Three unconventional sports betting platforms have launched in New Jersey over the last four weeks, offering bettors in the Garden State even more options for sports betting.
The development is exciting news for real money sports betting in NJ, which saw an online handle of $509.2 million in August, according to data from the New Jersey Division of Gaming Enforcement (NJDGE). That makes 2022 the worst August for online sports betting since 2019 ($249.2 million).
Adding three unconventional sites to the mix — Mojo Sportsbook, Prophet Exchange, and Sporttrade — should help the state rebound in handle, although it should be noted that August isn’t one of the strongest months for sports betting because of the low number of sports contests.
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NJ Welcomes Mojo, an App Co-Founded by A-Rod
Mojo Sportsbook, a sports betting app that bills itself as a “sports stock market,” launched on Monday in the Garden State.
Eventually, we’ll be adding every athlete from every sport in the world
The app was co-founded by MLB All-Star Alex Rodriguez and Marc Lore, the billionaire entrepreneur who serves as CEO of the Wonder Group, a food delivery startup — although neither appears to be involved in the day-to-day operations at Mojo.
Under Mojo, bettors invest in athletes’ careers and treat them as stocks that can be traded. Currently, Mojo is offering over 300 NFL players for such trades. “Eventually, we’ll be adding every athlete from every sport in the world,” Mojo said on its website.
Bettors can buy and sell trades anytime, “with now external buyer/seller relationship necessary,” the company added. “Mojo is essentially 'the house.’ We are not an exchange that simply matches buyers and sellers.”
Mojo operates under the land-based casino license of the Tropicana Atlantic City. It plans to launch in additional states in the future.
Rodriguez and Lore also have ties to Barstool Sportsbook founder Dave Portnoy. Last year, all three became investors in Tornado, an online brokerage based in New York that includes a social network for traders.
Sporttrade Debuts in the Garden State
The launch of Mojo comes just four days after Sporttrade, a peer-to-peer sports betting exchange, also launched in New Jersey.
We believe we are defining a whole new category of sports wagering — trading sports
With Sporttrade, bettors can place wagers on sporting events and can get involved or withdraw as the action is unfolding. The exchange is currently only offering trades on win/loss outcomes, spreads, and under/overs in certain sports — MLB, NBA, NFL, NHL, WNBA, golf, and college football and basketball.
Sporttrade also offers bettors “unique order types like limit orders which allow customers to buy or sell outcomes at customized prices,” the company said.
“What we’ve launched is the only differentiated sports betting platform in the US, but we believe we are defining a whole new category of sports wagering — trading sports,” added Sporttrade CEO Alex Kane in a September 15 statement.
Sporttrade is partnered with Bally’s Corporation (formerly Twin River Worldwide Holdings), which operates Bally’s Atlantic City. The company said it plans to launch in Colorado in 2023, where it would operate under the land-based casino license of the Easy Street Casino. Launches in Indiana and Louisiana are planned after that.
Prophet Exchange Launches in Home State First
A third unconventional platform, Prophet Exchange, is also live in the Garden State. A peer-to-peer platform that appears very similar to Sporttrade, it has the distinction of being the first sports betting exchange in the US when it launched on August 29.
Being the first start-up and the first betting exchange in the US regulated market means the world to us and our team
Through Prophet Exchange — which is based in Hoboken — bettors can place wagers on prices already set by others, or they can place wagers on prices that are already available.
Like Sporttrade, Prophet Exchange was offering limited options for bettors at the initial launch. The exchange offered moneyline, spread, and total market options for MLB, NBA, NFL, NHL, and college football and basketball. New sports and new markets will be added soon.
“Being the first start-up and the first betting exchange in the US regulated market means the world to us and our team here in Hoboken, and globally,” Prophet co-founder and COO Jake Benzaquen said in a statement. “We cannot wait to show the public who we are and what our product offers to the market here in New Jersey and beyond.”
Prophet Exchange launched in New Jersey through a market access agreement with Caesars. It plans to launch in Indiana and other states through 2023, also with Caesars.
