BetProphet Sports Betting Exchange Review

BetProphet is a new online sports betting app set to hit the market soon, but it comes with a slight twist. It is more accurately a sports betting exchange, rather than a conventional legal sportsbook.

The difference with BetProphet is that you aren’t wagering against the sportsbook, but instead wagering against fellow bettors on the exchange.

BetProphet isn’t live just yet. However, it intends to change that sometime in 2022. It is scheduled to initially launch in New Jersey and Indiana through a partnership with Caesars Entertainment.

The online betting platform is promising better odds than standard online sportsbooks. Bettors could see even odds (+100) for wagers like point spreads and total points. You can request your own odds if you don’t find something you want.

While BetProphet isn’t active just yet, this review will cover everything we expect from the betting app. We will update it as soon as BetProphet actually becomes available.

BetProphet welcome offer

Even though BetProphet isn’t your typical sportsbook, it’s likely to launch with a welcome bonus for new customers. We’ll know exactly what its plans are when it hits the market, but any bonus will probably come in one of two forms.

Deposit match

One likely perk for new bettors with BetProphet is some form of matching bonus when you make the first deposit. Some books might offer new users a 100% match-up to a certain amount of money.

A bonus based on your deposit seems probable at BetProphet, as providing a risk-free bet won’t necessarily work with its structure. Bettors in NJ and IN should expect to find some type of bonus offer based on their deposit when BetProphet hits the market.

Free credit

Another option that you might see at BetProphet is free credit or a free bet. This would usually be in addition to a more sizable bonus.

Free credit is useful for sports betting sites that are lesser-known because it gets their name out there. It also allows potential customers to test out the betting app without needing to deposit their own funds.

Once you try it out and see that it interests you, then you can make a commitment. It wouldn’t be too surprising for the BetProphet sportsbook exchange to supply around $10 or $20 in credit to incentivize potential bettors in busy markets.

How to sign up for a BetProphet Sportsbook account

Registering and creating an account at BetProphet should be straighforward. The site is likely to ask you for some basic information about yourself, including the following:

  • Name
  • Date of birth
  • Home address
  • Email
  • Phone number
  • Social Security number

BetProphet will ask you to create a username and password to ensure your account’s safety. You’ll probably need to submit a security question or two, as well. The only other steps are to confirm your age and agree to BetProphet’s conditions. In both New Jersey and Indiana, you need to be at least 21 years old to legally wager on sports.

BetProphet Sportsbook eligibility requirements

BetProphet will have eligibility requirements in place like other online sports betting apps, too. In addition to the age requirement (21 in Indiana, New Jersey and most other states so far), the other main necessity is that you be within a state where BetProphet is legal in order to place any bets.

The BetProphet sports betting exchange will use geolocation to see where you are when you sign in to the app. If you aren’t in a state where BetProphet is legally regulated, then you won’t be able to bet. There are no rules about living in these states. You only must be present in them at the time of using BetProphet.

Additionally, if you have certain jobs in or related to sports, you won’t be able to bet. This restriction includes players, coaches, officials and refs. Some key casino employees cannot bet on sporting events, either.

Downloading the BetProphet app

BetProphet plans to provide an app once it launches in the US. Those in New Jersey and Indiana should be able to download and register for the BetProphet sports betting app for iOS and Android. Generally, you will find a link to the correct download page for either system on the sports betting website, either in a banner at the top of your screen, in the site’s footer or in the main menu.

The betting exchange is also going to be available for use through a web browser. Like a lot of other sportsbooks, BetProphet will offer browser access via computer or phone, without requiring you to download the app. Each option should include all of the same features and tools.

BetProphet promotions

Along with the original bonus you might find when signing up for an account, BetProphet is likely to deliver other promotions, too. This might get a little trickier than with other sportsbooks. Since you’re never placing bets against BetProphet as the house, it won’t be able to hand out deals involving risk-free bets or insurance.

It may utilize giving out free credit for certain accomplishments that you’ll be able to use as money with which to wager.

Even though BetProphet’s structure is different — betting against a peer or setting the odds yourself — it likely will figure out a way to roll out promos. This is already happening, as the site provided some giveaways through its social media accounts for the Super Bowl. To appeal to potential bettors in the Garden State, it had a promo that handed out former New York Giant Victor Cruz’s autographed card and jersey.

