Prophet Exchange secures $10M funding round
The New Jersey sports betting exchange plans to use its tech background to stand up to sportsbook ‘behemoths.’
New Jersey’s Hoboken-based, peer-to-peer sports betting exchange, Prophet Exchange, has announced that the company has secured over $10m in new funding. This support comes shortly after its official launch in the Garden State in August 2022.
Prophet Exchange was founded in 2018, and its growth within the sports betting market included $1m traded on Super Bowl LVII. The company will use the funding to develop its product offering further.
The company, founded by Dean Sisun and Jake Benzaquen, currently offers a peer-to-peer platform that matches bettors’ wagers throughout the state of New Jersey across multiple leagues, including the NFL, NBA, NHL, MBL, college basketball and college football games. It plans to add soccer, tennis, golf and UFC in the future.
CEO and Co-Founder Sisun said in a press release, “As excited as we are to enter the emerging market of sports betting, we are a tech company at heart. We are a scrappy, lean and agile firm in a sea of behemoths, which allows us to respond to changes and capitalize on opportunities at a moment’s notice.
“This round of funding will let us continue as disruptors in the betting space and push our fast-moving product forward in this blossoming market.”
New Jersey is currently the only state where bettors can wager through Prophet Exchange, but the company’s app is available for download nationwide. The company hopes those outside the state will use it to view the lines and learn the techniques and workings of peer-to-peer exchanges.
Sisun added, “Prophet’s current mission is to dominate the straight bet experience in the US best-in-market prices, creating offers with requested prices, unlimited action and frictionless trading in and out of positions with lower capital requirements make up that experience.”
COO and Co-Founder Benzaquen said, “At Prophet, we win only when the user wins.”
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