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Our Prophet Betting Exchange review takes a look at an innovative new platform that offers users a twist on conventional sports betting found at most online sportsbooks.
Prophet Exchange is a peer-to-peer betting exchange platform that gives more power to customers by allowing them to set market odds. As a result, users will generally find much more favorable numbers on point spreads, moneylines, and over/unders.
The app is now live in the state of New Jersey, with further expansion on the horizon.
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Creating an account and getting started with Prophet Exchange is quick and simple. Follow these steps to get started:
The biggest difference between Prophet Exchange and traditional sportsbooks is that instead of betting against the house, you are going against other users on the app. This is an important distinction when it comes to available odds because it eliminates lines that are inherently slanted toward the house.
Traditional sportsbooks have a vig, where the house takes a certain percentage of each bet. Generally, anytime you see an even odds wager at -110 on either side, it means the sportsbook is pocketing 10% of your wager.
A sports exchange like Prophet significantly reduces the juice giving better value to the user on each wager. They take just 2% of all winning wagers.
As mentioned previously, this head-to-head format gives both sides better odds than they might otherwise find elsewhere.
What makes this Prophet Exchange review unique is how the app differentiates itself from conventional sportsbooks. While they aren't necessarily reinventing the wheel, there are some important distinctions that help set the betting exchange platform apart from competitors.
When browsing available odds at Prophet, you can either select wagers that other users have created, or you can set your own price/lines and wait for others to accept your odds. If there are no takers, your bet is voided.
In this way, customers are not only getting better value thanks to reduced juice, but they also have the flexibility to adjust a betting line or set their own.
Betting markets are an important area to highlight in our Prophet Exchange review. Unfortunately, markets are limited to major US sports at the moment, but it is likely we will see the list expand in the near future. The current options include:
Prophet Exchange offers all of the standard pregame betting lines, including point spreads, moneylines, and over/under totals. You can also participate in live betting on the app with frequently updated odds that account for action happening in real time.
There are no prop markets available on Prophet Exchange at this time, including both game and player props.
All bets must also be standalone wagers, meaning no parlays or teasers are available.
The app is highly intuitive and easy to use. Odds and betting markets are clearly labeled. It is easy to navigate to other areas, including their blog (featuring posts by Victor Cruz), news & media, and customer support.
Not in New Jersey?
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Banking options are somewhat limited compared with other sportsbooks. At present, there are three available methods for getting funds into your account:
Prophet Exchange is committed to ensuring all users adhere to safe gambling practices. As such, they provide several tools and resources to help users in this regard.
You can lower your deposit/betting limits and manage how much time you spend on the app. Additionally, you can set a “cool off” period which will block your access to the platform for a minimum of 72 hours.
If you want to go a step further, you can place yourself on a self-exclusion list which will permanently bar you from using the Prophet Exchange app.
Prophet Exchange offers a clearly marked help center that provides information on how to bet, withdrawals/deposits, and account settings.
If you still can't find the answers you are looking for, you can reach out to customer service via live chat or email.
With a unique twist on sports betting, Prophet Betting Exchange stands out from the pack due to its favorable odds and ease of use. The concept of peer-to-peer betting has the potential to revolutionize the industry.
The downsides are limitations in both betting markets and types of bets, but there is a lot of potential for growth in the future. While bettors who enjoy wagering on prop markets or making parlays might not find everything they are looking for at Prophet Exchange, the other benefits are undeniable.