Caesars and Prophet to launch online P2P betting exchange
Multi-year access agreement will roll out in NJ this year, Indiana in 2022.
Prophet, a New Jersey-based sports betting exchange founded in 2018, on Monday said it has reached a multi-year market access agreement with Caesars Entertainment.
The two companies said they will launch Prophet’s peer-to-peer sports betting exchange, betprophet.co, initially in New Jersey for the 2021 NFL and college football season, and in Indiana in 2022.
Prophet will offer its services on web, iOS, Android and via its public API.
The two parties said they are planning future rollouts to additional US states.
Prophet, which was startedby CEO Dean Sisunand COO Jake Benzaquen, formerlywas licensed in the UK and operated out of London. The company now is focused on opening its sportsbooks in the US market.
According to the company, Prophet’s exchange technology allows users to bet spread and totals at even (+100) odds rather than traditional -110 odds, and benefit from lower vig on moneyline markets, all with no limits. Prophet says it also allows its users the ability to market-make with public API access, should they wish to trade more quickly and in bulk.
“We are delighted to announce our agreement with Caesars, which will see Prophet launch for the 2021 football season,” Sisun said in a statement. “Prophet is going to be the sports betting exchange of choice because of its simplicity and focus on sports betting principles. We are for the customers who want the best experience and prices on the market. Our customers will have the luxury of placing bets on spread and total markets at even odds, not being limited on any action, and have the ability to create their own odds on markets offered. For example, if the spread on a game is -6, but you want -5.5, you can make that offer with Prophet. Same goes for both moneyline and total markets.”
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