Secondary cash-out start-up plots UK app launch
Prophet users can challenge “unfair” bookie rates by buying and selling bets as market odds change
US start-up firm Prophet has developed a secondary marketplace for cash-out to challenge bookmakers’ “unfair rates”, says co-founder Dean Sisun.
Similar to bet365’s partial cash-out, Prophet users can cash out their bets before the outcome is determined in order to buy and sell bets on the Prophet platform, at what the founders claim is a better rate than any bookie.
The product is planned for launch in the UK in H1 once its B2C licence is approved. The official website states: “Bookmakers in the industry have been dictating cash-out rates for too long, making millions off their users in the process. We were tired of not having fair, immediate and customized liquidity when gambling.”
Sisun, a former investment banker with financial trading knowledge, said punters in the UK were getting frustrated with existing cash-out features.
He told EGR Intel: “If you’re selling a bet at better odds than a sportsbook is offering then you’re getting a far better deal and making more money in the process, as well as helping buyers get better odds and building a community.”
The product has a similar UI as crypto exchange business Coinbase according to co-founder Jake Benzaquen.
Prophet’s operations will launch imminently in London while the team looks to hire a CMO after recently appointing a new CTO.