Prophet debuts first cashout alternative to bookmakers

Prophet, an innovative technology company, has become the first in the industry to launch a customer-friendly cashout marketplace, which finally puts the outcome of bets into the hands of the consumer.

The unique concept allows bettors to benefit from favourable cashout rates that are not set by bookmakers via a secondary marketplace for sports bets. Instead, Prophet operates as an exchange in which they can sell their bets to interested buyers, resulting in up to 50% better cashout rates.  Buyers on the other side reap the rewards of having on average 10-20% higher odds as a result.

It is hoped the site will appeal to both the casual and more serious punter, with football, rugby, cricket, tennis, and American football currently available, with more sports to follow in 2020. Among the most popular markets at the moment are the Rugby Union World Cup and European top-flight football, with both in-play and pre-match markets now available.

The disruptive technology is the brainchild of American entrepreneurs Dean Sisun and Jake Benzaquen, who have launched the product with a United Kingdom licence in order to take advantage of the country’s mature sports betting market.

Dean Sisun, CEO and Co-founder of Prophet, said: “We are extremely excited about Prophet’s launch which we believe will be a game-changer for sports punters, setting out to be the first platform that truly aims to help consumers in an industry notorious for taking advantage of them.

“The cashout function has been monopolised by bookmakers and been beneficial to them since its inception. We believe it is high time the tables were turned and power restored to the consumers who have been ripped off for far too long.”

Prophet’s end goal is to create a community of bettors who look to help each other make more money with their current sports bets, rather than to continue to give more to their bookmakers.

Sisun added: “Following the success of the betting exchange format in recent years, there has clearly been a gap in the market for a punter-friendly cashout exchange. With our alternative to cashing out via a secondary marketplace, we’re confident Prophet will provide that.

“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.”

While the marketplace will initially be available to UK users, Prophet intends to expand into other European markets, Australia, and the United States.

Prophet is most notably backed by leAD sports, the premier sports venture ecosystem inspired by Adi Dassler, the founder of Adidas, in which they were one of seven companies selected to their prestigious accelerator, and M Ventures, a prominent United States venture capital firm
 

Source: Press Release