Latest News
Prophet Exchange Secures Over $10 Million in Funding
Prophet Exchange, the first fully regulated, peer-to-peer, high-frequency sports betting exchange in the United States, has announced a new line of funding to the tune of over $10 million. Prophet Exchange officially launched in New Jersey in August 2022 and has more recently celebrated a successful Super Bowl, where the company saw over $1 million traded on the event.
Founded by Dean Sisun and Jake Benzaquen in 2018, Prophet Exchange is an entirely peer-to-peer sports betting platform that matches usersâ potential bets with others from across New Jersey.
âAs excited as we are to enter the emerging market of sports betting, we are a tech company at heart,â said Dean Sisun, CEO and co-founder. âWe are a scrappy, lean and agile firm in a sea of behemoths, which allows us to respond to changes and capitalize on opportunities at a momentâs notice. This round of funding will let us continue as disruptors in the betting space and push our fast-moving product forward in this blossoming market.â
Built entirely on proprietary technology, Prophet Exchange is uniquely situated to capitalize on the rapidly changing and expanding sports betting market. As gambling legislation continues to roll out nationwide and change the face of gambling in the U.S., Prophet aims to position itself as the peopleâs exchange of choice.
The platform offers money line, spread and total markets for NFL, NBA, NHL, MLB, and NCAA football and basketball games, and will continue to add new sports and markets as the platform scales. Soccer, tennis, golf, UFC and other Tier 2 sports will also be going live in the immediate future. And while only users within New Jersey can place bets, users across the country can download the app, view their lines, and learn the ins and outs of peer-to-peer exchanges, free of charge.
In the midst of challenging conditions across the financial markets in 2023, Prophet Exchangeâs announcement of $10m in funding, securing backing from MIXI, Inc., Ninjabet and Chicago Trading Company, is a validation for their peer-to-peer exchange model.
While common across Europe, Africa and Asia, peer-to-peer exchanges were absent in the U.S. until 2022, when Prophet opened its doors in New Jersey.
Prophet is using this additional line of funding to look inward and develop the best, most innovative product in a rapidly emerging market. Prophet aims to work toward profitability while growing their already industry-leading tech offering. Additional pro-consumer pieces like increased liquidity, growing the roster of events, adding smart-wallet technology to let users trade more with less, and moving into in-play betting are in the immediate pipeline.
From here, Prophet can roll out its proprietary multi-state technology into new markets as licensing fees and market access agreements continue to come down.
Prophetâs operation first began in the United Kingdom in 2018, as it passed all of the necessary licensing and compliance overseas in order to prove its concept before peer-to-peer exchanges were being considered in the United States. After gaining the relevant experience, the team returned home in 2020 to work with New Jersey regulators to develop exchange rules and regulations in a then-sportsbook-dominated environment.
âTo be frank, something has always bothered us about âthe house always wins,ââ COO and co-founder Jake Benzaquen stated. âAt Prophet, we win only when the user wins. As the first pro-consumer betting exchange in the country, we believe itâs time for the house to lose a few hands.â
Compliance Updates
Tennessee Sports Wagering Council Takes Action Against Illegal Sportsbook
The Tennessee Sports Wagering Council through its executive director issued $50,000 in fines to Bovada.lv, an unlicensed and therefore illegal sportsbook operating in Tennessee.
Bovada failed to comply with cease and desist letters delivered to addresses in Curaçao, and Council investigators placed wagers through Bovadaâs platform on three separate occasions, including as recently as October 16, 2024.
The Sports Gaming Act authorizes the Council to impose a $10,000 fine for the first offense of accepting wagers without a license, which rises to $15,000 for the second offense, and $25,000 for the third offense. Subsequent offenses may lead to the imposition of a $25,000 fine for each occurrence, an occurrence being a single wager accepted in Tennessee.
In the cease and desist letters, the Council ordered Bovada to allow all Tennessee users to withdraw any funds currently held by the unlicensed sportsbook.
âThe Sports Wagering Council recommends that Tennessee users of Bovada withdraw their funds immediately. Our primary role is the protection of the public interest through a safe, regulated environment, and Tennessee sports bettors need to know that just because they can access a sports betting website or app inside Tennesseeâs borders does not mean it is licensed to do business here,â Mary Beth Thomas, Executive Director of Tennessee Sports Wagering Council, said.
