American bettors have a new opportunity this football season with the arrival of regulated sports betting exchanges in the United States. Experts say betting exchanges can benefit both professional and recreational bettors, but hurdles exist.

This summer, the New Jersey Division of Gaming Enforcement approved betting exchanges Prophet Exchange and Sporttrade. The companies, which are both led by 20-something founders, launched in September in New Jersey, becoming the first regulated sports betting exchanges in the United States.

Exchanges operate similarly to the stock market, with customers buying and selling sports outcomes instead of shares of companies. The exchange operator takes a commission for brokering the transaction, typically around 2% of the net profit of the winning side of the wager.