Prophet Exchange Sportsbook Launches In New Jersey As First Of Its Kind In US
New Jersey sports bettors now have another way to put action down on games this NFL season, as the operator Prophet Exchange just launched in the state. The platform isn’t just your typical NJ online sportsbook, but the first peer-to-peer sports betting exchange available in the US.
Instead of providing odds for games and setting lines, Prophet Exchange simply acts as a liaison that helps connect fellow bettors. Players on the app can place wagers based on markets and prices set by other users, giving bettors the best possible prices within the state because there’s no margin attached to the odds.
Garden State residents with both iOS and Android devices can download the mobile app, while it’s also accessible through a web browser.
Prophet Exchange now live in New Jersey
The Prophet Exchange, via a partnership with Caesars Entertainment, released into the busy NJ market on Monday. The operator didn’t lack any star power around its launch, as former New York Giants wide receiver Victor Cruz put himself in the history books.
The wideout from NJ is both a strategic partner and brand ambassador for the new betting outlet. Cruz already placed two separate bets, becoming the first person in the country to utilize the sports betting exchange.
He discussed this new venture and his excitement around Prophet Exchange. According to a press release, Cruz said:
“Prophet Exchange is the sports betting platform of the future. 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.”
Since there aren’t just generic odds for every game, bettors don’t necessarily place wagers, but match them. Cruz put action on two markets listed for his Giants football team, solidifying two different routes for their opening tilt in about two weeks.
The speedster matched two different markets for New York’s game against the Tennessee Titans for Week 1. Cruz put $100 on the Giants receiving +5.5 in the spread at even money (+100), in addition to their moneyline odds at +230.
Even though odds vary depending on which NJ sportsbook you use, most NFL lines don’t come equipped with them at even money. Most times, the point spread makes you pay more than you can win by it sitting with odds at -110 or -105.
Prophet Exchange alters NJ sports betting
Prophet Exchange is looking to replace the old way of betting on games with its new idea of an exchange. This way, bettors can stop handing money over to the operator through the vig fee, and instead collect more winnings.
In theory, the betting app should provide more advantageous options for its players compared to the other legal NJ sportsbooks.
Now that the platform got licensing approval from the New Jersey Division of Gaming Enforcement, it can begin looking forward. Prophet Exchange’s co-founder and CEO, Dean Sisun, talked about its achievement thus far. Sisun said:
“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. 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.”
How is Prophet Exchange different from NJ sportsbooks?
It might take some time for NJ bettors to adjust to this different style of sports betting. One notable difference between Prophet Exchange and the majority of other books in the state will be the number of options shown.
While several NJ sports betting apps provide basically unlimited markets with alternates and various props, the exchange is more restricted. Bettors can only wager on the specific odds that someone else posted, so there won’t be as many choices for each game.
Along these same lines, players can’t just wager a set amount of money they have in mind, however, they must match an amount given.
That being said, this area of concern should only improve going forward as more NJ bettors start to use the app regularly. As of now, Prophet Exchange will be offering odds for points spreads, moneylines, and total markets for the following sports:
- College football
- College basketball
This list is likely to expand in regards to types of bets and the sports available as the exchange establishes itself within NJ.
The company’s co-founder and COO, Jake Benzaquen, also touched on Prophet Exchange’s journey to reach this point. He 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.”