Prophet Exchange Review and Promo Code 2023
Betting exchanges have been popular in European markets for decades, but so far we’ve yet to see one settle in the young U.S. market… until now. Prophet Exchange is the first peer to peer sports betting exchange in the United States.
With Prophet Exchange you can bypass the sharps in Vegas altogether and book your action directly with other Prophet customers. Another fun quirk for Prophet Exchange: you can play the role of the bettor or oddsmaker. Generally, the odds are more player-friendly than the top-tier sportsbooks you’re trying to beat.
Prophet Exchange has a fun model for its users, but is it practical? Is this something users should trust? Below we discuss the viability of the new exchange platform and plenty more.
Betting exchanges 101
A peer-to-peer betting platform is the best way to think of a betting exchange. Players can either set their lines and odds or buy other players’ odds accordingly. Think of it as a formal setting to facilitate bets between you and other people. Prophet Exchange will hold the cash and award the winner accordingly, simply taking a small fee for the trouble.
Bookmakers at a traditional sportsbook set betting odds for a particular game with a standard commission also referred to as vig or “juice.” For example, point spreads are typically designated at -110 odds and not +100 because of the built-in vig. A $100 bet on a particular game can cost $110 to make a $100 profit.
You will collect your $100 plus the original $110 stake if the bet wins. But if the bet loses, the $110 is lost. Sportsbooks make their money on the commission on each side of that particular market. At Prophet Exchange, you can buy and sell your lines avoiding these heftier prices you’d find on traditional sportsbooks.
Prophet Exchange is the only betting peer-to-peer sportsbook in the United States.
How does a betting exchange make money?
So, if the betting exchange isn’t taking as much money in rake / juice – how do they stay afloat? Well, since users are the ones actually setting the lines, the exchange doesn’t have to pay a substantial team of oddsmakers to make sure they’re always on point. This drastically reduces overhead and allows them to run a prophetable operation. There is a small fee that is charged per transaction, but it’s generally far less than the average vig.
Betting exchange examples
Let’s say you don’t like the line that’s been put out there for Patriots vs. Jets on your normal, go-to sportsbook. At Prophet Exchange, you have the chance to hunt for a more enticing line. Rather than beating a sportsbook, you just need to get someone who will take the other side of the bet you want.
In addition, let’s say you may not like the odds that Prophet Exchange offers. At Prophet Exchange, you have the chance to create your own odds and wait for someone to take on your odds. If there are no takers, well, then you know there wasn’t a market for your proposed bet.
Let’s say the Jets are getting 5 to 6 points as an underdog. On Prophet Exchange, you can create a spread giving the Jets +7 (or as many as you’d like) and wait for someone to take the Patriots at -7.
In Which States is Prophet Exchange Available?
Because of a multi-year market access agreement with Caesars Entertainment, Prophet Exchange has gained market access in two states to start: New Jersey and Indiana. As of August 29, Prophet Exchange has officially launched in the Garden State.
Prophet Exchange set a lofty timetable to launch in New Jersey in 2021, but it was pushed back. However, reports indicated Prophet Exchange had a strong desire to officially launch in New Jersey before football season takes off and they made it happen.
New Jersey is the home of two NFL teams: the Giants and Jets and a riser in the Big Ten: Rutgers University. Although it isn’t the size of New York or even Pennsylvania, New Jersey has been one of the top sports betting markets since its inception.
Running June Top 10 #SportsBetting handles by state:
1 New York $1.06B
2 New Jersey $633.2M
3 ILLINOIS $628.5M <-NEW
4 Nevada $490.4M
5 Pennsylvania $393.5M
6 Colorado $313.2M
7 Virginia $295.2M
8 Michigan $292.4M
9 Indiana $256.3M
10 Tennessee $215.8M#GamblingTwitter
— Chris Altruda (@AlTruda73) August 11, 2022
Even though Prophet Exchange is based out of the United States and their betting platform is new here, they have debuted and were operational out of London in the past. Prophet Exchange launched in Great Britain in 2018 but has since turned its attention to growing in the United States. Notably, the Gambling Commission of London temporarily suspended them for not integrating responsible gaming tools into its operation.
Upcoming Prophet Exchange State Launches
The only other state Prophet Exchange has market access towards is Indiana.
We are excited to confirm that Prophet Exchange has set out a goal of launching in the Hoosier State sometime in 2023. Once Prophet Exchange can hit the ground running in New Jersey and eventually Indiana, we anticipate more states, such as Ohio, to be on their horizon.
Prophet Exchange Online Mobile App Layout
The Prophet Exchange app is available on Android and iOS. As you can see from the screenshot below, the overall appearance and aesthetic are clean with a mint green and white layout with standard text. The app’s look is easy on the eyes, and most importantly, the text on mobile is not cluttered.
Prophet Exchange is leaning into its peer-to-peer platform with its appearance as the layout feels more like a financial app than a traditional sportsbook.
