Prophet Exchange, GeoComply Get Go-Ahead in NJ For New Security Tech

Written By David Danzis on October 19, 2023 - Last Updated on January 19, 2024
businesspeople give the thumbs up to prophet exchange, which received approval from nj sports betting regulators to implement new security tech

New Jersey gaming regulators gave the green light to a new technology that will streamline registration for online users while offering enhanced security.

Prophet Exchange, a licensed NJ sports betting exchange, will be the first operator to use GeoComply’s Core for Authentication (CfA) product following approval from the Division of Gaming Enforcement.

GeoComply, a Vancouver-based geolocation and identification service, says CfA will reduce malicious digital activity and improve the user experience.

Why New Jersey’s approval of CfA matters

Lindsay Slader, GeoComply’s senior vice president of compliance, said in a statement that New Jersey’s approval “underscores our dedication to creating industry-leading solutions that meet the highest compliance and security standards.”

Slader added:

“With the introduction of this product, we aim to expand our customers’ player acquisition funnel, while simultaneously ensuring the integrity of the online gaming ecosystem. We appreciate the New Jersey DGE’s commitment to innovation that fosters a secure and player-friendly online gambling environment for the state’s residents.”

According to a press release, CfA offers online operators an alternative to knowledge-based authentication in the Know Your Customer (KNY) process.

Instead, CfA can authorize user access through several data points instantly. As GeoComply put it: “traditional methodologies … often lead to friction during the customer onboarding process.”

NJ first in country to require MFA for online operators

Beginning on June 30, 2022, the NJDGE required NJ online casinos and sportsbooks to implement multi-factor authentication for all accounts. The current industry standard for MFA involves either an email or text code or a mobile authentication app.

Multi-factor authentication requires patrons to provide additional verifications besides their usernames and passwords in order to gain access to an account.

MFA helps protect accounts against certain cyberattacks if a customer’s username and password are compromised or stolen.

MORE INFO ON NJ SPORTSBOOKS:

Prophet Exchange gaining competitive edge with CfA?

Jake Benzaquen, co-founder of Prophet Exchange NJ, emphasized that “ensuring a seamless experience for legitimate users while keeping fraudsters out is paramount” when it comes to legal sports betting.

Benzaquen went on to say:

“Converting registrations to bettors is also of the utmost importance in this highly regulated landscape. GeoComply’s new product offers precisely that – a blend of ideal player UX and security. We’re thrilled to integrate this solution into our platform.”

Prophet Exchange is a peer-to-peer sports betting exchange. The company was founded in 2018. It launched in NJ in August 2022.

Prophet Exchange serves as a go-between for sports bettors. Players can place bets based on markets and prices set by other users, theoretically giving bettors the best possible prices because there are no margins (the vig) attached to the odds.

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David Danzis

David Danzis is the lead writer for PlayNJ. He is a New Jersey native and honors graduate of Rutgers University. As a newspaper reporter for the New Jersey Herald and Press of Atlantic City, David earned statewide awards for his coverage of politics, government, education, sports, and business. Today, he is PlayNJ’s Atlantic City “insider” and gaming industry expert on casinos, sports betting, and online gambling. David lives in Atlantic County, NJ with his wife and two children.

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