This episode is presented by ProphetX. Our guest is ProphetX co-founder Jake Benzaquen โ we address the relationship directly at the top of the episode.
Jake Benzaquen co-founded ProphetX eight years ago, long before "prediction market" was a phrase anyone outside finance used. In June, ProphetX became the first sports-native platform to win CFTC approval as a regulated exchange โ and this conversation covers everything that came with it: the sweepstakes years, the $35 million raise, what's shipping on the product side this football season, and the affiliated market making debate that's dividing the entire industry.
Rob also presses Jake on the questions that don't have easy answers โ the investor overlap on ProphetX's own platform, the 18-vs-21 age gap between prediction markets and sportsbooks, and what happens if the Supreme Court rules against CFTC jurisdiction entirely.
๐ข Sponsored by ProphetX, America's #1 Sports Prediction Market. Sign up with promo code CIRCLESOFF โ Trade $10, get $20: https://www.prophetx.co/
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New episodes of Circle Back LIVE every Monday at 1 pm ET and Thursday at 4 pm ET. Plus, watch for additional content every Wednesday, ranging from interviews with industry experts to instructional videos!
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LINKS
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SHOW INDEX
0:00 - Opener + Disclosure
1:16 - Who is Jake Benzaquen?
5:08 - The sweepstakes chapter
9:07 - Getting CFTC approval and launching nationwide
19:45 - ProphetX vs the giants - the honest ecosystem conversation
26:09 - The product: payments, RFQ, cash out, the 2.0 app
42:30 - Affiliated market making: the industry's biggest conflict
52:12 - The B2B play
1:02:02 - State vs federal: the regulatory war
1:16:11 - The uncomfortable questions
1:29:43 - The next five years
1:31:33 - +EV / -EV moves, advice to former self
1:38:07 - Outro
Circles Off podcast is an entertainment podcast. The opinions expressed in the podcast are for the purpose of discussion in the area of sports betting, online gaming and other like markets. Circles Off podcast does not condone unlawful or illegal activity, and if you are unsure of the laws in your jurisdiction surrounding these markets, please seek the appropriate legal advice about strategies that you intend to implement. Please gamble responsibly.
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