Prophet Exchange
Prophet Exchange is a sport betting exchange that supports peer-to-peer sports betting for players in the US. This means players can play the role of either the oddsmaker or bettor on any wager, unlike your typical betting platforms. Players who register here get a risk-free bet up to $250 to bet on markets like NFL, NBA, and MLB – without a bonus code!
Prophet Exchange allows players to access its offerings via the website or the dedicated apps for Android and IOS devices. Currently, Prophet Exchange can only be used by players in New Jersey, but the operator has plans to expand into Indiana, Colorado, and other states. If you are thinking of getting into peer-to-peer betting in the US and need to know how to begin, this review will help you out.
Here, we will investigate the concept of peer-to-peer betting on Prophet Exchange, how to register, the available bonuses and promo codes, etc. Without further ado, let’s get started.
Prophet Exchange Background & Foray into the US market
Prophet Exchange, as we mentioned earlier, is a p2p platform that was created in 2018 by CEO Dean Sisun, a former investment banker, and COO Jake Benzaquen, who used to be a financial consultant. Before now, the platform had a UK license and ran its operations from London while making efforts to transition into the US.
According to reports, both specialists spent four years preparing for the platform launch in the US. These years of planning finally paid off, and they got approval to launch their service in New Jersey. On August 29, 2022, it kicked off its operations, making it the first legal peer-to-peer platform in the Garden state.
It partnered with Victor Cruz, the NFL Champion, who was the first to place a wager on the site. He successfully matched two bets with odds much better than what was available on standard sportsbooks.
Prophet exchange is looking to extend its services to other parts of the US, with Colorado, Indiana, and Ohio slated to be next in line. This is mostly due to the multi-year agreement they signed with Caesars Entertainment.
For now, New Jersey players can wager on this p2p site via the website or dedicated mobile apps. You can bookmark this page as we’ll be sure to update you when Prophet Exchange launches in new states.
Peer-to-Peer Betting with Prophet Exchange?
Prophet Exchange is unlike your standard sports betting site and does not claim to be one. This platform offers a new way to wager on sports and only acts as a betting exchange.
Here, sports bettors can wager against other players while eradicating the sportsbook or other intermediaries. It allows players to act as oddsmakers by setting their own odds and allowing players to wager on them – or play as bettors themselves.
How P2P with Prophet Exchange Works
How does Prophet Exchange work? This is a common question we get from new users, and this section will shed more light on it. Prophet Exchange is a sports betting exchange. A betting exchange is similar to traditional sportsbooks because it allows you to wager on sports markets. But there are a few things that make both different. The first is how the wagers are placed.
Prophet Exchange, like other betting exchanges, is a peer-to-peer betting site. This means you can play the role of the oddsmaker or bettor for any bet. If you want to bet, head to the platform and find the right odds, just like you would on a traditional sports betting platform. Once you find one that works for you, place your wager and wait for the outcome.
Presuming you are unable to find odds that appeal to you for that specific bet, you can create your own line or price instead. This is called “requesting” a bet on Prophet Exchange, and it allows you to determine the amount you want to wager. Once you do this, other players who like your odds or lines can also take on the action and wager. Because of this unique feature of players acting as oddsmakers, you’ll find some of the best moneyline prices and much better odds here.
Another major difference betting exchanges like Prophet have from sportsbooks is that there is no Vig. Most sportsbooks take a cut of up to 10% from players when they make a wager on the site. For this reason, they always provide market odds that favor them in the long run. This Vig can range from 5% to as high as 10%, which can drastically dip into your winnings in the long run.
On the Prophet Exchange platform, this is non-existent, and you’ll only need to pay the platform a 2% commission after you win. Lastly, you can bet and win as much as you want without having your account restricted or limited. This is a problem many professional bettors have faced in the past playing on sportsbooks.
However, there are also some drawbacks to Prophet Exchange. First, the sports markets are limited and less than your traditional sportsbook. What’s more, it currently does not offer betting options like Parlays, Teasers, and Props.
Is the Prophet Exchange Legit and Legal?
Yes, Prophet Exchange is a legitimate platform. The operator entered a deal with Caesars Entertainment, one of the most renowned operators in the industry. This helped it break into New Jersey and should also help in its expansion into Indiana.
Since it is live in New Jersey, the platform is licensed and regulated by the New Jersey Division of Gaming Enforcement. This means it is legal in this state and you can play without any worries. As it expands into other states, it will get more licenses, further proving its legitimacy.
