Six months ago, Prophet Exchange launched its sports betting exchange in New Jersey. After completing its first football season as a business, the company has now reported its biggest day for the Super Bowl LVII, with over $1 million in matched bets on its platform for the match between the Philadelphia Eagles and Kansas City Chiefs.
With this type of volume, Prophet Exchange offered consistent 1-2 cent lines for straight bets on the main markets: spreads, totals, and moneylines. However, they also “took it one step further” by offering what the exchange called best–in-state prices on over 30 Super Bowl props as well as props in NJ specifically unique to Prophet.
For example, customers were able to get +100 odds on the coin toss, and also bet on outcomes “not” to occur: Miles Sanders not scoring a touchdown, the Gatorade color not being blue, and many others. The props saw roughly 35% of the action placed on the exchange.
“This event caps off an impressive first season in business in which Prophet Exchange acquired thousands of users in the Garden State and maintained an extraordinarily strong 85% retention rate week-over-week,” the company stated.
According to a press release, during the 2022 football season, Prophet Exchange bettors saw 10-20% greater returns than they would have on the No. 1 sportsbook in New Jersey.
“Prophet Exchange acts as an intermediary while taking on no risk, allowing users to set prices or place bets on prices already set by other users. Prophet Exchange does not add margin or vig to its odds and sets no limits to wagers, so as long as customers have a counterparty to match their bet,” the company explained.
Dean Sisun, Prophet Exchange Co-Founder and CEO, said: “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 $1 million 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.”
“From additional deposit methods to live betting to increased liquidity, we have gotten a lot of feedback from users that signaled 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,” he added.
Jake Benzaquen, Prophet Exchange Co-Founder and COO, commented: “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.”
“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,” he concluded.
Prophet Exchange launched in New Jersey in August 2022 and made “an immediate impact” by offering customers better prices on every team throughout the football season, according to the business. The Prophet Exchange platform is available on iOS, Android and web in New Jersey.