Prophet Betting Exchange overview
Nils Edmondson
The unique peer-to-peer betting exchange is the first of its kind in the US.
Launched in 2022, the company is looking to revolutionize the US sports betting market by allowing users to set the odds rather than the sportsbook.
Prophet Betting Exchange score
- Best value odds
- No juice
- A free market
- You can be the bookmaker
- Lack of payment options
- You have to stay alert - other peers can look to catch you out
- Only in NJ
| Bonus offer | 10/10 | |
| Betting variety | 9/10 | |
| Mobile experience | 10/10 | |
| Payment options | 5/10 | |
| Betting experience | 9/10 | |
| Support | 7/10 | |
| Summary | 9/10 |
| Deposit methods | Online Banking via Trustly, Cash at the Harrah’s Casino cage in Atlantic City, Wire Transfer |
| Withdrawal methods | PayPal, Venmo |
| Odds provider | Peer-to-peer |
| Betting functions | moneyline, point spread, parlay, teasers, prop bets, futures, in-play |
| Apps | Android, iOS |
| Founded Year | 2018 |
| Headquarter | New Jersey |
Prophet Betting Exchange: everything you need to know
Prophet Betting Exchange is the first of its kind in the US since PASPA was repealed in 2018.
The first betting exchange was created by Betfair and has been a popular alternative to the traditional sportsbook for betting aficionados in Europe and Asia.
With Betfair's muted expansion in the US, Prophet Betting Exchange have decided to fill the void and offer the first peer-to-peer betting exchange.
A betting exchange allows users to offer odds for a sports event which other users can choose to accept.
This means that users set the odds and not the sportsbook. The sportsbook will take a small commission on each win, but otherwise, it only operates as a platform.
Say you offer a moneyline and a user accepts your offer, the sportsbook will check that there is enough in their account to place a bet. If you win, it will transfer your winnings from their account.
A traditional sportsbook will set its odds according to the complex network of algorithms and experts either in-house or via their odds provider. Most traditional sportsbooks will offer odds close to the market average. This means that it is difficult to find high-value odds.
A betting exchange is a derivation of human logic and is subject to the whims and gut instinct of users. This means that it is much more possible to find high-value odds.
Prophet betting exchange will take a small cut of every win, so it will not be concerned, and since users are obliged to payout winnings, they are not operating as a business but rather regulators in a free-market system.
Prophet Betting Exchange: the good 👍
- Best value odds → A betting exchange is where you will find the best odds for moneyline bets, spreads, and totals.
- Trustworthy → Prophet Betting Exchange is fully licensed in the US, but you must currently be in New Jersey to use it.
- Excellent welcome offer → The sportsbook offers one of the best welcome offers in NJ.
Barstool Sportsbook: the bad 👎
- Lack of payment options → The online sportsbook does not have many payment options available.
- You need to do your homework → It's a free market, so although this creates more potential for great value bets, it also means that you can get caught out by a smarter user.
- Only in New Jersey → The betting exchange is currently only available in New Jersey.
Barstool: Safety Rating 5/5
Prophet Exchange is a fully licensed entity in New Jersey
They are registered with the following gaming commissions:
New Jersey Gaming Commission
Prophet Exchange final verdict
The international team at BettingScanner has racked up many years of experience using the Betfair exchange.
The Prophet Exchange differs from Betfair's exchange in that it is much more understated. Unlike Betfair, which launched its exchange under its existing sportsbook brand, the Prophet Exchange began life solely as an exchange.
We think this works much better for the US market. Betfair had established itself for more than a decade in the online betting world and amassed millions of savvy users who could easily make the transition into peer-to-peer sports wagering.
However, the US online sports betting market is still in its infancy, so a clean, no-nonsense product is exactly what US-based sports bettors need.
If you are after high-value bets, you can't beat Prophet Exchange. Not only do you eliminate the juice of traditional sportsbooks, but you are more likely to find misjudged odds in a market susceptible to human error.
Prophet Exchange FAQs
What is Prophet Exchange?
Prophet Exchange is a peer-to-peer sports betting network where users offer other users odds for a particular event.
Is Prophet Exchange Legal?
Yes. Prophet Exchange is now fully licensed and legal in New Jersey.
