Prophet Exchange is a New Jersey-based betting peer-to-peer US exchange for sports betting that allows bettors to create their own odds so others can bet on them.
Also, the users can place wagers on readily available prices from other players. Moreover, peer-to-peer betting offers more freedom to sports bettors because of the benefits enjoyed by its consumers.
Chapter 1
How Does Prophet Exchange Work?
Is Prophet Exchange limited to certain locations?
What makes it tick among bettors?
All these and more are the subjects of our evaluation in this review.
Prophet Exchange is not fully launched and is still restricted in some regions, although there are plans in place to extend its services to more countries.
It is based in New Jersey and will be taken further to Indiana by 2022. We will take more concise scrutiny as we move on in this Prophet review.
Is it Legal and Reliable?
We are pleased to inform you that Prophet betting exchange is legal and is affiliated with Caesars Sportsbook and Casino, a top-rated brand in the gambling world.
Also, this exchange is licensed through the states in which it is operational. Thus, in New Jersey, it is regulated by the New Jersey Division of Gaming Enforcement.
Therefore, users can rest assured that they are dealing with a reputable platform.
Back and Lay Betting at Prophet
At Prophet, you can place bets for or against a market. In technical terms, this is called back and lay betting respectively.
Back bets are placed when betting in support of a market. For instance, if you bet that OBJ scores a touchdown, it means you are betting in support of OBJ.
Therefore, you have placed a back bet.
However, if you decide to go against the market, you have a lay bet. For example, if you pick that OBJ does not score a touchdown, it implies that you are not backing OBJ.
Thus, you have placed a lay bet.
Chapter 2
Promotions
Promotions and bonus offers are the spice to any betting site.
Discover below what new members enjoy when they sign up on Prophet.
Prophet Exchange currently offers just welcome bonus offers and referral bonuses as promotions. Also, there is a very concealed VIP program available.
We hope they build up other promos and loyalty programs for their users in the near future.
For now, let’s look into the available promotions.
Welcome Bonus
We took a look at the bonus offer assigned to welcome new users and it looks fascinating. New members are given a 100% match bonus of as much as $200 on their first deposit.
This welcome bonus however must fulfill a 1x wagering requirement before you can initiate withdrawals. Also, new members have 30 days to use this bonus before it expires.
Refer a friend
With this promotion, you get rewarded for inviting a friend. You can earn as much as $50 in promo credit when you convince your friend to sign up on Prophet Exchange for the first time.
Once completed, you will receive a reward of $50. Additionally, there is no limit to this bonus and so you can refer as many people as you wish.
VIP program
Hidden deep within the terms and conditions is a VIP program that is determined by your activity status on the site.
It enables you to waiver a certain percentage of the commission so you can enjoy more of your winnings. Many are unaware of this promotion but you can rest assured it is present.
Chapter 3
Commission
Prophet takes a certain percentage of your winnings as commissions.
Do you want to know what these commissions are?
Find out below.
One might ask how Prophet makes its profit since you are not betting against the house.
The answer is that Prophet Exchange makes its revenue by deducting a very minute fee from every user’s net winnings as commission.
Prophet exchange charges a 2% commission and they only take it on your winning trades.
Chapter 4
Liquidity
What is the concept of Liquidity?
How do I determine a particular market’s liquidity?
We have answered these questions below.
Liquidity is the highest amount you can bet on a market to get matched instantly. Prophet Exchange fixes the liquidity and price problems experienced by users of sportsbooks.
Its partnership with Caesars Sportsbook and Casino also ensures that users enjoy decent liquidity.
At Prophet Exchange, to find out the current available liquidity for each market, it is clearly stated underneath it on each line.
Chapter 5
Registration: Step-by-Step Guide
How do I sign up?
Must I go through the verification procedure?
Continue with us as we answer these questions one after the other.
Signing up on this platform is quite easy and is not cumbersome. However, since Prophet is not fully launched, you can only pre-register.
Here are the steps:
- On your device’s browser, visit the official website
- Scroll down till you find “Sign Up Now”
- Input your full name, state, and email address. Click on “Register My Interest” when you are done
- After this step, Prophet exchange will register your details and when they fully launch, you will receive the mail.
After completing the registration procedure, you can then use your Prophet login details to sign in to your account in the future.
Chapter 6
Payment Methods Available
The variety of payment options is a very important aspect of any exchange.
Withdrawing your winnings especially should be quick and efficient also.
So let’s take a look at the payment methods available to users of this platform.
Making deposits and executing withdrawals is the highlight of any betting exchange and Prophet Exchange recognizes this. At the time of writing this review, the available deposit methods include:
- Wire transfers
- Cash at the counter
- Online banking.
Unfortunately, there are no options to use eWallets or credit/debit cards. However, there seems to be planning to add more deposit methods in the near future.
Also, note that the maximum deposit amount is different for each method with wire transfers having the highest amount.
For withdrawals also, you can only make use of the aforementioned options. No fees apply on your withdrawals, but note that the recipient banks may request charges.
