Prophet Exchange Review

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.

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

While Peer-to-Peer betting is a unique feature itself, the ability for users to both wager on 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 is regulated by the New Jersey Division 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

Prophet Exchange Betting First-Deposit Match

Prophet Exchange is offering new signups in New Jersey, where the service is now officially live, a 25% match on your first deposit up to $250.

That means bettors can participate in the Prophet Exchange program with up to $400 in playable funds — double the amount of funds they would initially enter — without needing to break the bank.

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.

Referral Bonus

Users who refer a friend and get them to sign up will receive $50 in site credit after the second user deposits real funds into his/her online account.

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

The Prophet Exchange app is 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?

Sports betting is changing. 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

Create an account by using your real name and creating a username and password. Remember that all information requested is only used to affirm your identity and is sensitive.

When using the Prophet Exchange app, a geolocation check will also be run to confirm that you are in New Jersey before placing a wager. You also need to accept their terms and conditions.

Payment Methods Available

Deposits

*$10 minimum

• Wire Transfer
• Online Bank Transfer/ ACH via Trustly
• Cash at the Cage at Harrah’s Casino in Atlantic City

Withdrawals

*$10 minimum

• 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, Prophet Exchange does not 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:

• Live Chat
• Email — hello@prophetexchange.com
• Social Media — @prophetexchange
• Phone — not yet public
• Message via the contact page — https://prophetexchange.com/contact/

States Where You Can Bet At Prophet Exchange

• New Jersey
• Indiana (2023)

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 Harrah’s retail casino in Atlantic City as well.