Prophet Exchange Peer-to-Peer Sports Betting Exchange Review
Updated August 2022
Get a $250 welcome bonus
Prophet Exchange is a new sports betting app that has just launched in the United States. So far, Prophet Exchange is only live in New Jersey, but it has also announced that it plans to launch in Indiana as well. More accurately, a betting exchange platform, Prophet is looking to change the way people bet on sports. Register with Prophet Exchange and get a welcome bonus worth up to $250, no bonus code is required.
It’s pretty rare to find a novel sports betting experience these days, but that’s exactly what Prophet Exchange is promising. The platform isn’t your traditional sportsbook. Instead, Prophet allows users to bet against one another, setting their own lines and odds. Think of it as a mix between a sportsbook and eBay. This means you’ll potentially see better odds than at a traditional sportsbook since you’re not betting against the house.
Prophet Exchange is also offering all new users a welcome bonus, encouraging folks to try out the new platform. This consists of a 50% initial deposit match of up to $250 when you create a new account.
Prophet Exchange $250 welcome bonus
Prophet Exchange is making a push for new sign-ups by offering a pretty solid welcome bonus. All new users can claim a 50% initial deposit match up to a maximum of $250. This means that however much you deposit on your first transaction, Prophet will match half of it. While this might not quite compare with some of the bigger sportsbooks like DraftKings Sportsbook or Caesars, it can still help as a way to try a new sports betting experience.
|Online Sportsbook||Prophet Exchange|
|Prophet Exchange Promo Code||None – Click to claim promo|
|Welcome Bonus||50% deposit match up to $250|
Claiming the Prophet Exchange welcome bonus
Claiming the Prophet Exchange welcome bonus is easy, and it’s available to all new customers. This is a click-to-claim promo, so you won’t have to enter any special code. Upon signing up for a new Prophet Exchange account, make a deposit to qualify.
The bonus funds will hit your account within 72 hours of completing your eligible deposit, but the credits often arrive much quicker. Once the bonus funds clear, you will have 14 days to utilize the funds before they expire. However, you only have to play through the bonus money once before it becomes withdrawable. This is lower than the playthrough requirements for the bonuses at many traditional online sportsbooks. There are no minimum odds restrictions for the bonus, and you can wager it on all available moneylines, spreads, and totals.
What is a sports betting exchange?
Prophet Exchange is not a traditional sportsbook like DraftKings or FanDuel Sportsbook; it is a betting exchange. Betting exchanges have been around for a while, operating on similar principles as sportsbooks. However, there are key differences to note between the two types of platforms. Let’s take a look at how Prophet Exchange — and betting exchanges in general — differ from sportsbooks.
Prophet Exchange is a peer-to-peer sports betting platform, meaning users can act as both the bettor and the oddsmaker for any given wager. In many ways, this makes Prophet Exchange very similar to an online auction house, or a website like Craigslist or eBay. So, if you want to bet on a specific listing, you search the platform for the right odds on the right line.
If you can’t find odds that you like for a particular bet, you can also create your own bet. Prophet Exchange refers to this as “requesting” a bet, and it’s super easy. Simply enter the details of your bet (e.g., Kansas City Chiefs, moneyline), set the odds you’d like (+125, for example), submit the request and then wait for someone to accept it.
Another key nuance to Prophet Exchange is that it is acting as the facilitator of the bet, rather than the house. Therefore, there is no house edge (aka no vig), so that can add up to long-term savings. Prophet Exchange only takes a small commission from winning wagers.
Finally, since the users are in charge of the odds, there is no limit on odds or any bets as long as another bettor is willing to take the other side. Prophet Exchange won’t cap your bets or your odds, so you can place or request any wager you like.
Is Prophet Exchange legal and safe?
Prophet Exchange is a fully legal and licensed betting exchange in the states where it operates. It is also safe, processing secure financial transactions through Trustly online banking. In 2021, it struck a multiyear deal with Caesars Entertainment, paving the way for it to go live in New Jersey and Indiana.
Launching a mobile sports betting platform in each of these states requires both a casino partnership and approval from the respecting state’s gambling regulator. As Prophet continues to expand, it will accumulate additional gambling licenses, further establishing its legitimacy.
Downloading the Prophet Exchange app
Getting the Prophet Exchange app is quick and easy:
- Go to the Prophet Exchange website and find the download links for iOS and Android devices.
- Once redirected, follow the prompts to download the app.
- Enter your existing credentials or register for a new account to start betting.
Here’s what we found while testing the Prophet Exchange app:
- Speed: We did not experience any lagging or speed issues with the app. So far, it performs up to industry standards.
- Bet slip: Even though you’re wagering on a betting exchange, your bet slip will look similar to that of a traditional sportsbook. The slip appears at the bottom of the screen, and there are only a few nuances to consider. The biggest difference will appear in the game lines, because the odds at Prophet Exchange are different from those on a sportsbook. This may take some getting used to, but there will be an information icon explaining what each term or line means.
- Cashier: Finding and using the cashier is simple and akin to a traditional sportsbook. You can find it under the main menu, and easily make a transaction in just a few clicks.
- Available bets: Prophet Exchange offers wagering on all the major North American leagues, as well as some more niche options. Each of these markets will have a much larger range in odds and lines because of the betting exchange platform.
Overall, the Prophet Exchange app is solid. It is not overly complicated, which is key for a distinct platform of this kind. It has a solid user interface but is not particularly fancy. The smooth system helps new users learn on the fly.
