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DraftKings Suffers Big Loss in AZ, Prophet Exchange First Bet Placed by New York Giants Player, KS Soft Launch Thursday

Written by:
Gilbert Horowitz
Published on:
Aug/30/2022

DraftKings has become "the first major mobile sports wagering operator to post a monthly loss in Arizona".  That loss was staggering.

Gamblers won $3.2 million with $92.8 million wagered during the month of June.  This resulted in a -3.4% win rate.

Online operators combined had a hold of 3.8% hold.  Consider this: Pay Per Head platform, Power Pay Per Head, is claiming to have had a hold percentage of 13.60% this past week.

This news comes after sportsbooks overall set a record in May for taxes collected even with overall wagers decreasing. The tax owed to the state for the month of May was $4.1 million.

Former Giants Star Victor Cruz Places Inaugural Get at Prophet Exchange

New Jersey's already saturated sports betting market has a new entry in the form of the first “betting exchange” or peer-to-peer betting model.

Prophet Exchange debuted Monday with Giants star Victor Cruz placing the first bet.

Prophet Exchange co-founder and CEO Dean Sisun commented: "There is an overwhelming amount of emotion I feel for Prophet officially launching as the first fully regulated, peer-to-peer betting exchange in New Jersey. This has been a monumentally challenging journey to date, and to see it come to life is an amazing achievement for our team."

The peer-to-peer platform allows bettors to gamble against one another at much lower fees compared to legacy sportsbooks.  Prophet Exchange does not assume any risk.

"Prophet Exchange is the sports betting platform of the future," said Victor Cruz. "It was great to place a bet directly with other users on the exchange without having to factor in lines that oddsmakers chose. I'm extremely proud to be a strategic partner of Prophet Exchange as they continue to innovate the sports betting world."

This begs the question: If Cruz was the first to place a bet on the site, who were the others he bet with?

Kansas Sports Betting "Soft Launch" on Thursday

In-person sports betting kicks off with a "soft launch" this Thursday September 1, just in time for the first full week of college football.

A full launch is anticipated September 8 to coincide with the first week of NFL.

PointsBet announced Tuesday it has entered into an agreement with the brick-and-mortar operation of Kansas Crossing Casino and Hotel, which can be easily accessed from three nieghboring states: Oklahoma, Missouri, and Arkansas.  Only the later offers limited sports betting options. 

“We are excited to be launching on the starting line and having our outstanding sportsbook product available to the people of Kansas from day one”, PointsBet Group CEO and Managing Director Sam Swanell said in a media release. “With NFL season kicking off … the timing is perfect to showcase our NFL in-play betting capabilities in particular.”

- Gilbert Horowitz, Gambling911.com

 

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