Sports bettors in New Jersey have one more reason to smile as they look forward to the first ever peer-to-peer sports betting exchange. A product of Prophet, this will be the first time in the history of US gambling that players will experience this kind of application. The excitement has seen a massive turnout as customers rush for pre-registration ahead of the actual launch.
ProphetExchange is a New Jersey based betting platform that operates on a totally different model than the regular gambling provider. The website allows its customers to put a price tag on the bets of other site users but they must first place their own bets. Right now the platform is open for pre-registration and part of the excitement is directly associated with the match-up bonus available for all players.
If you have come across the motto, “Exchange The Love” then you have encountered the launch campaign already. The match-up bonus is progressive and is one of the components of the crowd funded campaign. For every 500 customers that create player accounts for the first time, the sports betting exchange platform algorithms will increase the bonus by $25.
According to the CEO and co-founder of Prophet, Dean Sisun, the “Exchange The Love” campaign is the best way in which the platform administrators can reward everyone who supports their business at an individual level. The pre-registration stage is meant to prepare the public for the full circle consumer launch that will be taking place in the state of NJ.
The best way to grow an exchange business is to have more active users joining the platform. This will mean an increase in liquidity which in turn translates to better prices. That is basically the arithmetic that goes into this campaign that has been designed to allow users to help one another and issue rewards to those who do it.
Expert opinion on the business model of Prophet
According to the overall management lead at Prophet, offering a progressive match-up bonus ensures that all players with accounts on the site receive a reward in form of deposit bonus. When the time to close pre-registration is announced, the number of new profiles is expected to be around 5,000. As per the company’s operation strategy, this means that each one of these accounts will be loaded with a match-up bonus of $250.
Essentially, the progressive match-up bonus gains value with the number of people registered as players on the platform. Everyone stands to gain better returns if there are more people registered.
NJ Launch to take place within a few weeks
2021 is almost coming to an end – there are less than 3 months remaining to the close of the year. The plan according to the management of ProphetExchange.com is to have the platform launched in New Jersey before the start of the New Year. Since the gambling operator does not have an operating license yet, the plan is to do it via Caesars Entertainment courtesy of a multi-year market access deal in order to meet the timelines.
In the deal that has already been signed, the giant casino operator has agreed to facilitate the launch of betprophet.co through their already established gambling network. The first destination for this product will be New Jersey before the end of 2021 and preferably in time for the 2021 NFL/college football season. A second launch will take place in Indiana in 2022 followed by rollouts to other US states as per a schedule that will be unveiled later.
With a head office in New Jersey which serves as its headquarters, Prophet is the brainchild of Dean Sisun (CEO) and Jake Benzaquen (COO). The duo has played a big role in assembling a team of experts to develop a betting application that had not been experienced in the US market before. The peer-to-peer sports betting exchange tool can be accessed via mobile phones as well as desktop computers.
To penetrate the US market, it was necessary for Prophet to obtain an operating license in the UK because that is a more receptive market. The betting exchange business model lacks popularity in the United States so it makes sense that the operator would want to introduce it through another jurisdiction.
The gambling industry as a whole is at the moment trying to wrap its knowledge around sportsbooks. It is a well-known fact that the odds that sports bettors gamble on are obtained from oddsmakers. These are technology companies that have specialized in the art of studying the sports market, and then creating odds based on the likelihood that a certain team is going to triumph over another.
Sports betting exchanges on the other hand collect their betting lines from customers registered on a common platform. Players place bets on their favorite teams and then bet against the choices that other customers on the platform have placed.
The gambling scene in New Jersey is quite crowded and the competition is getting stiffer by the day. As more and more players get their license to run gambling operations in the Garden State, the customer base is slowly getting over stretched. It is therefore quite a relief that Prophet is introducing a new business model that gambling companies can use to make money. This is a unique strategy that allows players to place bets on their favorite games and at the same time bet against the bet choices of others.
Prophet has cleared the way for many other businesses that could have been looking to set up a unique business model in NJ. Depending on the revenues that this operator is going to report going forward, there could be many similar companies seeking licenses or operational partnerships. The greatest advantage is that this is a pretty new business model and there is still room to tailor it according to the location and needs of the target market.