Legal sports betting is big business in the US now as over thirty states have launched their own legal markets, all filled with mobile and retail operators, or sportsbooks, that take resident gamblers’ wagers and pay off the winners, a tried and true formula that’s worked well so far.
But what if you could also bet against other gamblers?
Meaning, a wager where you get paired up with another bettor who wants to take your action and the two of you make a bet the old-fashioned way – between two gamblers – a twist on the status quo that New York Giants wide receiver Victor Cruz is counting on taking off.
It’s called a betting exchange, essentially a marketplace for customers to bet with each other on the outcome of sports events, and now a company called Prophet Exchange has just launched in New Jersey and Cruz is now their strategic partner and advisor, telling the media recently:
Prophet Exchange is the sports betting platform of the future. It was great to place a bet directly with other users on the exchange without having to factor in lines that oddsmakers chose.
It’s the first of its kind in the US , and that distinction is not lost on Prophet Exchange CEO Dean Sisun, who has big plans for his company in the US sports betting market, saying:
This is only Prophet’s first major milestone, and we will not lose sight of our north star: becoming the mainstream sports betting platform in the United States.
The exchange will orchestrate a variety of sports betting action.
The Exchange Will Take Moneyline, Spread, and Totals on Pro and College Sports
New Jersey has had legal sports betting for its residents since August 2018, just a few months after the US Supreme Court overturned PASPA which allowed individual states to decide if they wanted such a market, that state a fearless leader in the market since day one.
It makes sense then that Garden State would be first in the US to offer an exchange, and with Prophet Exchange, they will take moneyline, spread, and totals action on professional and college sports events, including the MLB, NBA, NFL, NHL, and NCAA sports.
So far the Jersey legal sports betting market has generated a $29 billion handle and that has resulted in almost $2 billion in revenue in that time, an income stream that seems to keep growing as that industry spreads throughout the US
A growth trend that insiders expect to continue.
Sports Betting Insiders Predict More Exchanges to Follow
The US legal sports betting industry will no doubt keep its eyes on how the exchange business does in New Jersey, and if it takes off and customers show with their wallets that they enjoy betting against each other, no doubt more of these types of exchanges will begin to emerge.
Already, Sporttrade has made it known that it plans to launch its exchange in New Jersey in September, and as more money gets generated watch for that trend to start up in the other states where that activity is now legal.
Keep checking back for the latest news and updates on this ongoing story.
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