Prophet Exchange Peer-To-Peer Betting Review

EDITOR'S OPINION

Contrary to your traditional sportsbooks where you are betting against the house, the Prophet Exchange is a new, innovative platform that features Peer-to-Peer wagering. You are betting against other players rather than the book. In addition to more player-friendly odds, you can play the role of both the bettor and the oddsmaker. Those are just some of the ways the Prophet Exchange will differ from your everyday sportsbook and give the user a new way to wager with fairer odds.

By Anthony Cervino

Nov 19, 2021

Overview of Prophet Exchange Peer-To-Peer Betting Review

    Pros
  • Better odds than traditional sportsbooks

  • You can request your own odds

  • There are no limits on players

  • Live Betting

    Cons
  • Could be a learning curve

  • Aesthetics are below average

  • No Props, Teasers, or Parlays

  • Welcome Bonus
    8/10
  • Mobile Experience
    8/10
  • Payment Options
    6/10
  • Support
    7/10
  • Overall Score
    7/10

Prophet Exchange Peer-To-Peer Betting Review QUICK FACTS

  • Established in:

    2021

  • Services:

    Peer-to-Peer Betting

  • Available In:

    NJ

  • Payments Available:

    PayPal, ACH, Cash at Counter

Prophet Exchange Hands-on Review

The Prophet Exchange is a new innovative way to wager on sports. Contrary to your traditional sportsbooks where you place wagers against the house, the prophet Exchange features Peer-to-Peer betting. 

Founded in 2018 by CEO Sean Sisun and COO Jake Benzaque in Hoboken, NJ, Prophet Exchange recently signed a multi-year accessing agreement with Caesars Entertainment, which will help add instant credibility to the brand upon their New Jersey launch in late 2021 and their eventual Indiana launch in early 2022.

Prophet Exchange is also expected to launch in other states in the future. 

While Prophet Exchange’s Peer-to-Peer betting system is new to us, it is not new in the sports wagering realm. Prophet’s betting exchange was formerly licensed in the United Kingdon and was operational out of London. 

While Peer-to-Peer betting is a unique feature in itself, the ability to allow the user to both wagers on the markets and set the markets could be a game-changer in the states. 

Prophet Exchange Peer-to-Peer Betting?

Prophet Exchange is not a sportsbook, per se. In fact, it is marketed as a betting exchange, which will resolve the pricing and liquidity issues that are currently flooding the sports betting markets at your traditional sportsbooks. 

At the prophet Exchange, users have the ability to request and set their own odds, which other users will have the ability to place wagers on. 

How Does Prophet Exchange Work?

At the Prophet Exchange, the user is the oddsmaker. While a user can set their own line for a specific market, you can also weather on existing ones as well that are set by others. Because of this feature, which Prophet Exchange refers to as “Request,” you will find much more aggressive odds at Prophet Exchange compared to the everyday sportsbook. 

Another terrific point of focus at Prophet Exchange is the fact you won’t be limited. At your traditional sportsbook, they can choose to limit you at their own discretion. This normally happens if you are too profitable. 

Imagine trying to place a meager $25 bet and then it is turned down and limited to $2? If you can’t? I can. It’s not fun. You won’t run into this issue at Prophet Exchange. 

Just like anything else, Prophet Exchange does have a downside.

While you are able to pace Live wagers at prophet Exchange, Prop Betting, Teaser, and Parlays are not available at this time. 

Is Prophet Exchange Legit?

Yes, Prophet Exchange is legit. While Prophet Exchange is partnered with Caesars Sportsbook and Casino, one of the most reputable brands in the gaming industry, it is also licensed through the states in which the platform is operational.

In New Jersey, the platform would be regulated by the New Jersey Divison of Gaming Enforcement. 

Can You Win Real Money Using Prophet Exchange Peer-To-Peer Betting?

Yes, you can win real money at Prophet Exchange as long as you are wagering within the limits of the states in which the platform is legal. 

Prophet Exchange Betting Signup Bonus

Exchange the Love Bonus

Since the prophet Exchange is a brand new platform that has yet to launch, they are offering an escalating sign-up bonus which will be available at launch. For every pre-launch sign-up at the prophet Exchange, they will up the ante at the time of launch.

Per the Prophet Exchange web page, for every 500 new users that sign up with their emails, they will add an additional $25 to the deposit-match bonus.

For example, if 10,000 users sign up with their email, the sign-up bonus will be a $500 deposit match, which will be offered to everyone.

