“March came and people were betting on Nicaraguan and Belarusian soccer -it was a different world"
In Dean's words, Prophet is "a secondary marketplace for sports bets, where users can buy and sell percentages of bets".
Drew, Dean and Jake talk about Prophet's growth before lockdown - "we were tripling in size every month", how they are now focusing their energies on product development - “We shifted gears a little bit. We’re working on our app and API build a lot more heavily now, as opposed to iterating our product weekly” and the challenge of standing out in a crowded market - “There’s a reason why the big sports books do what they do, and their practices are the way that they are, because they have worked out what works and what doesnt. It’s a fine line between keeping up with them but also differentiating yourself”
However, they also talk about the opportunities ahead and the potential for significant growth as sports return behind closed doors - “I think there will be a huge surge [in betting]. But it also depends on when sports comes back and how it aligns with us being in a socially distanced world. If we can’t leave our houses, and sports is on, it’s going to be through the charts. What else are people going to do to entertain themselves - build a puzzle, watch a TV show or bet on sports?"