Prophet Exchange Relaunches as ProphetX and Expands to the 40 U.S. States
Prophet Exchange, now operating as ProphetX, plans to relaunch next month with a mobile sweepstakes product aimed at a broad spectrum of sports bettors across more than 40 U.S. states.
Transition from Peer-to-Peer to Sweepstakes
Initially launched in August 2022, Prophet Exchange allowed bettors to wager against each other rather than the house. Despite the popularity of betting exchanges in Europe, the company’s operations were limited to New Jersey due to the complexities of the regulated U.S. market.
Prophet Exchange ceased operations in New Jersey last month and is now set to return with a free-to-play model under the ProphetX brand.
The new ProphetX platform will offer a free-to-play sports betting experience. Users will start with virtual currency and have the option to purchase more to enter contests and compete for real prizes.
Broad Appeal
“We hope to attract all types of users,” said Benzaquen, a representative of ProphetX. “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.”
ProphetX’s new model allows the company to expand its reach, moving from operating in a single state to being accessible in over 40 states.
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