Prophet Exchange, a Hoboken, NJ-based peer-to-peer sports betting exchange, raised over $10M in funding.
The backers included MIXI, Inc., Ninjabet.com and Chicago Trading Company.
The company intends to use the funds to expand operations and its business reach.
Founded by Dean Sisun and Jake Benzaquen in 2018, Prophet Exchange is a peer-to-peer sports betting platform that matches users’ potential bets with others from across New Jersey. The platform offers money line, spread and total markets for NFL, NBA, NHL, MLB, and NCAA football and basketball games, and will continue to add new sports and markets as the platform scales. Soccer, tennis, golf, UFC and other Tier 2 sports will also be going live in the future.
Prophet’s operation first began in the United Kingdom in 2018, as it passed all of the necessary licensing and compliance overseas in order to prove its concept before peer-to-peer exchanges were being considered in the United States. After gaining the relevant experience, the team returned home in 2020 to work with New Jersey regulators to develop exchange rules and regulations in a then-sportsbook-dominated environment.
They are live on iOS, Android and the web.
FinSMEs
12/04/2023