Ease of Use
The Prophet Exchange app has launched in New Jersey, making it the first American betting exchange to launch in the United States.
On Prophet, bettors can bet with each other, creating their own odds and often getting better payouts than traditional sportsbooks offer.
In our Prophet Exchange review, we detail what makes Prophet unique and what kinds of bettors would enjoy this app. New users don’t need a Prophet Exchange promo code to claim the awesome welcome offer:
Prophet Exchange Promo Code
|Prophet Exchange Promo Code||Use Our Exclusive Link to Claim Bonus Offer|
|Bonus Type||50% Deposit Match Bonus up to $250|
|Terms and Conditions||Get Half of First Deposit in Site Credits up to $250|
|Legal States||New Jersey|
|Verified For||September 2022|
Prophet Exchange doesn’t offer the largest bonus or the highest match rate. Instead, it offers the best bonus terms. Most deposit bonuses require bettors to bet their money before receiving site credits. Prophet Exchange awards site credits on a bettor’s first deposit.
To claim this bonus, bettors can follow our link in the table above. Once they complete the registration process, they can make their first deposits and receive their bonus funds.
However, that means that bettors have to plan ahead for their first deposits. Customers will only have one chance to earn their site credits. So, they should plan to deposit as much as they can afford to, bearing in mind a $500 deposit will earn the full $250 bonus. This is only available in Prophet Exchange New Jersey, so Indiana and other future markets will have to wait.
Prophet Exchange Features Review
Prophet Exchange offers NFL, MLB, and college football lines with more markets on the way. It’s a small selection of sports, but that’s to be expected with a new launch. Bettors can wager on moneylines, point spreads, and totals.
However, the most differentiating feature Prophet Exchange offers is the exchange that makes it run. Bettors can take bets from other users and accept the odds they’re offering. But if they want, bettors can put their own bets on the market at their own prices. It’s up to the market whether those wagers are accepted (The frequency and ease with which those wagers are bought is called liquidity.)
Even if the market rejects a bettor’s wager — no one’s paying top dollar for a bet on a losing team — Prophet Exchange’s business model allows it to reduce its vig. Traditional sportsbooks build the vig into each line so that it can win over time, even if it has to absorb losses over a weekend where the games don’t go their way.
In contrast, betting exchanges take commissions on winning bets. So, exchanges don’t care which team wins. They just want to have a lot of money active in the market. That means they can offer better prices than traditional books on certain lines. With vigs as low as 2.5%, Prophet is worth checking out.
Prophet Exchange Mobile App Review
Let’s take a look at how the iOS and Adroid apps perform.
Prophet Exchange iOS App
The Prophet Exchange iOS App is sleek and easy to navigate. One of the things it does best is acclimating users to exchange betting. Below each set of odds is the dollar amount that bettors can wager up to and have their bet matched. It’s a transparent measure that shows how liquid their markets are and helps users plan their bets.
Prophet Exchange Android App
The Prophet Exchange Android App is available on the Google Play Store. It also offers a clear design with an easy navigational system. The tabs at the bottom of the screen offer every navigational tool needed to use the app. Each set of lines also unobtrusively displays the vig and total amount of money traded in that market. It’s a reliable app, boasting strong performance and few crashes.
Prophet Exchange Website
The Prophet Exchange website has the same blue-and-green-accented display that’s easy to navigate. On a desktop or a tablet, the information about each line is spread across more space and is easy to view. It’s another good way for bettors to access Prophet Exchange.
How to Download the Prophet Exchange App
Prophet Exchange has learned from the many sportsbook launches that have come before it and designed an easy registration process.
First, bettors must find the button to register an account in the top-right corner. Then they’ll be asked to enter their names and create their logins. The next step includes a date of birth, the last four digits of a social security number, and an address. After checking a few boxes, bettors have created their accounts.
However, there’s one more step. Bettors will be asked to upload a copy of a government-issued ID that matches the address bettors provide to Prophet. Customers will also need to upload a photo of themselves holding that ID. It’s a little bit jarring after being told registration is complete, but it’s a minor inconvenience.
After registration, bettors can make their first deposits. Prophet will credit half a bettor’s first deposit in site credits up to $250. So, bettors should remember this as they prepare to make their deposits. The deposit button is in roughly the same place that the registration button was in, so funding the new account is easy.
Finally, bettors are ready to place their first bets. All bettors have to do is find the game they want to bet on, choose the wager they’d like to make, and place the bet.
