Sports betting company Prophet Exchange is returning with a new brand, greatly expanded markets, and a revised business model.
Under ProphetX, the former peer-to-peer platform is set to launch in full by next month with a mobile sweepstakes product the company hopes will appeal to a variety of sports bettors in more than 40 U.S. states, the company announced Monday.
We are very close to the initial launch of ProphetX!
— ProphetX (@PlayProphetX) July 29, 2024
For those who have been wondering, we will be available in 40+ states 🥳
All states that are in GREEN we will be available in! pic.twitter.com/njHBPYbsjT
“Pivoting from the regulated gaming space to a sweepstakes model, we wanted to move forward with a brand that represented our new venture,” ProphetX co-founder and COO Jake Benzaquen told Covers this week. “Something that was edgy, yet trustworthy and reflective of our previous product.”
Benzaquen said the new platform will release a beta product this week, with a full app launch on iOS, Android, and the website scheduled for mid-August.
Back in the game
The company's previous version, which launched in Aug. 2022, allowed bettors to wager against each other rather than the house.
While exchanges are popular in Europe, New Jersey was the only state Prophet Exchange operated in, as the regulated U.S. markets made it difficult for the company to find footing.
Prophet Exchange closed its doors in the Garden State last month but is re-launching with a platform that will offer free-to-play sports betting. Customers receive virtual currency to start and can purchase more to enter contests to compete for real prizes.
“We hope to attract all types of users,” Benzaquen said. “We have built a completely free-to-play product that will be catered to novice bettors, some who have never placed a bet before. However, our core USP [unique selling proposition] of best odds and being an exchange naturally lend ourselves to the sharper consumer.”
Market growth
Sweepstakes gaming is more widespread with online casinos than sports betting, but it's a growing portion of the industry that’s legal and isn’t regulated like traditional sportsbooks.
ProphetX will expand to states beyond New Jersey this time, including highly-populated markets like Texas, California, Florida, and the entire East Coast.
The only states the sweepstakes game won’t cover are Nevada, Montana, Idaho, Michigan, Kentucky, Tennessee, Louisiana, and Alabama.