For further proof of its legitimacy, this platform only works with reliable payment options like banks and Trustly. This means every payment process is done safely by the bank. The operator also has a very fair privacy policy alongside other tools to ensure your details and information are secure.
Prophet Exchange Registration & Login
Registering on Prophet Exchange is no different than you would on traditional sportsbooks. First, head to the website and follow these steps:
- Step 1: Click the “Register” button on the home page.
- Step 2: You’ll be redirected to a new page to input your name, email address, and preferred password. It is important to use details that align with your government-issued ID so you have no problems during verification.
- Step 3: Click the next button and head to the next page.
- Step 4: Fill in the required information like your date of birth, last four digits of your SSN, address, phone number, and referral code if you have any. Next, accept the terms below and click on register to complete this stage.
- Step 5: Once the platform has finished verifying the information you have provided, you can start playing on the betting exchange.
To log in to the site again, visit the page and click the login button. You’ll need to input your username and password to get started. There is no need to enter a bonus code if you sign up to Prophet Exchange via our links.
Prophet Exchange Betting App
If you are always on the move, Prophet Exchange offers a highly functional app for both IOS and Android devices. The app is less extensive than other apps from top sportsbooks like DraftKings, but it is highly functional. You can easily go through the available odds or create your lines, even as a newbie.
Getting started on the Prophet Exchange app is easy by following the tips above. Below, we’ll do a quick run-down of how you can download these betting apps on your devices.
Downloading the Prophet Exchange IOS App
The Prophet Exchange app currently has a 4.5-star rating from over 50 users. This is a great sign which indicates that users are pleased with the app.
To download the app, follow these steps:
- Step 1: Head to the Prophet Exchange website and click on the download on the App Store icon. This will take you straight to the page to begin your download. If you prefer, you can search for the app on the Apple store yourself.
- Step 2: Click the get button and approve the download
- Step 3: Wait for the download and installation to be complete
- Step 4: Start playing on the betting exchange mobile platform for real money.
Downloading the Prophet Exchange Android App
Like the IOS app, the Prophet Android app is also highly rated on the Google Play Store. It currently has a 4.7-star rating from more than 1,000 users.
Use the steps below to download this app:
- Step 1: Download the app directly from the Prophet Exchange website or do a search on Google Play Store to find the app.
- Step 2: Click on the download button once the app shows up
- Step 3: Hold on until it downloads and installs the app
- Step 4: Once the download is complete, you should find the icon on your home screen
- Step 5: Click on the Prophet Exchange icon and start to wager!
Note that both apps are only available to NJ bettors within the legal betting age of 21 years and above. If you try to access the app from another state, you won’t be allowed in since it uses geolocation software to determine your location.
Prophet Exchange NJ Promo Code
There is currently no promo code required to claim offers available on Prophet Exchange. However, this platform has bonuses for new and existing players. These can be claimed by meeting the requirements and don’t need a promo code. Below, we will be looking into the common ones you can find.
$250 Risk-Free Bet
New players who register from New Jersey get a 100% risk-free bet bonus of up to $250 on their initial lost bet. This is decent and great for players to begin on the betting exchange without any risk. It works in a simple fashion. Say you deposited $50 in your account and placed a first qualifying bet. If your bet of $50 ends up losing, you will get $50 in free bet credits. You can use these to bet, but you won’t be able to withdraw them. The winnings are cashable though. The same logic applies with any first bet up to $250.
One important note. Before withdrawing their earnings, players must fulfill the 1x wagering requirement attached to the free bet winnings. The bonus is available to players who are physically present in New Jersey and are 21 years and above. Only bets placed on matched or partially matched bets will count towards completing the wagering requirement. Free bet credits can be used to wager on all spreads, moneyline, and total markets.
Note that you have 30 days to fulfill the playthrough requirement attached to this bonus, or it will expire. A minimum deposit and wager of $10 is required to qualify.
