Prophet Exchange’s launch six months ago in New Jersey was the first step in revolutionizing the sports betting experience in the U.S. After completing its first football season as a business, the Hoboken-based firm reported its biggest day for America’s biggest game.
As the first fully regulated, high-frequency betting exchange of its kind in the U.S., Prophet Exchange on Thursday said it had over $1 million in matched bets on its platform for Super Bowl LVII between the Philadelphia Eagles and Kansas City Chiefs, a monumental milestone for the betting exchange that is only live in New Jersey.
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, Prophet Exchange said it also took it one step further by offering best-in-state prices on over 30 Super Bowl props as well as props in New Jersey specifically unique to it. For example, bettors were able to get +100 odds on the coin toss, and also able to bet on outcomes “not” to occur: Miles Sanders not to score a touchdown, the Gatorade color to not be 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.
Prophet Exchange also said it followed through on its promise of offering bettors a superior alternative to existing U.S. operators in New Jersey. 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.
“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,” Prophet Exchange co-founder and CEO Dean Sisun said. “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.”
Prophet Exchange launched in New Jersey in August 2022 and made an immediate impact by offering customers better prices on every team throughout the entirety of the football season.
“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” Prophet Exchange co-founder and Chief Operating Officer Jake Benzaquen said. “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.”
The Prophet Exchange platform is available on iOS, Android and the web in New Jersey.