BetProphet banking options

Despite not being live quite yet, BetProphet lists the possible ways to deposit funds onto your account on its website. These methods include the following:

  • ACH
  • Online banking
  • Debit card
  • PayPal
  • Cash

Most times, you’re able to withdraw via the same options as you had to deposit. The BetProphet online betting exchange also has Venmo as a way to conduct a withdrawal.

It’s possible that cash transactions might occur at specific retail Caesars establishments when BetProphet actually launches. Those in New Jersey would be able to visit the casino cage at Harrah’s Casino in Atlantic City.

How you can bet at BetProphet

Mainly, the BetProphet exchange site will differ from standard online sportsbooks with the betting options it plans to offer. With the company not acting as a bookmaker but more as a marketplace, you might have a more limited supply of ways to place a wager.

As opposed to just finding a game you want and betting the odds the sportsbook presents, you must approach things differently at BetProphet. The betting exchange allows you to create a bet with odds of your choice that you can set on the site. If another person sees your stance and likes the other side of it, that person can accept your proposed wager.

This cuts out the need for the actual sportsbook and gives sports betting odds you might not be able to find elsewhere.

By having a system where players are paying other players, BetProphet customers won’t have to pay extra juice on certain lines. The exchange highlights that bettors will see lines for point spreads and game totals with even odds at +100, instead of around -110. It will definitely take some getting used to, but once you do, it could benefit bettors in the long run.

BetProphet would be wise to offer as many different bets and sports as possible to attract bettors of all types. Many enjoy putting action down on player props and game props through today’s legal sportsbooks.

Those options might not be available to start, but BetProphet will have ways to place the following bets:

Note that the odds for these bets will likely vary by a wide range. Since bettors are setting the lines for other bettors, you could see two of the same sort of wagers with drastically different odds. Shopping for the right odds and line that you want might be a new wrinkle for many.

We’ll know more about how this works and what other betting options are available when BetProphet launches in the US.

What sports can you bet on at BetProphet?

This is an additional part of the betting exchange that will differ from regular sports betting providers. Normal books include just about every sport you can think of because someone, somewhere is going to want to bet on it.

That won’t always be the case with BetProphet, though, as you’ll need to find a partner to agree to a bet. Of course, this will certainly help if BetProphet is popular and has many users in its early days.

There shouldn’t be any issue regarding the most popular leagues and sports. The NFL, the NBA, MLB and the NHL will probably have a wide variety of bets. Obviously, each individual game could be different, but other popular sports like soccer, tennis, golf, MMA, boxing and some motorsports are also likely to be available.

Live betting at BetProphet

Live wagering is one of the more popular ways to bet on sports these days. Some online books post updated odds during basically every game in every sport. This gives bettors many options and allows them freedom when it comes to how to approach wagering on an event.

Unfortunately, this doesn’t seem as possible through a betting exchange like BetProphet. For this system to work, you’d need to post live betting odds and have someone agree to the opposite pick fairly quickly.

Odds for live markets can change every few seconds at legal online sportsbooks. While it seems like it might be difficult, it wouldn’t make much sense for BetProphet to ban live bets, either.

Of course, the onus of removing or changing the odds is on the user who originally created them. It’s possible live betting could cause too many issues and BetProphet will focus primarily on pregame odds.

Is BetProphet sports exchange legal?

BetProphet is nearly legal and regulated for its debut in the US. The online sports betting exchange is based out of New Jersey, but was formerly licensed in the UK and operated out of London.

It is scheduled to debut in the US — New Jersey and Indiana — soon. Once it hits the US, look for BetProphet to continue to expand into additional areas of the country. More and more states are legalizing sports betting to some extent now, and more are likely to follow:

  • Arizona
  • Arkansas
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Illinois
  • Indiana
  • Iowa
  • Louisiana
  • Michigan
  • Mississippi
  • Montana
  • Nevada
  • New Hampshire
  • New Jersey
  • New York
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Dakota
  • Tennessee
  • Virginia
  • Washington, DC
  • Washington
  • West Virginia
  • Wyoming

A couple of others are close to allowing and regulating sports betting, including states like Maryland, Nebraska and Ohio. All have passed bills and should begin opening to sportsbooks within the next year. It wouldn’t be shocking to see BetProphet grow and introduce its sports wagering exchange in additional locations in the near future.

Privacy Policy