Prophet Exchange reaches $1m in total volume of matched Super Bowl bets
New Jersey-based peer-to-peer betting exchange among first of its kind in growing US market
Prophet Exchange has reported it traded a total of $1m in matched bets for Super Bowl LVII between the Chiefs and Eagles, a sign that exchange-based betting models are beginning to gain traction in the US market.
Based in New Jersey, Prophet Exchange reached the milestone approximately six months after launching its peer-to-peer betting exchange in the Garden State.
Prophet Exchange is one of a select few platforms in the US offering exchange-based betting, which, as opposed to traditional sportsbooks, can offer no-vig odds by matching buyers and sellers.
Exchanges, which generate revenue by charging small commissions on winning bets, are prevalent in more mature European markets and are gaining prominence in the US, evidenced by Prophet Exchange’s rapid ascent.
“The Super Bowl was a perfect use case for why the exchange will be the predominant method to place straight wagers in the future,” said Prophet Exchange co-founder and CEO Dean Sisun. “With $1m worth of volume on the event, we saw 1-2 cent straddles on the moneyline for all of Sunday, while the majority of the action came from users who requested their desired price.”
In addition to consistent 1-2 cent straddles on core markets such as spread, moneyline, and total for the Super Bowl – a significant discount from the standard 10 cent lines of sportsbooks – Prophet Exchange offered over 30 prop markets for the big game.
Each prop included a ‘Yes/No’ option – another point of difference from sportsbooks, the majority of which only post one-way prop markets.
Prop trading accounted for roughly 35% of Prophet Exchange’s total volume on the Super Bowl.
“Everything that happened on Super Bowl Sunday is a testament to the hard work and dedication of our small team here in New Jersey and globally,” said co-founder and COO Jake Benzaquen.
Prophet Exchange has teased “significant improvements” to its platform as the company turns its attention to its first March Madness since launching in August 2022.