The app is responsive and easy to navigate. It is fast and doesn’t have any sort of delays when you’re navigating the potential betting markets.
On its front page, Prophet Exchange will feature the night’s or week’s biggest contests for you to go head-to-head with another Prophet Exchange bettor. Another cool feature that you will find on the home page is its’ “Most Traded” section which tells you the total handle of money circulating through today’s games.
The Prophet Exchange app nails a modern and unique feel that the premier players in the sports betting realm possess.
Although the app is young, it currently boasts a 4.9 rating out of 5 in the Apple Store.
Prophet Exchange reputation
Prophet Exchange went live in the UK in 2018 but shut down and moved its operation in hopes of growing in the United States after the downfall of PASPA.
Prophet Exchange is headquartered in Hoboken, New Jersey. Prophet Exchange is a new player in the gambling world but saw some success in the UK. However, it’s fair to have questions after losing its license in the UK over failing to implement responsible gaming tools.
However, the market access agreement Prophet Exchange reached with Caesars Entertainment was one of the best moves the peer-to-peer platform could’ve made. For a new betting platform with plenty of questions and unknowns, creating a pairing with one of the monster moguls of the gambling industry should help pave the way for some immediate success once they open in New Jersey and Indiana.
Pricing and Betting Options at Prophet Exchange
Although Prophet Exchange is not a conventional sportsbook, you will find plenty of the same markets and bet types. Bettors on Prophet Exchange can bet on all four major American sports leagues, college sports, and other ancillary sports.
However, bettors cannot bet parlays, teasers or player/game props at Prophet Exchange. Although the prop market has seen a massive spike in popularity over recent years, bettors will not be able to dabble in these bet types. These long-shot bets just don’t mesh with the peer-to-peer betting model. The odds are difficult to calculate, and no individual person wants to be on the hook for a miracle parlay that connects.
For a smaller brand trying to build its reputation, Prophet Exchange boasts an excellent customer support team.
At Prophet Exchange you can reach them down several avenues. On the home page, you can scroll to the bottom and click on the Help Center, where you will find a number of the most common FAQs. If you can’t find what you are looking for, you can contact them via email, live, or phone call between 10 am ET and midnight ET.
Deposits and withdrawals
Like most young sportsbooks, Prophet Exchange has a pretty paltry selection regarding depositing into your account and withdrawing your winnings.
For now, their only options to fund one’s account are online banking, wire transfer, or paying at the casino cage in Atlantic City’s Harrah’s Casino.
Generally, we would like a more extensive selection, but we can cut the team at Prophet Exchange some slack. After all, these methods are some of the most common banking options across all sportsbooks.
Is Prophet Exchange legit?
Prophet Exchange is legit and secure. They’re headquartered in Hoboken, New Jersey and are being run through Harrah’s Casino in Atlantic City. The partnership with Caesars Entertainment has helped add credibility to the innovative peer-to-peer sportsbook.
The company has a gambling license from the New Jersey Division of Gaming Enforcement. This agency (NJDGE) must oversee all gambling operations and promote fairness and integrity for all of its players.
When you play at Prophet Exchange, you have nothing to sweat.
Prophet Exchange FAQ
How does Prophet Exchange work?
Prophet Exchange is not a sportsbook but a betting platform where you are vying head-to-head with other bettors. At Prophet Exchange, players can either set their lines and odds or buy other players’ odds to go head-to-head with them. At a traditional sportsbook, you are trying to beat the bookmakers who consistently set the betting odds for a particular game with a standard commission, also referred to as vig or “juice.” But at Prophet Exchange, you can buy and sell your lines avoiding these heftier prices you’d find on premier sportsbooks. Prophet Exchange is the only betting peer-to-peer sportsbook in the United States.
Is Prophet Exchange legal in the United States?
Yes, Prophet Exchange is a legal operation in the United States. Prophet Exchange has a gambling license via the New Jersey Division of Gaming Enforcement.
Where is Prophet Exchange available?
As of August 29, Prophet Exchange has officially launched in New Jersey! In addition, the company is expected to launch in Indiana in early 2023.
Derek Mountain works in the Boston area as an Evergreen Content Writer for Better Collective. Derek is a recent graduate of the College of the Holy Cross in Worcester, MA where he majored in Philosophy and played football for five years as well as walking on the basketball team his freshman year. He has a passion for all things sports and sports betting, which led him to BC. He's a diehard fan for his Philadelphia Eagles and avidly supports the Phillies, Sixers and Flyers.
- Betting exchanges 101
- In Which States is Prophet Exchange Available?
- Upcoming Prophet Exchange State Launches
- Prophet Exchange Online Mobile App Layout
- Prophet Exchange reputation
- Pricing and Betting Options at Prophet Exchange
- Customer service
- Deposits and withdrawals
- Is Prophet Exchange legit?
- Prophet Exchange FAQ