Prophet is teaming up with Caesars Entertainment to bring peer-to-peer sports betting to Indiana.
The company will launch betprophet in New Jersey later this year, with the exchange’s Indiana debut coming in 2022.
The online betting app will offer a new way for gamblers to bet on sports.
Peer to peer wagering coming to Indiana via betprophet
Peer-to-peer betting is already available in Europe, but it’s a new feature altogether in the US market.
Prophet CEO Dean Sisun believes that the platform’s versatility will help make it a major player in the US.
“Prophet is going to be the sports betting exchange of choice because of its simplicity and focus on sports betting principles. We are for the customers who want the best experience and prices on the market. Our customers will have the luxury of placing bets on spread and total markets at even (+100) odds, not being limited on any action, and also have the ability to create their own odds on markets offered. For example, if the spread on a game is -6, but you want -5.5, you can make that offer with Prophet. Same goes for both moneyline and total markets.”
It’s basically a more formalized version of social wagering.
For example, let’s say that you and your friend want to bet on a Colts game against each other. You bet your friend $10 that the Colts will win the game.
That type of wagering is incredibly popular around the US, so betprophet is hoping to take improve upon that experience.
With peer-to-peer betting, gamblers can request the odds that they want for a wager and then place their bets. Users won’t be tied to the lines they see on more traditional sportsbooks.
Sportsbooks try to stack the odds in their favor for gambling. As they say, the house always wins. Letting users pick their own odds removes that house edge.
Gamblers will be able to place typical sportsbook wagers, or they can act as a bookie by taking bets from their friends. Prophet acts as an intermediary in the process.
Indiana casino partner
Online sports betting apps have to partner up with a retail casino before they can launch in Indiana.
Since Prophet has a market access deal with Caesars, that means that betprophet will work with one of these properties:
- Indiana Grand Casino
- Harrah’s Hoosier Park
- Horseshoe Hammond
Right now, Hammond is the only one of the three casinos with an online partner.
The gaming commission is no longer forcing Caesars to sell Hammond, so the casino’s work with Unibet Sportsbook will continue without a hitch.
Hoosier Park doesn’t have an online sportsbook partner, but that will be changing soon. 888sport or SI Sportsbook will fill that roll before long.
That could make Indiana Grand an ideal partner for betprophet.
After all, Caesars will be looking to maximize the value of all of its Indiana casinos. Adding sportsbook partners to retail locations is a part of that process.
Since betprophet won’t be launching in Indiana until next year, both sides have some time to figure out exactly which casino would make for the best partner.