US entrepreneurs debut “industry first” cash-out exchange in UK

Start-up tech firm Prophet has launched what it claims is the industry’s first cash-out marketplace, where punters can buy and sell bets.

Users can head to the site having placed a bet elsewhere and input bet details, with Prophet spitting out a market value for the seller and potential buyers.

Cash-outs are charged at 3% commission.

Prophet claims the marketplace process gives sellers “up to 50% better cash-out rates”, while buyers get on average 10-20% higher odds.

Dean Sisun, CEO and co-founder of Prophet, said: “We are extremely excited about Prophet’s launch which we believe will be a game-changer for sports punters, setting out to be the first platform that truly aims to help consumers in an industry notorious for taking advantage of them.

“The cash-out function has been monopolised by bookmakers and been beneficial to them since its inception. We believe it is high time the tables were turned and power restored to the consumers who have been ripped off for far too long.”

Prophet is the brainchild of Sisun and Jake Benzaquen, who both come from a financial and trading background.

Football, rugby, cricket, tennis, and American football are currently available, with more sports to follow in 2020.

Sisun added: “Following the success of the betting exchange format in recent years, there has clearly been a gap in the market for a punter-friendly cash-out exchange.

Prophet said it intends to expand into other European markets, Australia, and the United States.

Investors in the concept include M Ventures, a US venture capital firm and leAD sports, the sports venture ecosystem inspired by Adi Dassler, the founder of Adidas.

Read EGR’s full interview with Prophet here.