Signing up at Prophet Exchange
Creating a new account at Prophet Exchange is a similar process to what you would do at a standard online sportsbook. Head to the Prophet Exchange website and click the registration button in the top right corner. From there, you will need to fill in the following information:
- Date of birth
- Social Security number
- Phone number
After you enter your information and accept the terms and conditions, Prophet will confirm your age and location. Once this process is complete, you are all set to start wagering.
How does Prophet Exchange benefit experienced bettors?
Prophet Exchange benefits experienced bettors in two main ways: more variety in bets and bigger bet sizes. Since it is a betting exchange, the platform can theoretically offer a limitless variety of bets. As long as someone else is willing to take your bet, you can set the odds however you see fit. If you’re confident, you can also set the size of the bet to be larger, and you’re only limited by how much others place on the other side of the bet.
Additionally, experienced bettors have a better understanding of which odds are good and which are weaker. Therefore, they can study and select only the best bets on the table.
How does Prophet Exchange benefit casual bettors?
The flexibility in the odds at Prophet Exchange is also what makes it appealing for casual or new bettors. If you’re cautious, you can only place or request bets with safer odds at a lower price. Sportsbook odds include the built-in house edge, limiting your ability to place cautious bets.
Prophet Exchange also does a good job of minimizing the learning curve for new bettors. The betting process is simple, and the app makes it clear exactly what you are betting on, as well as what each line or odds number means.
Promotions and pricing at Prophet Exchange
As a betting exchange, Prophet Exchange does not quite offer as many promotions as some of the larger sportsbooks. In addition to the welcome bonus, the only other current promotion is a referral program. This is your typical referral bonus, where you can invite people to the platform using your personal referral link. For each person you refer who signs up and starts using the site, you get $50 in bonus funds to bet with. You can refer up to 50 friends, meaning you could receive up to $2,500 in bonus money.
At the moment, Prophet Exchange does not offer any special lines or odds or profit boosts. This is because the odds at Prophet Exchange can already be more favorable and flexible than what you’ll find at a traditional sportsbook. While you won’t find any wagers boosted from +150 to +200, for instance, you are free to request any odds you like and see if someone is willing to take that bet.
Along that line, comparing odds between Prophet Exchange and major online sportsbooks is like comparing apples and oranges. They are different in nature, so naturally their pricing will be very different. Overall, you may see more favorable bets on Prophet Exchange because the users set the lines, and there is no built-in house edge.
Sports betting options at Prophet Exchange
Prophet Exchange offers four main types of bets:
- Live bets
These are the same as with a normal sportsbook, although as you can see, the options are a bit narrower at the moment. However, you’ll notice that the odds are frequently better with the betting exchange. Prophet Exchange offers these bets on the following leagues and competitions:
- College football
- College basketball
As Prophet Exchange continues to grow, more sports and bets will likely become available. The exchange encourages users to reach out and recommend new leagues that they would like to bet on.
What’s not available at Prophet Exchange?
Here are two main features that Prophet Exchange does not offer:
- Daily fantasy sports
- Traditional sportsbook betting
Prophet Exchange also does not support parlays or prop bets.
If you’re looking for a platform with both daily fantasy sports and sports betting, DraftKings and FanDuel are your two best options on the market. Both platforms started with only DFS but have since evolved and are great all-in-one options.
However, we found that using the Prophet Exchange app was a very similar experience to a normal sportsbook. Yes, there are some differences, and a little more flexibility in the bets you can place, but overall it offers a smooth transition for users moving from sportsbooks to betting on an exchange. Credit the Prophet Exchange designers for nailing this.
Banking at Prophet Exchange
As a new platform, Prophet Exchange currently offers limited payment methods. However, it has indicated plans to add more ways to pay in the future. The minimum deposit is $5, while the maximum varies depending on your method and your history with that method. The minimum withdrawal is $1, and there is no maximum. Most withdrawals typically take a few hours to process after receiving your request. Prophet Exchange currently offers the following banking options for both deposits and withdrawals:
- Online banking via Trustly (the exchange’s recommended method)
- Cash at the counter at Harrah’s Casino (only available in Atlantic City)
The fastest way to solve an issue at Prophet Exchange is by clicking the help center link at the bottom of the page. There, you will find a resource with various articles answering frequently asked questions. Article topics range from how to bet on an exchange to responsible gambling.
If you are unable to solve your problem through the help center, you can also contact Prophet directly. Prophet Exchange’s live customer support hours run every day from 10 a.m. to midnight Eastern Time. To connect with a customer service agent, click on the green question mark in the bottom right corner and select your preferred method of communication: Chat, email or telephone. You can also reach out on Twitter @ProphetHelp or find instructional videos on the Prophet Exchange YouTube channel.
Prophet Exchange FAQ
Yes, Prophet Exchange offers an initial deposit match up to $250 when you sign up for a new Prophet Exchange account. You do not need a Prophet Exchange promo code.
Prophet Exchange is a betting exchange, rather than a traditional sportsbook. This means that users bet against other users, instead of betting against the house.
Since Prophet Exchange is a betting exchange platform, the odds can be more favorable than those at a regular sportsbook. For point spreads, for instance, most sportsbook odds fall around -110, while Prophet Exchange odds are around +100.
Yes, Prophet Exchange is safe and legal. It has a partnership with Caesars Entertainment and is fully licensed in the states where it operates.
The only way to cash out digitally with Prophet Exchange is via online banking. This is more limited than other sportsbooks, but it is fast and easy, and it deposits directly into your bank account.