Following license approval from the New Jersey Division of Gaming Enforcement, Hoboken-based Prophet Exchange officially launched Aug. 29, making it the first peer-to-peer sports betting exchange established in the United States.
Founded in 2018, Prophet Exchange offers a new way to wager for sports betters in the Garden State. The company acts as an intermediary, allowing users to set prices or place bets on prices already set by other users.
Prophet Exchange boasts that this unique setup allows it to offer better prices directly to the customers, instead of adding a vig – or a cut – like traditional sportsbooks.
“There is an overwhelming amount of emotion I feel for Prophet officially launching as the first fully regulated, peer to peer betting exchange in New Jersey,” said Dean Sisun, Prophet Exchange co-founder and CEO.
