BetProphet Peer-to-Peer Sports Betting Exchange Review

Updated July 2022
Coming Soon
Expected launch in 2022
  • Wager on all the major leagues, and a variety of international ones.
  • Easily navigate through the betting options
  • Transferring money takes just a few clicks.

Disclaimer: BetProphet is not available yet, this review is based on what is expected from BetProphet and we will update accordingly when it does launch. You can sign up for any of these online sportsbooks right now.

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BetProphet could be one of the first sports betting exchanges to launch in the US. While this form of sports betting has been popular abroad, it has yet to take hold here. Planning to debut in New Jersey and Indiana, BetProphet is seeking to change the way sports fans make their wagers.

A different betting experience is rare, and that’s precisely what BetProphet is promising. One way to think of BetProphet is like a combination of an online sportsbook and eBay. The site hopes to offer competitive odds because of its peer-to-peer network of bettors. It also will feature odds with almost zero house edge, meaning potentially better prices.

Sports-wise, you’ll get the same offering as you would at a major sportsbook like DraftKings or BetMGM. The site uses PayPal for banking, and it has an app for Android and Apple.

BetProphet promo code for July 2022

As of this review, BetProphet doesn’t list a bonus code. Whether that changes going forward is anyone’s guess. The real question is what kind of sign-up bonuses BetProphet will offer. Often when international oddsmakers enter the US market, we can get an idea of what their bonus will look like based on what they offer in Europe. However, sports betting exchanges overseas rarely offer promotions or bonuses due to the way they operate.

It would, however, be very surprising if BetProphet did not have some type of welcome bonus for new US users. A deposit bonus might make the most sense since BetProphet is a peer-to-peer sports betting exchange.

What is a sports betting exchange?

BetProphet is not a sportsbook; it’s a betting exchange. Betting exchanges have been around for a reasonable amount of time, and they operate on principles that are similar to those of a sportsbook. But there are crucial differences. Let’s take a look at how BetProphet (as a betting exchange) differs from a sportsbook.

First of all, BetProphet is a peer-to-peer platform, meaning bettors make and take bets with one another. In many ways, this makes BetProphet similar to an online auction house, or Craigslist. If you want to bet, you can go find a listing. If you like it, you take the bet. For example, if you want a moneyline bet on the upcoming Green Bay Packers game, you can see what other players are offering, and you may end up taking one of their bets.

Alternatively, if you want to make a bet that isn’t available, you can create it yourself. This is what BetProphet calls “requesting” a bet. During our testing, we found that it was easy to do — put in the details of your bet, set the odds and parameters, and wait for someone to accept it.

Second, because BetProphet is just the facilitator between you and other bettors, there’s no house and therefore no house edge (aka no “vig”).

BetProphet doesn’t make money from bettors losing more money than it has to pay out. Instead, it makes money from bettors betting. It takes a small commission for every bet, so it doesn’t need to build in a house edge. This means you may be able to find better odds at BetProphet, as compared to US online sportsbooks.

Third, where a sportsbook can limit the size or odds of a bet, BetProphet doesn’t. If a player wants to make a certain bet, with certain odds, for a specific price, then that player can look for that bet in the exchange or request it.

BetProphet is a legal and safe betting exchange. It launched in 2018 and spent several years building its platform and preparing for market access deals. In 2021, BetProphet struck a multiyear deal with Caesars Entertainment, opening the way for it to operate in New Jersey and Indiana.

Launching in these states not only requires a partnership deal but also approval from the respective state gambling authorities. As BetProphet expands, it’ll accumulate more gambling licenses, further establishing its legitimacy and security.

This doesn’t mean that BetProphet isn’t without fault. Across the pond in the United Kingdom, BetProphet suffered a temporary suspension of its gambling license because it failed to integrate an online self-exclusion tool. It remedied the problem quickly, however, lifting the suspension. This is the situation in the states where BetProphet plans to launch:

  • BetProphet New Jersey: BetProphet’s 2021 deal with Caesars Entertainment cleared the way for it to launch its sports betting exchange in New Jersey. The hope was for the sports exchange to be live before the 2021 NFL season, but that didn’t happen.
  • BetProphet Indiana: At the same time BetProphet got a New Jersey deal, it also established its Indiana deal. We are still awaiting word on when it plans to launch in the state.

