Prime Sports co-founder steps down after two years
Joe Brennan Jr says he will turn his attention to addressing the issues surrounding a US sports betting market he suggests is “operating sub-optimally”
Prime Sports co-founder Joe Brennan Jr has announced he has stepped away from the operator following the conclusion of the NFL season.
Launching in Ohio in September 2023, the high-limit sportsbook that promises to take on sharps and arbers proceeded to debut in New Jersey in April 2024.
However, after less than two years since going live, Brennan Jr has opted to walk away from the business he launched with Plannatech’s Adam Bjorn.
Running on Plannatech’s platform, which is also powering the recently launched Betcris in Arizona, Prime Sports is due to go live in Kentucky this year.
While targeting higher-value customers with its tight lines and high limits, data from its two live states has shown Prime Sports has yet to achieve wider commercial cut-through.
New Jersey’s data from January showed the brand made a revenue loss of $239,939. Revenue across the whole of 2024 in the Garden State came to $490,800.
In Ohio, the operator has taken all-time handle of $97.4m but is down more than $784,000.
Citing the industry as currently “besieged-but-excellent,” the Brenna Jr suggested it was time to “do something big again.”
Posting on LinkedIn, he said: “Now that football season is over, I’m stepping away from Prime Sports.
“Four years ago, when the opportunity arose to launch a ‘sharp sportsbook’ in the regulated US market in New Jersey, I jumped at it. New Jersey is where it all began for me, starting with our legalization efforts back in 2008.
“So, getting Prime across the finish line and live, both in New Jersey and Ohio, was outstanding. Having done that, it’s time to hand over the reins to the team and let them build on the strong foundation we created.
“That said, after finding success in both legalization and launching a sportsbook, I feel like doing something big again.”
Believing the US sports betting market is “operating sub-optimally,” Brennan Jr said he would take some time talking to people across the industry to gather their opinions on what needs to change.
Saying he has already reached out to operators, regulators, and suppliers, he noted how it would take everyone involved in the sector to implement more competition and innovation.
Brennan Jr added: “The US market is operating sub-optimally in many ways, and I’m not alone in thinking that change and innovation are needed. We have to evolve.
“Right now, for every dollar wagered with regulated operators, at least one dollar is still being bet with unregulated ones. There’s no simple solution – no silver bullet – but change is necessary.
“People know I enjoy poking the market leaders. While it’s all in good fun, I also recognize that they need to be part of the solution. But change can’t rest solely on their shoulders. Regulators, operators, suppliers, advocates, and players – everyone has a role to play.
“This industry needs more – more differentiation, more competition, more protection, more innovation, and more participation. Above all, we need to be good shepherds.”
Prior to his time with Prime Sports, Brennan Jr spent nine years as CEO of Sport AD from December 2014 to July 2023 and also founded Line Gaming Corp.
He was also instrumental in PASPA being struck down in 2018 as he was involved in bringing the federal lawsuit and efforts to legalize sports betting in New Jersey.
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