- There is a new sportsbook operator in New Jersey after the Office of Gaming Enforcement recently approved three applications.
- Prophet Sports Betting Exchange and Sports Trade will be the first companies to offer a ‘betting exchange’ or peer-to-peer betting service in Garden State.
- The third new operator is Fubo Sportsbook, which is owned by TV streaming company Fubo TV.
With the US football season just around the corner, three more sportsbooks have entered the New Jersey sports betting market.
Prophet Sports Betting Exchange and Fubo entered Garden State via Harrah’s, while Sporttrade gained access to New Jersey via Bally’s. All three recently received operational approval from the New Jersey Gaming Enforcement, allowing them to launch in time for the opening of college football and his NFL season.
Betting exchange arrives in New Jersey
What is a betting exchange?
Let me explain ⤵️https://t.co/Zcbxr2kpap
— Action Network (@ActionNetworkHQ) October 29, 2021
Late last year, the press teased the arrival of the betting exchange to the US after the Prophet Sports Betting Exchange and Sporttrade gained access to the Garden State market via Harrah’s and Bally’s respectively. The time is near.
CEO Alex Kane said in a recent interview that he is “very confident” that the Sporttrade app is in the “performance lab” and that the trading platform will be ready in time for the start of the NFL season next month. .
“The company, which was founded by Chairman and CEO Alex Kane, is expected to enter New Jersey in September.”
Sporttrade’s Alex Kane on New Jersey Launch and Exchange’s Future https://t.co/UO6M4C5anT
— Alfonso Straffon 🇨🇷🇺🇸🇲🇽 (@astraffon) July 25, 2022
Meanwhile, the Prophet Exchange had already run a pre-registration campaign last year called “Exchange the Love.” No specific release date has been announced, but the official Twitter page simply states “soon.”
So it’s a betting exchange. Get odds on all spreads and totals, as well as tighter moneyline prices. No restrictions. It’s sick and will be on sale soon in New Jersey. It is called the Prophet Exchange. pic.twitter.com/UzF4yUaRPL
— Prophet Exchange (@prophetexchange) August 18, 2022
What makes Sporttrade and Prophet Exchange unique is that their sports betting model is called ‘Exchange Betting’ and works differently than what other sportsbooks offer. Exchange betting allows bettors to bet against each other for lower fees than traditional sportsbooks.
The third state of the windshield
📌 New Jersey is Fubo Sportsbook’s third US state. It launched in Iowa last November and Arizona a month later.
— Game Review Network (@GamingReviewNet) August 24, 2022
Fubo Sportsbook, meanwhile, kicked off its much-needed soft launch on August 15th last year. During this period, only controlled bets are allowed from select NJ users for a specific period of time. However, if the new sportsbook passes all the technical and regulatory requirements laid down by regulators, it is also expected to go public before the NFL season begins.
Fubo Sportsbook is owned by Fubo TV, an American TV streaming service provider. With a built-in customer base that watches live sports across its network, Fubo Sportsbook offers New Jersey sports a unique option for his bettors to watch and bet on his one platform. It offers. New Jersey will be her third state in the US where Fubo Sportsbook exists. It also launched in Iowa and Arizona late last year.
In its Investor Day presentation on August 16th last year, Fubo TV revealed that it had registered 10 million new users between June 2017 and June 2022. 2022 when the soccer season is in full swing.