High Roller Technologies has announced that its wholly owned subsidiary, ROLR FCM LLC, has signed a definitive commercial agreement with ProphetX to provide access to the latter’s federally regulated prediction markets exchange through a ROLR-branded interface.
The proposed integration would allow eligible ROLR customers to trade additional sports event contracts covering game results, player performances and season-long championships. Users would be able to view market data, submit orders and manage their ProphetX trading accounts through the ROLR platform.
ProphetX is registered with the US Commodity Futures Trading Commission (CFTC) as both a designated contract market and a derivatives clearing organisation, providing the infrastructure for trade execution, clearing and settlement. Under the agreement, ROLR would be responsible for branding, marketing, customer acquisition and interface distribution, while ProphetX would manage customer accounts and funds, identity verification, trading, settlement and market surveillance. High Roller would receive a share of net fees generated by traders accessing ProphetX through its branded interface. The nonexclusive agreement also allows ROLR to pursue integrations with other exchanges.
“Expanding the markets available through ROLR is an important part of building a platform that traders choose to engage with,” said Seth Young, Chief Executive Officer of High Roller (pictured). “Our agreement with ProphetX combines additional sports markets with a revenue-sharing structure that allows ROLR to earn a portion of net fees generated by traders accessing ProphetX’s exchange through our interface. We believe this creates an attractive opportunity to generate an additional revenue stream by building on the ROLR brand, customer experience and marketing capabilities as we grow the business.”
Jake Benzaquen, Co-Founder and Chief Commercial Officer of ProphetX, added: “ROLR is building a prediction markets business around its brand, customer experience and distribution capabilities. Our infrastructure gives partners a way to bring our event contracts directly into their products, while ProphetX handles the exchange and clearing functions. We look forward to working with High Roller to extend access to our markets through ROLR.”
The agreement is scheduled to take effect six months after ROLR FCM LLC receives registration as a futures commission merchant, unless both parties agree otherwise. The subsidiary has not yet secured registration, and the company has cautioned that approval is not guaranteed. Commercial availability will also depend on completion of the technical integration and satisfaction of applicable regulatory requirements. No launch date has been announced.
High Roller Technologies has announced that its wholly owned subsidiary, ROLR FCM LLC, has signed a definitive commercial agreement with ProphetX to provide access to the latter’s federally regulated prediction markets exchange through a ROLR-branded interface. The proposed integration would allow eligible ROLR customers to trade additional sports event contracts covering game results, player performances