Prophet Exchange Ceases Operations in New Jersey, Plans National Expansion
Prophet Exchange, one of New Jersey’s pioneering sportsbook exchanges, will cease its operations in the Garden State effective May 28. This decision marks the end of the company’s initial foray into the exchange betting market since its launch in August 2022.
Future Plans
Despite shutting down in New Jersey, Prophet Exchange is not closing its doors permanently. Co-founder and COO Jake Benzaquen announced that the company plans to re-enter the market in other states soon.
This strategic pivot indicates Prophet Exchange’s intention to expand its footprint beyond New Jersey.
Business Model and Market Position
Prophet Exchange was the first to introduce exchange betting in New Jersey, a model where bettors place wagers against each other instead of against the house.
One of the key features of Prophet Exchange is the liquidity it offers bettors during games. Users can buy and sell positions based on the game’s progression, providing a dynamic and interactive betting experience. This model allows for greater flexibility and potential profitability for users.
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