Prophet Exchange secures $10m funding to fuel market expansion plans
Peer-to-peer betting operator targets both new states and technology progression with cash injection
Prophet Exchange has secured $10m of new funding from investors to grow and develop its exchange betting business.
Backers include Japanese-based software company MIXI Inc, Ninjabet.com and the Chicago Trading Company, with the firm’s executives keen to pursue expansion into additional US states beyond New Jersey.
Founded in 2018 by Dean Sisun and Jake Benzaquen, Prophet Exchange is the sole exchange betting operator in the US following the exit of Betfair Exchange from that same market in 2019.
The platform is currently only licensed in New Jersey, and live since 2022, but users across the US can download the app to understand the workings behind peer-to-peer exchanges.
The operator is hoping that mass education will result in customer acquisition following the required licence procedures in subsequent states.
Speaking about the firm’s future, Sisun laid out its potential next steps.
Sisun said: “As excited as we are to enter the emerging market of sports betting, we are a tech company at heart.
“We are a scrappy, lean and agile firm in a sea of behemoths, which allows us to respond to changes and capitalise 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,” he added.
Prophet Exchange originally began operating in the UK in 2018 before shifting focus to the US in 2020.