Prophet Exchange begins US push with New Jersey launch
Exchange betting operator caps four-year journey with Garden State debut
Prophet Exchange has officially launched in New Jersey following approval from the New Jersey Division of Gaming Enforcement (NJDGE).
The launch makes the firm the sole legally regulated exchange to operate in the state following the withdrawal of Betfair’s exchange product in 2020.
Initially, the exchange platform will offer moneyline, spread and total markets for NFL, NBA, NHL, MLB as well as NCAA football and basketball games, with further sports to be added.
Under its operational model, Prophet Exchange acts solely as an intermediary, allowing its users to set prices, or place bets on prices already set by other users.
In addition, no limits are set by Prophet Exchange on any of these wagers if customers have a counterparty to match their bet.
To celebrate its launch, former New York Giants player Victor Cruz, who serves as a strategic adviser to Prophet Exchange, placed the first bets on the platform in the state.
Founded in 2018 by CEO Dean Sisun and COO Jake Benzaquen, Prophet Exchange has sought approval to operate in the New Jersey market since September 2021.
The firm has a market access deal with Caesars Entertainment to operate in New Jersey and Indiana but has ambitions to launch in Colorado and Iowa.
It has bolstered its operations by recruiting ex-Betfair and Ladbrokes veteran Thomas Phillips and DraftKings VIP strategic lead Michael Halperin, as well as Matt Stolarz as its director of technical product, and Zhifeng Shi as its director of software engineering.
The firm operates out of a US office in Hoboken.
Prophet co-founder and COO Benzaquen welcomed the launch as a significant milestone for the betting exchange business.
“Launching here in New Jersey is everything we’ve been working towards for four years,” Benzaquen explained.
“Being the first startup and the first betting exchange in the United States regulated market means the world to us and our team here in Hoboken, and globally.
“We cannot wait to show the public who we are and what our product offers to the market here in New Jersey and beyond. As we say here, to the moon,” he added.