New-Jersey based betting exchange, Prophet Exchange (Prophet), has acquired over $10.0m in funding to advance its peer-to-peer, high frequency exchange.
The company is backed by funds from MIXI, Inc., Ninjabet.com and Chicago Trading Company. In a statement by Prophet Exchange, it says the backing by these companies is “a validation for their peer-to-peer exchange model.”
In regard to the peer-to-peer model, chief operating officer and co-founder, Jake Benzaquen states that “to be frank, something has always bothered us about ‘the house always wins”.
“At Prophet, we win only when the user wins,” Benzaquen said. “As the first pro-consumer betting exchange in the country, we believe it’s time for the house to lose a few hands.”
Prophet aims to use these funds to work towards profitibility and grow its tech offering. Additionally, it is to develop consumer-based functions such as increased liquidity, growing the roster of events and affing smart-wallet technology.
Chief executive and co-founder Dean Sisun added that “as excited as we are to enter the emerging market of sports betting, we are a tech company at heart”.
“We are a scrappy, lean and agile firm in a sea of behemoths, which allows us to respond to changes and capitalise on opportunities at a moment’s notice,” he said. “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.”
The company added that to hopes to expand its technology into new markets as it continues to progress.