Prophet Exchange

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Prophet Exchange Peer-to-Peer betting is new to the online sports betting space.

While at your typical mobile sportsbooks, you are betting against the house, that is not the case at Prophet Exchange.

At Prophet Exchange, you are betting against other users in a two-way market emphasizing the unique peer-to-peer wagering format.

And in case you are wondering, there is no vig since you are not playing against the house.

While Prophet Exchange eliminates the proverbial middle man as well as the juice, there is another key factor to note when educating yourself on Prophet Exchange’s unique platform.

Instead of the oddsmaker dictating the odds and market price, the user does.

So if you are looking for a new way to wager, then Prophet Exchange could be the way to go.

And guess what? Prophet Exchange has a terrific new user welcome offer in place so you can get a little extra for giving them a try.

The welcome offer and all of the features you will find at Prophet Exchange will be reviewed later in this guide.

Pros & Cons Of Prophet Exchange

Pros:

• With Peer-to-Peer betting, there is no juice or vig
• Users make their own odds
• Live betting feature
• Easy on the eyes, user-friendly interface
• The app will be available in both the iOS and Android app stores upon launch

Cons:

• Limited betting types 
• Possible learning curve due to unique wagering format versus traditional sportsbooks
• Limited betting markets; you will only find the major sports.
• No props or parlays
• Few payment methods

Would We Place Sports Bets At Prophet Exchange?

Yes. we would place sports bets at Prophet Exchange.

In fact, I am eager to try Prophet Exchange out upon its launch. And since I live in New Jersey, I will be able to.

Every day, someone seems to try to reinvent the sports betting wheel.

However, of all the different concepts out there, Prophet Exchange’s peer-to-peer betting system could be the next big thing.

So whether you are new to online sports betting or you are a veteran like me, then I urge you to try it.

Betting Odds Quality

One of the greatest variances between Prophet Exchange and your traditional sportsbook is the fact that odds are set by the user and not the bookmaker.

Essentially, you are the bookmaker at Prophet Exchange.

Bettors can place a wager on their own odds or odds set by other users.

An In-Depth Look At Prophet Exchange

Prophet Exchange was founded in 2018 by CEO Sean Sisun and COO Jake Benzaque and is based out of Hoboken, NJ.

To gain instantaneous credibility for the brand, Prophet Exchange inked a multi-year agreement with Caesars Entertainment.

Initially, Prophet Exchange will launch in New Jersey. However, shortly thereafter, expect the operator to launch in Indiana as well, with additional states on the horizon. 

In the United States, Prophet Exchange’s peer-to-peer wagering concepts are new to us.

However, it is not to to the betting space overall.

The betting exchange concept has been a normal practice in the United Kingdom before coming to the states.

So don’t be afraid to try it. This is already tried and true method of wagering.

Prophet Exchange Bonus Details

Although Prophet Exchange has vast differences compared to your standard mobile sports betting apps, they do one thing in common that will benefit the user.

This commonplace comes in the form of their new user welcome bonus.

The Bonus: risk free matched bet bonus up to $250

Terms and Conditions:

• New users who are at least 21 years of age and physically located in New Jersey are eligible
• There is a 1x wagering requirement that must be completed within 30 days
• Bonus will be awarded to your account within 72 hours
• Bonus funds are non–withdrawable
• Users must make a minimum deposit of $10 to unlock the bonus
• The promotion will expire on December 31, 2022

Claiming your welcome bonus:

Claiming your welcome bonus is simple. There are two easy ways to do this.

First, you can sign up for a new Prophet Exchange account, and during the registration process, you will be prompted to enter a promo code. This is where you will enter the code BESTODDS.

You can also click on the “Bet Now” button here on this page. When you do this, you will be redirected to the Prophet Exchange website or the app with the welcome bonus automatically activated.

Bonus offers are constantly changing, so be sure to check the Prophet Exchange promotions page.

Registration Process At Prophet Exchange

The registration process at Prophet Exchange is simple as long as you understand the KYC process.

It is just like registering for any other sportsbook, daily fantasy sports platform, or Amazon account.

Just enter some basic, required information so that Prophet Exchange can verify your identity and your location then you will be good to go.

Below, the registration process will be highlighted for you so that you can see just how easy it is:

• Visit the Prophet Exchange website or the app
• This is where you will enter the BESTODDS promo codes that you can activate your welcome bonus
• Now, enter your name, address, phone number, and e-mail address
• You will also have to choose a username and password
• For verification purposes, you will also have to fill in your DOB and the last 4 digits of your SSN
• Once you have entered all of the required information and your BESTODDS bonus code, click on the submit button, and your account will be created, ready for you to make your initial deposit of at least $10 so that you can get your bonus

Prophet Exchange App Experience

The Prophet Exchange app is not yet available at the time of writing.

The app will be released once the platform goes live in both the Apple and Android app stores.

If you want a sneak peek at theProphet Exchange app, they have a quick video on their YouTube channel. Watch that here.

The app looks to have the same color scheme and aesthetics as the website. It also appears easy to use.

But again, I am going off the video and have yet to physically use it since it has yet to be released.

