Prophet co-founder Dean Sisun told SBC News that his company’s new style of betting exchange will ‘specialise in giving something back to the consumer’.
Launched last week as the first customer-friendly ‘cashout alternative to bookmakers’, the Prophet exchange allows punters to sell their bets to interested buyers, deviating away from the cashout rates set by traditional bookmakers with the intention of offering up to 50% better cashout rates and 10-20% higher odds for the buyer.
To explaining the mechanics behind it, Sisun said: “For example, you bet on Atalanta to beat Manchester City at 11.0 (10/1). They go up 1-0 in the 30th minute and their odds move to 3.0 (2/1).
“Rather than cashing out at the rate your bookmaker dictates, you can sell your bet to a peer for a price of your choice. For example, if you sell it at 4.0 (3/1), the buyer gets better odds than the bookmaker offers them, the seller guarantees profit, and everybody wins.
“And finally, with our algorithm, we recommend the selling price that will give buyers better odds and sellers the best cashout rate possible, taking out the difficult math and speeding up the process for consumers to cater to in-play markets.”
The exchange, which is currently only available to UK punters, wants to appeal to a wide demographic while maintaining a core audience by developing a seamless user experience.
Sisun continued: “We envision that the buyers of bets are going to be the more serious punters; those guys are the ones scouring sites like Oddschecker for the best available price. We will give better prices than bookmakers 99/100 times, so everyone who has beta tested the product, or who we have spoken to, understands the value proposition.
“As for the more casual punters, we expect these guys to be the sellers predominantly, and we have catered to them by mimicking the cashout function to create a smooth user experience.
“This was inspired by us not having enough options to monetise our bets as they were fluctuating in value. When we saw the cashout function was an increasingly popular phenomenon, we dug into the trend and realised how big the margin losses are for bettors.”
Having only launched in the UK last week, the co-founders of Prophet have already outlined plans to bring the exchange to multiple other betting markets in a bid to secure global expansion, highlighting the recently-regulated US market as a key area of focus.
“We are looking to get our Malta licence as soon as possible so we can launch in other European markets, not just Germany,” added Sisun. “However, we have a keen interest in targeting Germany because we are one of seven companies that are part of the LeAD/Sport1 accelerator there.
“We plan to utilise the abundance of outstanding connections provided to us through their network to advance our way in Germany. Gambling regulations are being reshaped there, so the Malta licence won’t cut it anymore.
“Outside Germany, European countries in general are highly appealing. Most have mature sports betting markets, and plenty of high-profile sports leagues, so it makes sense for us to expand into these areas.
“As for the US, there are of course a lot of challenges. Every state has its own regulations, and we are working on some new technology for the market as well. We are eager to make a statement in what will be one of the biggest, if not the biggest sports betting markets in the world, but I can’t say just yet how that entry will look.”