Downloading the BetProphet app

Getting the BetProphet app is easy:

  • Head to the BetProphet site and locate the download link for iOS or Android, depending on your device.
  • Once redirected, follow your phone’s prompts to download the app.

Once you’ve completed the download, you’ll get to know the app a little better. After using it for a while, you might, like us, notice a few things:

  • Speed: We didn’t notice any lagging or speed issues when using the app. There’s always room for increased speed, and that will usually be a consequence of the phone you use.
  • Overall performance: If we put the speed of your device and how it might impact the overall performance aside, we can say that BetProphet’s app performs well.
  • Markets: BetProphet will let you wager on all the major leagues, some niche ones, and a variety of international ones. In addition, BetProphet has a much larger scope for wagers because it’s a betting exchange. You can set the odds in a way that may be unavailable to customers at a normal sportsbook.
  • Bet slip: Although BetProphet is a betting exchange, your bet slip will look similar to how it appears at leading online sportsbooks — BetMGM, DraftKings, and so on. The game lines will, however, look a little different. This is because they’ll have odds that you’re unaccustomed to seeing for certain games. Specifically, they’ll have odds for wagers that at a normal sportsbook would belong to the house.
  • General layout: The app layout lets you easily navigate through the betting options, access your bet slip, deposit money and request or take a wager. The main menu is permanently at the bottom of the screen, so nothing is ever more than one or two clicks away from where you are.
  • Cashier: Opening and using the cashier is simple. It’s comparable to other big sportsbooks like FanDuel or DraftKings. You can find it under the main menu of your account, and transferring money takes just a few clicks.

Overall, we’ve found the app to be an easy, pleasant betting experience. The sports exchange format works well, and there’s virtually no learning curve for this alternative betting format.

BetProphet Sportsbook: Creating a new account

BetProphet is a betting exchange, not a sportsbook. That doesn’t mean, however, that the sign-up process is different from how it is at a standard online sportsbook. If you’ve made an account at any of those, you’ll be familiar with the process here. To make an account, follow these steps:

  • Access the BetProphet site.
  • Find the register/sign-up button.
  • Complete the registration form with all your details.

If BetProphet offers a sign-up bonus, it’s possible that you’ll need to opt-in before you can claim it. You may also need to use a bonus code when you create an account. You’ll need the following details to fill out the form: name, email address, date of birth, phone number, address, and Social Security number. You’ll also need to create a secure password.

All in all, the process is easy and fast. With all the above details, we were able to make an account in under 10 minutes. Once our account was ready, we were free to use the betting exchange as we pleased. The first thing that stood out was the clean layout and design. It’s simple and easy to navigate.

How does BetProphet benefit experienced bettors?

BetProphet benefits experienced bettors in two ways:

  • More variety in bets.
  • Bigger bet sizes.

Being a betting exchange, BetProphet can offer an almost limitless variety of bets. If you’re a member and you want to create a bet, you can find someone who will probably take that bet — what BetProphet calls “requesting” a bet. The size of the bets can be bigger, too. Again, because the players themselves determine the bets, they can choose to offer very big bets.

Crucially, however, betting exchanges require you to have good knowledge of the sports, odds, and types of bets available. You need to be able to discern what is a good or bad bet to take, and what bets might appeal to other bettors.

How does BetProphet benefit casual bettors?

BetProphet benefits casual players, too, particularly because of the flexibility in the bets that you can find there. If you’re a cautious bettor because you’re new, then a betting exchange can offer you the chance to place and request bets that are more cautious. Online sportsbooks — we’re thinking the BetMGM, DraftKings and Caesars — offer bets with a built-in house edge, and that limits their ability to offer players more cautious bets.