Other Bonuses
Aside from the welcome offer targeted at new players, Prophet Exchange provides some other bonuses to existing players. On the downside, these bonuses are less extensive than the options available on regular sportsbooks. For instance, you won’t find risk-free bets here. Nonetheless, this is to be expected since betting exchanges offer less when it comes to bonuses. Knowing this, here are some of the bonuses available when you become a regular player on this platform:
- Refer a Friend: This is the typical referral bonus on online casinos and sportsbooks. Prophet exchange gives you a $50 bonus in site credits when you refer a friend who signs up using your unique referral link. To get this bonus, referrals must meet the deposit requirements within 14 days after registration. All players are limited to only 50 referrals making a total of $2,500 which is decent. Like the welcome bonus, a 1x wagering requirement is attached to the offer.
- Social Media Giveaway: Prophet Exchange frequently offers limited promo offers via their social media pages. The current offer requires you to register on the platform and complete your verification. Then, you’ll be required to follow their social media pages, including Twitter, Instagram, and Facebook, and send a screenshot of your limited bet slip. Once you do this, you are instantly credited with a $50 bonus offer. Similar to the welcome bonus, there is no minimum odds requirement attached to this bonus. But you’ll still need to fulfill the 1x wagering requirement to withdraw your earnings.
Prophet Exchange Markets & P2P Bets
There are few markets to wager on at Prophet Exchange compared to top CO sportsbooks like FanDuel or DraftKings. However, it manages to cover some of the most popular sports markets in the industry. The following are a few markets you can find:
Although limited, there were enough wagering options during our visit. College football seemed to be the major focus, as we found over 30 betting opportunities here. These ranged from wagers on the Western Michigan Broncos at Bowling Green Falcons, Oregon State Beavers at Washington Huskies, and many more.
The NFL market was also decently covered, with more than ten betting opportunities alongside the NBA. Overall, you should not experience issues getting your bets matched here. To ensure you can properly leverage the available markets, Prophet offers you a range of betting options. These consist of Moneylines, Spreads, and Totals – all of which come with great odds.
We were not particularly happy with the available betting options, but we believe the operator will provide more opportunities in the future.
Banking
You’ll have to make a deposit to claim your risk-free bet bonus at Prophet Exchange and get started on the platform. Fortunately, the operator has provided a few payment options to make this easy. New Jersey players can choose from either:
- Online Banking via Trustly
- Wire Transfer
- Cash at Cage at Harrah’s Casino in Atlantic City.
This platform does not support payment options like credit or debit cards and even eWallets which is a bummer. Nonetheless, the options available are reliable. Deposits are typically instant and don’t come with any fees attached. You can make a minimum deposit of $5, while the maximum amount differs depending on the payment option and your prior history with this method.
For withdrawals, you can use the same options used for deposits. The operator allows you to withdraw a minimum of $1 which is fantastic since most platforms require more. What’s more, your withdrawals are processed within a few hours of receiving the request. But you may need to hold on for 3-5 business days before the funds land in your account. Note that Prophet may sometimes review your withdrawals to make sure there is nothing shady going on.
Customer Support
Although unlikely, you may sometimes need help when playing on Prophet Exchange. If this happens, the platform has provided you with various help options— from live chat, email, and phone options. The support team is only available from 10 AM -Midnight EST and not available 24/7, so you’ll want to consider that. To reach out to the support team, click on the green question mark icon at the website’s lower right corner. This will show you the available options; all left is to pick the one you prefer.
There is also a support page you can use to find answers to commonly asked questions. To access the support page, click on the help and contact button, and you’ll be redirected to the page.
Here, you’ll find topics covering registration, betting on the platform, payments, and many more. Prophet Exchange also provides support via its social media pages like Twitter via the handle @ProphetHelp.
Summary
Peer-to-peer betting is a new trend that is here to stay. Prophet Exchange understands this and has provided the first legal p2p betting site to players in New Jersey. It offers a few popular markets, which are more than enough to keep anyone occupied. The odds are also great, and you can be certain of more competitive prices when betting here. What’s more, you don’t need to pay any Vig on the site – save for a little 2% commission when you win a wager.
Overall, this is a great place for anyone looking to engage in p2p betting to begin. Sign up today on Prophet Exchange using our links and get a risk-free bet of up to $250.
Prophet Betting Exchange FAQs
Is Prophet Exchange Legal?
Yes, Prophet Exchange is a legal platform. It is properly licensed in all of the states it offers its services.
Does Prophet Sports Betting Exchange support live betting?
Yes, sports bettors will be able to make live bets on the Prophet app. This means you can place wager on events after they have begun to get better prices.
What are the bet types supported by Prophet Exchange?
NJ bettors will be able to wager on points spreads, moneylines, and totals markets.