In addition, some banks do not offer their services to users who want to perform transactions on gambling sites.
Finally, for both deposits and withdrawals, the minimum amount is $10. While deposits are instant, the average payout processing time ranges between 3 to 5 working days.
How to Deposit Money In Your Prophet Account
For now, we do not have the full steps to deposit in your account because the brand has not fully commenced operations.
But remember that you need to verify your account before making any deposits. Although the exchange has not fully revealed the documents, we have a rough idea of the documents:
- Driver’s License
- Passport ID
- Bank statement
- Utility bill
The same goes for withdrawals too—no clear process yet because the brand has not fully launched.
Chapter 7
Betting Options Available
In this section, we will show you the available betting markets on Prophet Exchange.
We will also show you some unique features of this operator.
Prophet Exchange is an impressive and unique platform that gives its players the ability to request their own odds and match bets with other bettors.
You also have access to betting lines and other features offered by any traditional bookie.
This implies that you are not limited to just moneyline bets, but you can also bet on spreads, totals, etc.
Unfortunately, there are no options to put down teasers or parlays at Prophet Exchange.
Available betting markets
We were impressed with the announced markets available on Prophet Exchange. It comes as a surprise considering that this is a recently established company with few sponsors.
It offers several variations of sports that you can trade on like basketball, hockey, baseball, and many more.
Features
Some of the stand-out features of this platform are:
- Great Odds – This is one major feature that keeps Prophet Exchange different from others. Since you can create your own odds, you can request as much as +300 odds. All you need is someone to take up your bet.
- Zero Limits – No limits mean that you have the freedom to wager and win as much as possible. However, understand the risks involved before giving this a trial.
- Live Betting – Players can also participate in live betting on this website so long as they remember the 8-second delay associated with betting sites.
Chapter 8
Mobile App
Is there a downloadable Prophet Exchange app?
Is it supported on iOS devices?
We have provided you with answers to these questions, read on!
At the moment of this writing, Prophet exchange does not have a publicly announced mobile app. The brand is still focused on launching the website fully and we are looking forward to it.
Chapter 9
Trading Software
If you are curious if Prophet uses outsider software and if you also want to discover the software used for trading on Prophet, we have brought it to you below.
Prophet Exchange is in partnership with up to 3 software companies. These companies provide Prophet with the needed resources to ensure you keep playing in a secure and safe environment.
They are Trustly, Geocomply, and Betradar. They are all reputable companies, just like Betfair, so you can be assured that you are in safe hands.
Chapter 10
Security
Delicate information such as SSN must be kept private and should not be shared carelessly.
We have looked deeply to see how your personal details are kept private.
Read on to find out.
Our discoveries revealed that users of this platform are as safe as possible.
Any information provided on this site is fully protected by SSL certificate encryption and is between you and the operators alone. This means no one can hack into your account and use your personal information.
In addition, there is a wordy privacy policy that explains extensively other ways in which your details are kept secure and confidential. You can check it out if you want further clarifications.
Also, there are laws in place to prevent Prophet Exchange from sharing your info with third-party companies.
Chapter 11
Usability of the Platform
If you want to discover how well the website design is and how easy it is to use, read on and find responses to your questions.
User-friendly and easy-to-navigate are the perfect words to describe the website interface of Prophet Exchange. With black text on white background, the site is extremely neat and composed.
New customers can easily find the icons and logos as they are colored mint green and sky blue respectively. Furthermore, newbies can get familiar with this new concept of betting since it is well explained on the website.
However, in our evaluation, we discovered that the website design is quite basic and not that innovative. Also, everything seems so plain and we find it lacking in the aesthetics department.
Ultimately, Prophet Exchange does not come short in site functionality and usability. It remains a great bet exchange platform.
Chapter 12
Our Final Thoughts
After all we have discussed, does Prophet Exchange seem like a good deal?
Is it a recommended platform?
Our thoughts are shared below.
While peer-to-peer betting is not so new in other countries, it is a unique concept in the US and Prophet Exchange is the first of its kind in America.
Therefore, since this is a relatively new platform, they still have a lot to improve on.
However, so far, this platform seems to enjoy a great customer base and things look like they keep getting better from there.
We can safely conclude that this operator is a good option for US bettors.
Chapter 13
FAQs
What is Prophet Exchange?
Prophet exchange is a bet exchange platform that gives its users the opportunity to create their own odds and also match other users’ bets. More has been said in our Prophet review above.
Has Prophet Exchange been launched?
Prophet Exchange has not yet launched in New Jersey but it is in a testing phase with the New Jersey Division of Gaming Enforcement. However, it will be launched very soon.
Is Prophet exchange legal in the US?
Currently, Prophet betting exchange is legal only in New Jersey. There are plans to extend their services to Indiana, which will also make it legal in that location.
What do I do if I have more questions?
The customer support team at Prophet Exchange provides you with quick responses to any queries you may have. Simply visit the ‘Contact’ page on their website.
