During last year’s SBC Summit North America, Prophet Exchange CEO Dean Sisun, discussed the new innovations he and his team are bringing to the sports gambling industry.
Sinus went into detail about Prophet Exchange and what differentiates them from the rest of US sportsbooks.
“It’s a peer-to-peer betting exchange. As opposed to your sportsbook experience where you’re given a listed price or list of odds and then you’re also told how much you’re allowed to be capped at,” said Sisun.
“At a sports betting exchange you can take what’s available, or you can request your own price. Then you can also dictate how much or how little you want to bet. Essentially giving more sports betting freedom to consumers.”
The standards odds process for US bookmakers are ultimately decided by the bookmaker themselves. But Prophet are looking to change that.
Sisun added: “With an exchange, what you’re capable of doing is requesting your own price.
“So what that does over time is say for example, on an exchange there’s an offer of -150 of an odds available. What I can do is I can come in and request -145, what that does is create an offer on the other side of the marketplace.”
With a few background checks with gambling regulatory bodies and a running test, Prophet is expected to go live in New Jersey soon.
Being involved in a rapidly growing US market, Sisun knows it’s important for Prophet to get off to a quick start.
“For the US as a whole I think a lot more states are coming,” said Sisun.
“I know a handful that are already working on it. You’re going to see Ontario too with Canada being a hot topic. For Prophet we’re going to come in as quickly as possible to as many states as we can. Obviously we don’t have a bottomless pit of money like a lot of these sports betting companies have and that’s our challenge, but we have some creative ways to get in.
“I hope there will be some more innovation on top of us, it’s better for the consumer. There are natural high barriers to entry, but I think we’ ve tackled a lot of them and I hope a lot of people follow us.”