
“Prophet’s current mission is to dominate the straight bet experience in the U.S. Best-in-market prices, creating offers with requested prices, unlimited action, and frictionless trading in and out of positions with lower capital requirements make up that experience,” Sisun said. ”From there, over the long term, Prophet’s mission will evolve to scaling across states with a suite of unique betting products at a speed unforeseen by our competitors,” Sisun added.