Once the Prophet Exchange app is live in the app store that corresponds with your device, you have to download it.

Below, you will find the steps to download the Prophet Exchange app. This process can be used for both Apple and Android devices.

• Visit your app store
• Enter “Prophet Exchange” in the search bar
• Once your search options appear, click on Prophet Exchange and hit the download button so the app will begin to install
• After the app has finished downloading, open it up, sign in and begin betting

GeoComply

GeoComply is a technology that supports Geolocation. All online gambling platforms, including sportsbooks and DFS apps, use geolocation technology.

Geolocation is a type of technology that will pinpoint your exact location to verify that you are located in a state where mobile sports betting is legal.

They do this to protect both the user and themselves from violating any federal or state laws.

Depending on the device you are using, GeoComply will already be turned on. However, in case it is not, you can go to your device’s settings and switch it on.

If you are using an older device, you may need to download the software, but you will be prompted to do so if that is the case.

Prophet Exchange Site Experience

While Prophet Exchange has yet to launch, you can still get a feel for what’s to come on their current website, which is extremely user-friendly.

There, you will find a clean interface that is easy on the eyes and aesthetically pleasing.

The site itself is also fast with very little lag time, if any at all. If Prophet Exchange has a dark mode option, it will be an added bonus.  

If the layout, speed, and usability of the Prophet Exchange’scurrentwebsite is any indication of how it will work once the betting platform is live, then users will be very pleased with the overall product.

Prophet Exchange Sports Betting

At this time, we only know a handful of the sports betting markets that will be offered at Prophet Exchange at the time of launch.

While they do say that additional markets will be available once the platform officially launches, we don’t know when they will be offered and what they will be.

Here are the sports that will be immediately available to bet on:

• NBA
• NFL
• MLB
• NHL
• NCAA Football
• NCAA Basketball

Notable Features

While Prophet Exchange is limited in features and markets, you can make a request directly to the operator, and they will consider adding them, per their website. 

While you will find live betting at Prophet Exchange, the most notable feature offered is their unique peer-to-peer betting system where you wager against other users and not the house, which eliminates the vig.

What’s more, users can also set their own odds and lines. There is no bookmaker because you are the bookmaker.

Understanding Betting Options

While you can set your own wagering limits, there is no mention of limits set by Prophet Exchange itself.

Since it is peer-to-peer betting and you are not wagering against the house, there may be no limitations set by the operator.

As far as bet types offered, Prophet Exchange differs from traditional sportsbooks. They do not have parlays or teasers.

Here are bet types offered at Prophet Exchange:

• Moneyline
• Point spread
• Totals
• Live betting

Keep in mind that all spread and total markets have (+100) odds.

Users can only change the spread and the total lines and not the actual odds to “facilitate the most liquidity.”

Deposit & Withdrawals

You can make deposits and withdrawals on the Prophet Exchange website easily.

You will also have plenty of banking methods to choose from, which will be discussed below.

Making Deposits

• Wire Transfer ($10 minimum)
• Debit and Credit card ($10 minimum)
• PayPal ($10 minimum)
• Cash at the Harrah’s Casino cage in Atlantic City, NJ ($10 minimum)
• Online Banking/ACH ($10 minimum)
• Venmo ($10 minimum)

Making Withdrawals

Important to note is that all withdrawals could take up to 3-5 days to process.

• Online Banking ($10 minimum)
• Venmo ($10 minimum)
• PayPal ($10 minimum)
• Cash at the Harrah’s Casino cage in Atlantic City, NJ ($10 minimum)

Prophet Exchange State Restrictions

While sports betting is legal in the United States, not all states have welcomed the practice.

However, since online betting is a terrific money maker for the states, we are seeing more and more states offer services.

So if sports betting has yet to be legalized in your state, check out your state’s government page and find ways to take action and be heard.

States Where Prophet Exchange Is Legal

• New Jersey
• Indiana (tentative launch following the initial New Jersey launch)

Loyalty Programs

At this time, there is no word on whether or not Prophet Exchange will feature a loyalty or rewards program.

However, to remain competitive with other sportsbooks, expect one to be in the works.

If you want to obtain bonus funds, there is a Refer-a-Friend program, which is highlighted in the Prophet Exchange promo code guide.

Customer Service

There are currently four ways to contact the Prophet Exchange customer service team.

You can also get fast answers from the FAQ section on the website.

Find out how to contact the customer service team below:

• Live chat
• Send a Message on the contact page
• Email: hello@prophetexchange.com
• Social Media: @prophetexchange

Prophet Exchange Safety And Security

Prophet Exchange deploys vigorous methods of safety and security to protect its patrons.

Not only will you find a commitment to keep minors from illegally placing wagers through an age verification check, but you will also find gambling addiction awareness information on the Prophet Exchange website.

Furthermore, you can add an additional layer of protection to your account with a two-factor authentication feature.

You will also see the SSL certificate on their website, which means your personal information is encrypted and protected from malicious attacks.

In the state of New Jersey, Prophet Exchange is licensed and regulated by the New Jersey Division of Gaming Enforcement and is compliant with the Casino Control Act.