Prophet Exchange, one of the two sportsbook exchanges in New Jersey, is shutting its Garden State doors effective May 28.
The company, however, is not closing down. They will be “back in more states soon,” according to Jake Benzaquen, the company's co-founder and COO.
Launched in August 2022, the company was first to market in the state for exchange betting, where bettors wager against each other rather than the house.
Prophet Exchange – much like Sporttrade, the other exchange betting site in New Jersey – takes a cut of the winnings to make their money, and that number is almost always less than the traditional vig.