Where is Prophet Exchange allowed?
Prophet Exchange is allowed to operate in New Jersey. It has also partnered with Caesars Sportsbook and will launch in Indiana in 2023.
When will Prophet Exchange be available?
Prophet Exchange is now available in New Jersey.
It will be available to residents of Indiana in 2023.
Is Prophet Exchange on Android?
Yes. Prophet Exchange is now available on both iOS and Android.
Nils Edmondson
Prophet Exchange Sportsbook App
Prophet Exchange launched in 2022, which means that its product is modern and up-to-date.
You can easily download the app for iOS from the Apple Store.
If you have an Android, then you will need to visit the sportsbook's site and click on the link, as Google Play does not allow direct downloads of sportsbook apps. You may need to give your phone permission to download apps from unknown sources.
Easy-to-use → The functionality is straightforward and user-friendly which is perfect for most NJ residents who are new to this form of sports betting.
Crisp aesthetic → The appearance of the app is both clear and crisp. Its white background makes it easy to see what you are doing.
No bugs → So far we have not come across any bugs. This is crucial in such a fast-moving exchange forum where any delay can be costly.
Prophet Exchange app: getting started
It is very easy to sign up to Prophet Exchange.
As long as you have US citizenship with a social security number and a permanent address in the US, you can sign-up today.
You are allowed to sign-up anywhere within the United States, but you must be physically located in new Jersey to place a wager or to deposit and withdraw funds.
Step 1: Register with Prophet Exchange
- Enter your first and last name
- Enter email address
- Choose a password
- Confirm password
Step 2: Register with Prophet Exchange
- Enter your birthdate
- Last for digits of your social security number
- Enter your postcode
- Enter your cell phone number
- Send a code to your phone
- Accept terms and conditions
Step 3: Deposit
- Pick your selected payment method
- Enter your payment details
- Make your first deposit
Prophet Exchange Deposits
The one major downside of Prophet exchange is that it does not offer enough reputable payment methods. This includes PayPal, the most popular e-wallet for sportsbook transactions.
Available methods include:
- Online Banking
- Wire Transfer
- Cash at Counter at Harrah's Casino in Atlantic City
Prophet's minimum deposit is $5. The maximum deposit amount will vary depending on which method you use and your history using that particular method.
Barstool Sportsbook Withdrawals
- Online Banking
- Wire Transfer
- Cash at Counter at Harrah's Casino in Atlantic City
Prophet's minimum withdrawal is $1. There is no maximum withdrawal amount.
Withdrawals can take 3-5 business days.
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Prophet Betting Exchange Odds
Let us start off by explaining what you will get with a traditional licensed online sportsbook.
If you sign-up for FanDuel, for example, you will get a polished product with a wide array of betting formats and events to wager on. It's an action-packed experience with these sportsbooks, and you will be offered odds around the market average for almost every single event you wish to wager on. However, the sportsbook will add juice to each transaction and will set the odds - usually through an odds provider that they believe is weighted in their favour. You can always beat a sportsbook once, twice, maybe even three times, but ultimately, you will always lose in the long run - that is how gambling companies make their money.
Now with these peer-to-peer bets offered by Prophet exchange, you will only pay a transaction fee if you win, and of course, since the Prophet Exchange is not taking any risk, they will not set odds weighted in their favour.
The point we will make now comes with a caveat, so please continue to read.
You have a much better chance of finding a high-value bet with Prophet exchange than you would with a traditional sportsbook. A single human player is much more likely to misjudge odds than highly sophisticated algorithms being fed thousands of pieces of information about the sports event. They are also more likely to let emotions play a part in setting odds.
Now, this also means that you can misjudge the value of the odds. With a sportsbook, at least you know it won't be trying to cheat you with ridiculously bad odds. However, a single user could be looking for a gullible bettor, so be careful; it is a dog-eat-dog world out there.
Prophet Exchange Customer Service
Prophet's exchange's customer service is open between 10 AM and midnight EST and is available via live chat, email, social platforms, and over the phone.
It is still early days, but so far, we have found the customer agents to be pleasant, helpful and quick to respond.
We expect as the exchange continues to grow, you will see those opening times expand to a 24-hour service.
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