Legal sportsbook operators provide important bettor protections not found in the illegal market. If an individual wagers with unlicensed sportsbooks, their sensitive financial and personal information may not be protected and could even be shared with criminal enterprises. The bettorâs money could be withheld or disappear without a way to recover it.
The SWC is working closely with its network of law enforcement at the state and federal level to eradicate illegal sportsbooks such as Bovada and others.
Tennessee is the largest âonline-onlyâ sports betting market in the US, with more than $4.7 billion wagered in Tennessee last fiscal year through online sportsbooks licensed by the Council.
Gambling in the USA
Phoenix Link by Aristocrat Gaming Now Lighting Up Casino Floors
The hottest new game from Aristocrat Gaming, Phoenix Link, is now live on casino floors, with Yaamavaâ Resort & Casino being the first in North America to offer the highly-anticipated game. As the next evolution of the international hit game, Dragon Link, Phoenix Link features player-favorite mechanics from top games with all-new themes, features, and bonuses.
âWe have been humbled by the incredible global fanfare Dragon Link has received over the years but are never ones to rest on our laurels. The teams have been working tirelessly on a follow-up that brings together all the player-favorite elements in a new and exciting way with Phoenix Link as the proud result. We were thrilled to partner with Yaamavaâ to premiere Phoenix Link with flair, excitement, and celebration,â said Victor Duarte, executive vice president of product for Aristocrat Gaming.
Phoenix Link players will enjoy the gameâs additional denominations, configurations, and jackpots on each of the launch game theme titles. Gameplay features include Hold & Spin, Free Games with multiplier wilds or twin spin reels, Phoenix Mystery trigger, and more new bonus twists. Phoenix Link is available on the Neptune Single cabinet.
âYaamavaâ is thrilled to host yet another world premiere in gaming with the launch of Phoenix Link by Aristocrat Gaming. Our Club Serrano members are already raving about this captivating extension of the player-favorite Dragon Link. Itâs a great addition to the Yaamavaâ gaming floor,â said Kenji Hall, General Manager of Yaamavaâ Resort & Casino at San Manuel, said.
Latest News
Panel on the benefits of regulation in the Mexican iGaming market
On November 6, the iGaming industry in Mexico is preparing for a key event in which the benefits and challenges that regulation has brought to the Mexican market will be discussed. Under the title “Benefits of Regulation in the Mexican Market”, this panel will offer an in-depth look at the impact of regulation on transparency, competition and consumer protection, critical issues in the new digital era of iGaming.
The event, moderated by Geraldine Alexandra GarcĂa Torres, Media Manager of Digital Gaming News, will feature the participation of recognized figures in the sector such as Daniel Magariños, representative of BMM Testlabs, and Hermilo Peregrina Cabrera of Prometeo IT Solutions. Both panelists will contribute their extensive knowledge and experience in regulation and certification in the Mexican market, and will analyze with the public the challenges and opportunities that companies face in an increasingly competitive and regulated context.
BMM Testlabs, who will participate as a Gold Sponsor, underlines with its sponsorship the importance of regulation to strengthen the iGaming sector in Mexico and demonstrates its commitment to progress and transparency in the Mexican market. For its part, Kushki joins as a Silver Sponsor, promoting the dialogue and analysis necessary for the industry.
Daniel Magariños, from BMM Testlabs, expressed his enthusiasm for participating in this digital webinar: âIt has been a pleasure to be able to share our comments as a Laboratory on a market like the Mexican one and exchange opinions with a reference like Hermilo and the company Prometeo IT Solutions, with its excellent track record in this market. A relaxed talk with a lot of learning that I hope will be interesting for the attendees.â
For his part, Hermilo Peregrina, from Prometeo IT Solutions, highlighted the relevance of these spaces for dialogue: âThank you to Conferencias iGaming for the invitation to participate in this panel. Thanks to Geraldine for coordinating us, and it was a pleasure to share ideas and opinions with my friend Daniel from BMM Testlabs, who has extensive experience in international regulations and certifications.â
Sponsor Support
The panel has the support of important sponsors who recognize the relevance of regulation in the development of the iGaming market in Mexico. Among them, BMM Testlabs as Gold Sponsor, and Kushki as Silver Sponsor.
Event Details:
Date: November 6
Time: 10:00 a.m. (Mexico)
Registration: Register here
Don’t miss the opportunity to be part of this essential conversation for the future of the industry. Secure your place and access a key analysis on the dynamic iGaming market in Mexico!
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