An upstart sports betting exchange announced Monday it has market access in Indiana.
Prophet, a New Jersey-based sports betting exchange founded in 2018, said that it has “multi-year” access to the regulated market in the Hoosier State through Caesars Entertainment, owner of casinos. The law says a firm like Prophet needs a casino partner to offer online gambling.
Other terms of the deal were not disclosed.
Prophet plans to launch in New Jersey for the upcoming football season, and then in Indiana sometime in 2022. Other states will follow, the firm said.
One of the peer-to-peer pioneers
Prophet is the latest company to say that it plans to try peer-to-peer sports betting in the United States. Other fledgling sports betting exchange platforms, which would operate intra-state, that are eyeing meaningful market share in the U.S. include Smarkets, Sporttrade, and ZenSports.
“We are delighted to announce our agreement with Caesars which will see Prophet launch for the 2021 football season,” commented Dean Sisun, CEO of Prophet. “Prophet is going to be the sports betting exchange of choice because of its simplicity and focus on sports betting principles. We are for the customers who want the best experience and prices on the market. Our customers will have the luxury of placing bets on spread and total markets at even (+100) odds, not being limited on any action, and also have the ability to create their own odds on markets offered. For example, if the spread on a game is -6, but you want -5.5, you can make that offer with Prophet. Same goes for both moneyline and total markets.”