[bsa_pro_ad_space id=1 link=same] [bsa_pro_ad_space id=2]

Skip to Content

SPORTS BETTING

US – Prophet Exchange trades $1m in matched bets on the Super Bowl

By - 17 February 2023

After completing their first football season as a business, Prophet Exchange reported its biggest day for America’s biggest game.

Prophet Exchange — the first fully regulated, high frequency betting exchange of its kind in the United States — had over $1m in matched bets on their platform for Super Bowl LVII between the Philadelphia Eagles and Kansas City Chiefs, a milestone for the betting exchange that is only live 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 $1m worth of volume on the event, we saw one to two per cent straddles on the moneyline for all of Sunday, while the majority of the action came from users who requested their desired price,” explained Prophet Exchange Co-Founder and CEO, Dean Sisun.

“From additional deposit methods, to live betting, to increased liquidity, we have gotten a lot of feedback from users that signalled 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.”

Players were able to get +100 odds on the coin toss and bet on outcomes not to occur such as Miles Sanders not to score a touchdown and the Gatorade colour to not be blue. The props saw roughly 35 per cent of the action placed on the exchange.

The event caps off a first season in business in which Prophet Exchange acquired thousands of users in the Garden State and maintained an 85 per cent retention rate week-over-week. 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 to its odds and sets no limits to wagers, so as long as customers have a counter-party to match their bet.

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,” added Prophet Exchange Co-Founder and COO Jake Benzaquen.

Share via
Copy link