You can sign up with your email to increase your bonus here — https://prophetexchange.com/

Terms and Conditions:

  • The promotional signup period will end on 11/30/21
  • If Prophet Exchange launches ahead of the date of 11/30/21, the promotional period will end at the time of launch. 
  • The initial promotion will start at $100 and would increase by $25 from that amount.
  • Bonus will be capped at $300 
  • Only the first 200 new users will receive a 100% deposit match up to $300. 
  • All other users will be eligible to receive a 100% deposit matchup up to $100

Prophet Exchange Betting No-Deposit Bonus

No. Currently, there is not a No-Deposit Bonus at the Prophet Exchange.

Risk-Free Bet

No. Currently, there is not a Risk-Free Bet offer at the Prophet Exchange.

Prophet Exchange Betting Promotions

Prophet Exchange does plan to offer daily promotions for its users upon launch. If you want to make suggestions, you can reach out to the Prophet Exchange customer service team to provide your input. 

There will be no Odds Boosts at Prophet Exchange as you are used to seeing at the traditional sportsbook. However, Prophet Exchange does state that you will regularly see the most aggressive odds on Against the Spread, Moneyline, and Total Points markets. 

Prophet Exchange Betting App Experience

Currently, the Prophet Exchange app is not live. However, it will be available for both iOS and Android users. To check if the Prophet Exchange app has been added to your chosen app store, you can visit your app store and search for “Prophet Exchange.”

If Prophet Exchange is available, all you have to do is hit the “download” button and then you’re set to try out this new, game-changing platform. 

Should You Bet at Prophet Exchange?

Sportsbetting is changeing. It is no longer simply placing a wager at your local bookie and getting hunted down by Chilly Palmer (Get Shorty) if you don’t pay up. 

Now that sports betting is legalized, there are ample ways and strategies out here to become a more profitable sports bettor. Whether you are line shopping, handicapping, using models, or mathematics to gain an edge, there are so many angles, it’s hard to keep up.

Cue the Betting Exchange. 

The Prophet Exchange is a betting exchange, not a sportsbook. You are not betting against the house and paying the juice. At Prophet, you are wagering against other users and have the ability to set your own odds. You have more control by wagering at a betting exchange. 

With lower fees, no limits, and the advantage you get by seeing both sides of the wager — everything at a betting exchange is a two-way market — it is worth your time to give Prophet Exchange a chance. 

How To Join Prophet Exchange Peer-To-Peer Betting

Since Prophet Exchange has yet to launch, I can not go over the steps to sign up. However, assuming the steps will be similar to other sports betting and DFS platforms, you should be ready to input the following:

  • Name
  • Address
  • Last 4 of SSN
  • DOB
  • Username and Password
  • You will be asked to verify your identity
  • Prophet Exchange will likely run a Geolocation Check and ask you to accept their terms and conditions upon registration. 

Payment Methods Available

Deposits

*$10 minimum

  • Paypal
  • Debit/ Credit
  • Wire Transfer
  • Venmo
  • Online Bank Transfer/ ACH
  • Cash at the Cage at Harrah’s Casino in Atlantic City

Withdrawals

*$10 minimum

  • Paypal
  • Venmo
  • Online Bank Transfer/ ACH
  • Cash at the Cage at Harrah’s Casino in Atlantic City

Leagues You Can Bet On

  • NFL
  • College Football
  • College Basketball
  • MLB
  • NBA
  • NHL

*additional markets will be available in time

Bet Types

  • Against the Spread
  • Total
  • Moneyline
  • Live Betting

Rewards System

At this time, I am not sure whether or not Prophet Exchange will offer a loyalty or Rewards system. However, since they are partnered with Caesars, there could be something in the future as Caesars provides one of the more aggressive Rewards programs in the industry. 

Customer Service

Prophet Exchange offers the following customer support options:

States Where You Can Bet At Prophet Exchange

  • New Jersey (2021 NFL and College football season)
  • Indiana (2022)

Does Prophet Exchange Have An Online Casino?

No. Prophet Exchange does not offer an Online Casino. However, the platform is partnered with Caesars, which does have an Online Casino and Sportsbook. Check out our Caesars review here

Prophet Exchange is affiliated with Harrahs retail casino in Atlantic City as well. 

Author

By Anthony Cervino

Anthony Cervino is an NFL Writer and Betting Analyst for The Game Day. He is also the Senior NFL and Fantasy Football Analyst at Gridiron Experts. Anthony has a perennial spot in the Rotounderworld Draft kit, and in 2019, was the 15th-best In-season and Draft Ranker in the FantasyPros ECR. He is also the co-founder and host of The FF Faceoff Podcast and Live Stream, covering all aspects of the NFL.