Prophet Exchange Facilitates $1M in Matched Bets on Super Bowl
Prophet Exchange, the first fully regulated high-frequency betting exchange in the US, celebrated its biggest day to date with over one million dollars in matched bets on its platform during Super Bowl LVII between the Philadelphia Eagles and Kansas City Chiefs. This milestone demonstrates the successful start of Prophet Exchange, which launched six months ago in New Jersey, and aims to revolutionize the sports betting experience in the US.
Prophet Exchange offered consistent 1-2 cent lines for straight bets on the main markets, including spreads, totals, and moneylines. The platform further differentiated itself by providing best-in-state prices on over 30 Super Bowl props, as well as NJ-specific props unique to Prophet. For example, customers could bet on the coin toss, or bet on the outcome not to occur, such as Miles Sanders not scoring a touchdown, or the Gatorade color not being blue. The props saw roughly 35% of the action placed on the exchange.
The platform’s success during the Super Bowl event marks an impressive first season in business. Prophet Exchange has already gained thousands of users in New Jersey and maintained an 85% retention rate week-over-week. During the 2022 football season, bettors on Prophet Exchange saw returns that were 10-20% higher than what they would have received on the number one sportsbook in New Jersey.
Prophet Exchange operates as an intermediary with no risk, allowing users to set prices or place bets on prices already set by other users. The platform does not add margin or vig to its odds and sets no limits on wagers, provided that customers have a counterparty to match their bet. Overall, Prophet Exchange is delivering a superior alternative to existing US operators in New Jersey and enhancing the igaming and sports betting experience for customers.
“The Super Bowl was a perfect use case for why the exchange will be the predominant method to place straight wagers in the future. With $1M worth of volume on the event, we saw 1-2 cent straddles on the moneyline for all of Sunday, while the majority of the action came from users who requested their desired price,” said Prophet Exchange Co-Founder and CEO, Dean Sisun. “From additional deposit methods, to live betting, to increased liquidity, we have gotten a lot of feedback from users that signaled to us a need for change. However, even without these changes implemented for the Super Bowl, we saw the exchange come to life, and that tells a story that should not be ignored.”
“Everything that happened on Super Bowl Sunday is a testament to the hard work and dedication of our small team here in New Jersey and globally. We would not be here without the focus and dedication of building the best sports betting product there is” says Prophet Exchange Co-Founder and COO Jake Benzaquen. After a historic Super Bowl in the early company history, Prophet Exchange will look to carry the momentum into March Madness and beyond. Significant improvements are coming to the platform that will continue to refine the best sports betting experience in New Jersey. The best odds in New Jersey await.