The first peer-to-peer US based sports betting exchange, Prophet Exchange has opened its New Jersey platform up for pre-registrations, allowing players to set up their accounts ahead of the official launch.
Unlike typical sports betting sites in the US, ProphetExchange.com allows players to set their own prices for others to bet against or wager money against those prices already set by others.
In advance of a full launch of the betting exchange in New Jersey, players have the opportunity to become an early customer and add some value through the operator’s Exchange the Love promotion.
“This is an exciting time for Prophet, starting to welcome customers into our community, and Exchange the Love is a great way to say thank you to everyone who comes on board now,” said Dean Sisun, CEO and co-founder of Prophet. “An exchange grows stronger with more active users – more liquidity equals better prices – which is why we wanted to create a campaign that allows users to help each other while also being incentivized for doing so.
“With that said, for every 500 people that sign up during our pre-registration phase, we’re going to increase the deposit match bonus for everyone by $25. That means that when we hit 5,000 new registrations, that deposit match bonus is going to be up at $250, and so on. The more people that come on board now, the more everyone gains.”
As betting exchanges depend greatly on liquidity and many players using the platform to bet against each other, the Exchange the Love promotion will be a great opportunity for the platform to grow early and get as much traffic as possible for the official launch.
How does a betting exchange work?
The concept of betting exchanges has been available in the rest of the world for many years, but Prophet will be the first official US based betting exchange.
Once it launches in New Jersey, ProphetExchange.com will allow players to set their own prices for various sporting events and markets within them. For instance, you will be able to set the odds on an NFL or NBA match, and other players will have the opportunity to bet against you at the odds you have given.
Aside from that, you will also have a chance to bet against the odds that other users have set on the platform, creating a unique new way to compete at sports betting, with the platform only taking a fraction of the bets as a fee.
Betting exchanges have long been the favorite battling ground for professional handicappers who find extra edge by betting against other users, and now American players will have the same opportunities through the Prophet platform.
Victor Cruz to act as Prophet advisor
New York Giants legend Victor Cruz was named as strategic partner and brand spokesman for Prophet for the pre-registration and early launch phases of the unique platform.
Cruz, who won Super Bowl XLVI with the Giants, was born in New Jersey and is a fan favorite in the state.
“I’ve been approached by many different sports betting companies, but Prophet Exchange is the first team I’ve ever wanted to join because of how much emphasis they put on delivering value to their customers,” Cruz said. He will begin working with the company’s marketing campaigns in the near future.