Prophet Exchange makes betting easy once customers are signed up.
Availability of the Prophet Exchange App
For bettors interested in Prophet Exchange, New Jersey is the only state where it’s available. It’s one of the most mature online gambling markets in the United States. That makes it a good testing ground for new online gambling companies, like Prophet. Bettors from other states would have to travel to New Jersey to use the Prophet Exchange app.
Indiana is the next state where Prophet Exchange plans to launch. Prophet has a section on a planned 2023 Indiana launch on its site. Indiana is a major Midwestern market, which means it has enough sports betting activity to support an exchange.
Another potential market for Prophet — but one that it hasn’t announced plans for — is Colorado. Denver is a major sports city, and Colorado’s low regulatory standards make securing a license easy compared to other states. Prophet Exchange Colorado isn’t an unreasonable vision, but that may be further along in Prophet’s growth strategy.
Prophet Exchange Review: Overall Score
Prophet Exchange has gone to market with a strong product. Its bonus terms are competitive even though the welcome bonus is smaller than its competitors. Prophet has found a way to maximize the betting exchange model’s strengths while compensating for some of its weaknesses. (The ability to make a trade depends on all the other users’ behaviors.)
Its app and website feel like completed products, which is a vast improvement over the soft launches of COVID-era mobile sportsbooks. Prophet isn’t widely available yet, but it has started strong in New Jersey and is developing anticipation for its projected Indiana launch in 2023.
Prophet Exchange Deposits and Withdrawals
- Online Banking (ACH) – Bettors must check with their banks to ensure they belong to one that allows deposits to online gambling sites.
- Wire Transfer – Wire transfers can take up to 72 hours to process, so bettors should reserve this for large deposits.
- Cash at Harrah’s – If bettors are near Atlantic City, they can make deposits at the cash cage.
- Online Banking (ACH) – This will be most customers’ default withdrawal option.
- Wire Transfer – If bettors are fortunate enough to win big, this is a good option for large withdrawals.
- Cash at Harrah’s – If bettors want cash winnings in their hands, then they’ll have to make a trip to Atlantic City to make a withdrawal at Harrah Casino’s cash cage.
Prophet Exchange Customer Service
Prophet Exchange has a help and FAQ section with clear headings and answers to common questions. Customers can also contact Prophet through an email support address in the site’s help section.
Prophet Exchange Licensing
Prophet is currently licensed in New Jersey. New Jersey’s Division of Gaming Enforcement oversees all licensing for the state’s gambling industry. Prophet is partnered with Caesars Entertainment, which is what allows it to launch in New Jersey.
Prophet Exchange App FAQs
Yes. Prophet Exchange is licensed by the New Jersey Division of Gaming Enforcement. The company has been investigated from multiple angles. Its financials have been investigated to ensure it can pay winnings. Its executive team has been investigated to ensure white-collar criminals aren’t running sports betting exchanges. New Jersey has given Prophet the green light to operate, and customers can feel confident betting on it.
Bettors can download it anywhere in the United States on both the App Store and the Google Play store. However, bettors can only use it in New Jersey. Anyone outside of New Jersey will only be able to view the markets.
Bettors don’t need a Prophet Exchange bonus code to take advantage of Prophet’s welcome offer. Instead, just use this link to navigate to Prophet and get a 50% deposit match bonus up to $250. When bettors make their first deposits, Prophet will give half the amount in site credits. So, a bettor who deposits $500 would get $250 in site credits.
Prophet Exchange is a betting exchange instead of a traditional sportsbook. It’s still a sports betting platform. However, instead of setting a price for its users, bettors create wagers to sell to each other. This creates a market that sets betting odds instead of a professional odds maker. It also creates better pricing for bettors than traditional books, because Prophet doesn’t build a vig into their pricing.
Geolocation sets a digital fence around an area. For sports betting apps like Prophet, geolocation keeps wagers inside a legal market. That same digital fence blocks out-of-state bets so that each state can license different sports betting companies. If bettors are within a legal market’s borders, they can use Prophet Exchange.
No. Prophet Exchange is not an online casino. Prophet Exchange is a sports betting app where users trade bets with each other. Customers can either place bets or try to sell them at their own prices. It allows bettors to profit in ways they can’t on traditional sportsbooks. With new betting strategies to try, Prophet Exchange gives bettors a new way to bet on sports in New Jersey.