Hoboken-based sports betting exchange Prophet inked a years-long market access agreement with gambling giant Caesars Entertainment – the owners of three New Jersey casinos – ahead of the 2021 football season, the two announced on July 12.
Under the agreement, Prophet is rolling out a peer-to-peer sports-wagering network called betprophet.co, which will be available in New Jersey this coming fall for the football season, both at the National Football League and college level.
Plans call for expanding to Indiana in 2022, according to the July 12 announcement. The company was founded in 2018 in New Jersey, and after operating out of the United Kingdom for several years “has brought their team and technology stateside to tackle the U.S. market.”
“Prophet is going to be the sports betting exchange of choice because of its simplicity and focus on sports betting principles,” reads a prepared statement from Dean Sisun, chief executive officer at Prophet. “We are for the customers who want the best experience and prices on the market.”
The state’s sports betting market has raked in billions of dollars in wagers each year, the lion’s share of it via online and mobile apps even before the COVID-19 pandemic. That phenomenon has in turn exploded over the past 16 months, when the state’s nine brick and mortar casinos shuttered in spring 2020, before reopening and operating at reduced capacity for nearly a year.
Patrons wagered $4.5 billion on sports in New Jersey in 2019, of which nearly $3.6 billion was online or via mobile app, with the rest at one of nearly two dozen brick and mortar sportsbooks in the state. In 2020, amid COVID-19 restrictions, patrons wagered more than $6 billion, of which $5.5 billion was online.
Interest in the state’s nine brick-and-mortar casinos has only just begun to rebound as restrictions are lifted.