How To Signup For Prophet Exchange

Lukasz

Updated: Jul 13, 2022

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Prophet Exchange is a peer-to-peer sport betting exchange where sports fans can set prices for other bettors or place wagers on available prices.

It’s a unique concept that offers players in the United States a different way to wager.

Upon sign-up, players must complete the Know Your Customer (KYC) process, a simple procedure that confirms player identity.

Personal information, including your social security number and a copy of your driver’s license, is key to the sign-up process.

Use our guide below to learn more about how Prophet Exchange utilizes KYC and I.D. checks so you are prepared for registration.

How To Sign Up At Prophet Exchange

  • Use our link to visit Prophet Exchange.
  • Scroll down and click on the Sign Up Now portion of the site.
  • Enter your name, state, and email, then click Register My Interest.
  • If the site is open in your area, the process continues. If not, your information is stored for later.
  • Additional details will be obtained once your account is fully created. This includes the last four digits of your social security number and copies of personal documents like your driver’s license ad utility bill.

What Counts As A KYC Document?

Prophet Exchange accepts several types of documents for account verification.

The brand uses the documents to ensure that you are the person signing up for a new player account.

  • Current Utility Bill (within 90 days)
  • Rental or Lease Agreement (1 year or less)
  • Bank or Credit Card Statement (within 90 days)
  • Driver’s License
  • State Issued I.D.
  • U.S. Permanent Residence Card
  • U.S. Passport
  • U.S. Military I.D.
  • Self-Certified I.D.
  • Marriage License
  • Divorce Decree

What Is KYC & I.D Verification?

KYC and I.D. verification are steps utilized by online sports betting providers to ensure an individual’s identity.

Specific documents must be scanned and turned in by the individual signing for a new player account along with personal details, so the operator knows the person is who they say they are.

Why Is ID Verification So Important For Online Sportsbooks?

There are two main reasons why I.D. verification is important for sportsbooks.

One, state laws and online regulations require the I.D. check. This process ensures players are in-fact themselves and proves the individual meets the age limits to place bets.

Secondly, the verification process stops identity theft, protecting the public.

Anti-Money Laundering

Because the gambling industry sees an influx of money regularly, the industry is subject to money laundering and other criminal activity.

With KYC and I.D. checks in place, operators can flag accounts that might be connected to criminal organizations or discover an account that might be involved in money laundering activity.

Such checks keep the industry on the up and up and hopefully thwart any money laundering behavior.

Fraud Prevention

Identity theft is a real issue in online gambling and the world in general. Online sports betting providers like Prophet Exchange want to protect their consumers.

With the stringent identification checks in the industry, players can rest assured that their info cannot be used to create an account.

It would be very rare for a criminal to have the social security number of an individual along with their I.D. and proof of address.

When trying to create an account with only limited into, the site stops the individual in their tracks, which shuts down potential identity theft regarding sports betting.

Non-Compliance Fines

Online sportsbooks must stay in compliance with industry regulations.

This includes I.D. checks and the KYC process. An operator that does not meet the current regulations is subject to punishment such as fines.

If an individual is allowed to create an account without a KYC check or uses false information that was not checked, the operator would have to pay a non-compliance fine.

These fines can be four, five, or even six figures.

KYC Checklist

  • Sign up for Prophet Exchange via BestOdds.
  • Prepare your KYC documents based on the list above.
  • Click on the cashier and make a deposit. Complete any verification checks that may pop up, including adding documents from the list.
  • Once you are ready to withdraw at the site, the provider may ask for account verification documents. Scan any items requested for review.
  • Once the documents are processed, you can withdraw funds without delay.

Common Problem When Signing At Prophet Exchange

As with any online sports betting site, some issues can arise upon sign-up.

Some verification checks may fall through, or the site may require further documentation.

Read the common problems below to know ahead of time what you can do to fix any KYC or identity check issues.

Why Am I Being Asked To Verify My Identity?

State regulations in the U.S. require online sportsbooks to verify player identity. This helps with age checks as well as protects players from identity theft.

Why Am I Being Asked To Provide My ID?

A copy of the photo I.D. may be required if the online verification process does not confirm a player’s identity with the details provided. This ensures that the player is who they say they are.

Why Am I Having Trouble Verifying My Identity?

The third-party organizations that verify personal information may not have your correct data.

Have you moved recently or have a longer name such as Christopher or Jonathon but go by Chris or Jon? Add your details on your driver’s license to see if that works.

You may need to try an older home address or the full version of your birth name to verify correctly. Speak to support if these changes do not work for your account.

Why Am IUnable To Verify?

The verification process is required by state law to protect consumers.

If you cannot verify, it could be that information you are using is incorrect. Be sure that you typed in the details correctly.

It could also be the available records are using a different spelling of your name or address. Try older options to see if that works for you.

What Is 2-factor Authentication?

Utilizing 2-factor authentication provides an added layer of protection to your account.

This could be facial recognition or a code. With a 2-factor authentication code, players must go to log in and send a code to a mobile device.

The code must be entered within a few seconds to unlock the account. It is recommended that players use this option to provide more protection to the account.

Why Am I Being Asked To Provide My SSN & Complete A W9 Form?

These details are required for player protection and tax purposes.

A social security number is issued to every individual in the United States. This is a specific number that helps to confirm your identity.

It is requested once to ensure you are who you say you are. With the W9 form, players must file tax papers on wins of a certain amount.

This form will be sent to you via the provider and must be filled out to stay in compliance with federal regulations.

Why Am I Having Trouble Authenticating My Account?

Third-party providers control the account authentication process.

The providers may not have enough information via Public Record, or the details may be incorrect, leading to authentication issues.

You can contact support and have authentication questions changed to avoid this issue in the future.

Why Am I Getting A ‘Duplicate Account’ Message?

Terms and conditions of Prophet Exchange require that players only have one account per person.

If you receive the duplicate account message upon sign-up, it means one of two things. First, you have already signed up with your personal information and forgot.

Or someone else has used your information to create an account. Contact support to find out what the issue is to resolve the matter.

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    Play now21+ to wager. Please Gamble Responsibly. Gambling problem? Call 1-800-GAMBLER, Call 877-8-HOPENY or text HOPENY (467369) (NY), Call 1-800-327-5050 (MA), Call 1-800-NEXT-STEP (AZ), 1-800-522-4700 (KS, NV), 1-800-BETS-OFF (IA), 1-800-270-7117(MI).

About the author

Lukasz Strycharz | Web Manager – A flâneur who follows Formula One racing and dabbles in SEO and content in the iGaming and sports betting niche. T...

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