Prophet Exchange First US Sports Betting Exchange, Opens in New Jersey

The for the first time sports betting interchange inward the US launched Mon inwards New island of Jersey as Prophet Exchange officially rolled out its app to Garden State gamblers.

Former New House of York Giants standout Victor Cruz placed the first trades on the exchange, according to a company release. Cruz placed $100 bets on his old team up getting 5.5 points in its flavor opener Sept. 11 against the TN Titans. That was an yet money bet. He also made a $100 wager through the exchange on the Giants moneyline – or square upwardly – getting them at +230.

In a sports betting exchange, bettors do non wager with a sportsbook. Instead, they are paired with corresponding bettors who are willing and able to get hold of the other face of the opportunities.

Cruz, who came on as a strategical partner and advisor to society leaders cobbler's last November, called Prophet Exchange an manufacture innovator.

“Prophet Exchange is the sports betting political platform of the future,” he said. “It was outstanding to come in a play flat with other users on the interchange without having to factor in in lines that oddsmakers chose.”

For now, Prophet Exchange plans to submit moneyline, spread, and totals (i.e., over-unders) on MLB, NBA, NFL, NHL, and NCAA football and hoops games. New sports and wagering opportunities testament follow added as the political program scales, the company’s give up stated.

Plans to Go ‘Mainstream’

CEO James Byron Dean Sisun and COO Jake Benzaquen established the company quartet years agone inwards New Jersey. The troupe operated an interchange in Great Britain for nearly 2 years before surrendering its permit thither in Apr 2021 and refocusing efforts for a US launch.

Sisun and Benzaquen said they founded the keep company to apply bettors a improve market place for wagering. Prophet Exchange does not readiness lines. It only when acts as a conduit 'tween bettors, and that allows the interchange to proffer meliorate odds since they come non want to position succus on the line.

The troupe achieved a major goal past getting licensed in New Jersey, but Susin noted the accompany is focussed on a more ambitious goal.

There is an overwhelming amount of emotion i feel for Prophet officially launching as the foremost full regulated, peer-to-peer betting interchange inward New Jersey,” Sisun said. “This has been a monumentally intriguing journey to date, and to regard it amount to life is an awe-inspiring achievement for our team. That beingness said, this is only Prophet’s number one major milestone, and we testament not lose vision of our due north star: comely the mainstream sports betting platform inwards the United States.”

Because of the Wire Act, a 61-year-old federal natural law that prohibits he transmission of sports betting information across tell lines, the exchange will only work within New Jersey. The society also has agreements inward localize to control exchanges inwards Indiana and Ohio. Both are expected to lead live inward 2023, pending regulatory approval.

Company Expected Soon inward New Jersey

Prophet Exchange is potential to experience rivalry really presently in New Jersey.

Sporttrade has said it plans to set in motion its interchange inward the state in September. Chair and CEO Alex Kane told Casino.org lastly month that New Jersey made sense as a foremost res publica for several reasons.

For starters, it’s I of the biggest US markets. It also is next to New House of York City, the financial trading hub of the US, and getting licensed by the New Jersey Division of Gaming Enforcement serves as “a outstanding stamp of commendation for other states.”