“Pivoting from the regulated gaming space to a sweepstakes model, we wanted to move forward with a brand that represented our new venture,?ProphetX co-founder and COO Jake Benzaquen told Covers this week. “Something that was edgy, yet trustworthy and reflective of our previous product.?br />
Benzaquen said the new platform will release a beta product this week, with a full app launch on iOS, Android, and the website scheduled for mid-August.
The company's previous version, which launched in Aug. 2022, allowed bettors to wager against each other rather than the house.
While exchanges are popular in Europe, New Jersey was the only state Prophet Exchange operated in, as the regulated U.S. markets made it difficult for the company to find footing.
Prophet Exchange closed its doors in the Garden State last month but is re-launching with a platform that will offer free-to-play sports betting. Customers receive virtual currency to start and can purchase more to enter contests to compete for real prizes.