However, as we mentioned above, a sports betting exchange does require you to have more knowledge. This can mean inexperienced bettors find it difficult at times, though the BetProphet app does a good job of curbing any steep learning curves.

BetProphet odds boosts

Odds boosts are a temporary change in the odds for a specific bet. The odds increase in favor of the bettor, and the sportsbook forgoes some of its potential profit. For example, a moneyline of +150 may get a boost to +200.

BetProphet is not a sportsbook, however. It’s a betting exchange. And, because of that, it doesn’t require odds boosts — sportsbooks do. The odds at betting exchanges are already flexible. The peer-to-peer bettors can set the odds for their own bets. So there’s no “boosting” from a former price going on. The odds were always flexible in the first place.

In our experience, odds at a sports exchange will tend toward a sensible average, but there will be outliers — bets with better odds. If it helps, you can think of these outliers as odds boosts. In this sense, BetProphet does have odds boosts (even though it doesn’t really).

BetProphet Sportsbook pricing

A comparison between BetProphet and major online sportsbooks is somewhat unfair, as it’s almost like comparing apples and oranges. They’re different types of things, so they’re inevitably going to be different in pricing.

For instance, large teams of oddsmakers set the prices at sportsbooks. They analyze teams’ performances, calculate the odds for every outcome and build in the house edge. Betting exchanges don’t do this. The players themselves do all of this. They make the bets and set the prices.

This means the pricing at BetProphet has more variety, it is fairer (as it doesn’t have the house edge) and it’s more flexible. The pricing at sites like DraftKings or BetMGM lacks this variety, has a built-in house edge and doesn’t have the same flexibility.

What’s not available at BetProphet

Two things aren’t available at BetProphet:

If you’re looking for DFS alongside sports betting, then FanDuel and DraftKings are your two best options. In our experience, both are great options, and both started out as DFS sites. Unlike most sites, BetProphet doesn’t have normal sports betting. The betting exchange format means several features (that we’ve mentioned above) are different.

In using the app, however, we’d say you’re unlikely to really notice this. Yes, you’re going to have the ability to request wagers, and you’re going to have some additional controls when betting. But the feel of the app, the experience you get while using it, is just the same as a normal sportsbook app. Credit to the BetProphet designers for nailing this.

BetProphet sports betting options

BetProphet offers many of the same types of bets as a standard sportsbook. You can get moneyline bets, spread bets, totals and even some prop bets. Lots of the futures and odd, specific or particular prop bets will be unavailable to you.

However, most of the major leagues and sports are available. You can bet on the NFL, the NBA, MLB and more. College football and basketball betting is available, as well. You can also make and take bets on international leagues, like the English Premier League or La Liga.

How to deposit and withdraw

Getting your money on and off BetProphet is fairly easy. Simply go to the cashier page (located in the main menu of the app or website), select whether you want to deposit or withdraw, set your amount, and you’re good to go.

Where most online sportsbooks share a common downside, BetProphet avoids it. Most lack parity in the number of deposit and withdrawal methods, but BetProphet doesn’t. It has an equal number, so you don’t have to worry about mixing and matching your banking methods. Currently, you can use the following methods to deposit and withdraw:

  • PayPal
  • Debit card
  • ACH
  • Cash at the counter

The processing times will vary with the method you use. Most methods deposit fast, so you won’t need to wait for your money to arrive in your account. However, withdrawals can vary. Two factors will impact your withdrawal time. The first is BetProphet’s processing time. The second is the transfer time of your preferred method. Keep these two things in mind when choosing which method to use.

How to contact BetProphet customer support

Here are your options for support and getting answers to any questions you might have:

  • Live chat
  • Email
  • Telephone
  • Social media

In our experience, live chat and phone are the fastest ways to get help. An agent is usually talking to you in a few minutes. The phone is advantageous because you can explain yourself most clearly, but if you use live chat, email or social media, then you’ve got a copy of the transcript in case you need to come back to it.