Prophet Exchange Sports Betting Review – $250 Bonus

Prophet Exchange is a new sports betting app, offering a fresh way for folks to wager. Rather than a traditional sportsbook, Prophet Exchange is more accurately a betting exchange. This means that it facilitates peer-to-peer sports betting instead of letting you wager against the house. Sign up with Prophet Exchange today and your first deposit will be matched 50% for up to $250. No Prophet Exchange code is needed to claim this top welcome bonus.

So far, Prophet Exchange is only live in New Jersey. However, it plans to expand into Indiana in 2023, with more states likely to follow. Prophet Exchange gained market access in New Jersey and Indiana through a multiyear deal with Caesars Entertainment.

The online sports betting platform aims to offer better odds than at a standard sportsbook, since Prophet acts as the bet facilitator as opposed to the house. This means that users may see a wider range of odds at +100 or better, compared to a traditional line of -110 for some bets. You can also request your own odds if you don’t see a bet you like. This review will explain the nuances of Prophet Exchange and how sports betting there works.

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Prophet Exchange $250 welcome bonus

As a new sports betting platform, Prophet Exchange is in customer-acquisition mode. To help with that, you can claim a generous Prophet Exchange welcome bonus of up to $250 to new users. Prophet Exchange will match your initial deposit at a 50% clip up to the maximum. While this isn’t quite as handsome a bonus as at some of the bigger sportsbooks like BetMGM or Caesars, it is easier to claim the bonus funds than some other options.

Prophet Exchange welcome bonus and promo code for October 2022

Prophet Exchange Promo CodeNone – Click to claim
Welcome Bonus50% deposit match up to $250
Legal States$250
Last verifiedOctober 6, 2022

Claiming the Prophet Exchange welcome bonus

Prophet Exchange does not require any special promo code to claim its bonus, meaning that you just need to join Prophet Exchange and make an initial deposit.

The bonus funds generally hit your account quite quickly. However, they can sometimes take up to 72 hours depending on the site traffic. You will have 14 days to use the bonus funds on wagers before they expire. Prophet Exchange only requires you to play through the funds once before you can withdraw them, which is the lowest requirement you’re likely to find.

There are no minimum odds restrictions for wagering the bonus funds, and you can use them to bet on all moneylines, spreads and totals for the sports of your choosing. This welcome bonus is only available once per participant.

How to sign up for a Prophet Exchange account

Registering at Prophet Exchange is pretty straightforward. If you’ve signed up with another sportsbook before, you’ll notice it is a similar process. Head to the Prophet Exchange website and select the registration button in the top right corner. The site will then ask you for some personal information:

  • Name
  • Email
  • Password
  • Date of birth
  • Social Security number
  • Address
  • Phone number

You will then have to accept the terms and conditions. After that, Prophet will confirm your identity and location, ensuring you are qualified for an account. You must be at least 21 years old to legally bet on sports in both New Jersey and Indiana. Once this process clears, you will be ready to start betting on Prophet Exchange.

Prophet Exchange eligibility requirements

Like all online sports betting platforms, Prophet Exchange has certain eligibility requirements in place. In addition to the minimum age (21 in New Jersey, Indiana and most other states), you also must be located in a legal state to place any bets on the app.

Prophet will use geolocation to identify your whereabouts any time you sign into the app. If you’re not in a state where Prophet Exchange is legal, you won’t be able to bet. That doesn’t mean, however, that you need to be a resident of a legal state to bet with Prophet Exchange. You just need to be present in that state at the time of your wager.

Additionally, there are certain jobs in and related to sports that mean you can’t bet at Prophet Exchange. This includes players, coaches, officials, and referees. Some key casino employees also cannot wager on sports events.

Downloading the Prophet Exchange app

Installing the Prophet Exchange app is also easy. On the exchange’s website, you will find a download link for both iOS and Android users. Download the appropriate app for your operating system, and either sign in with existing credentials or create an account straight from the app. Just like that, you are ready to start peer-to-peer sports betting on your phone.

App performance

During our testing of the platform, we found the Prophet Exchange app to be a solid product in line with industry standards. As it’s a new type of sports betting platform, there is a small learning curve when you first start using it. However, the app is quite intuitive and does a good job of easing the transition from a traditional online sportsbook. It is not overly complicated, and it features plenty of resources to help you learn what everything means.

There is also a small information indicator on every line and bet, so you will know what everything means and what you’re betting on. Overall, the Prophet Exchange app is a quality system that helps new users learn on the fly.

Prophet Exchange promotions

As a new sports betting exchange, Prophet Exchange does not quite offer the same level of promotions that you might see from a major sportsbook like the DraftKings app or FanDuel Sports. Aside from the initial welcome bonus, the exchange only offered one other promotion at the time of this review: a referral bonus. As far as referral programs go, Prophet Exchange’s ranks quite strongly. For every one of your referrals who joins and uses the Prophet Exchange app, you will receive $50 in bonus funds that you can use on any type of wager. You can refer up to 50 friends with your referral link, meaning you could conceivably receive up to $2,500 in free bets.

Since you’re betting on an exchange, Prophet can’t provide special lines, insurance or profit/odds boosts. This is because you are betting directly against other users, so Prophet has no say in the parameters. Keep in mind, though, that you could still end up with better odds than the boosted odds at a traditional sportsbook. A point spread you might see on DraftKings would have odds at or around -110, whereas the same spread on Prophet Exchange could be at +100 odds.

Banking at Prophet sports betting exchange

The exchange currently offers a limited number of payment options. These are the only ways to deposit and withdraw funds on Prophet Exchange at this time:

  • Online banking via Trustly (Prophet’s recommended method)
  • Cash at the counter at Harrah’s Casino (only available in Atlantic City)

The minimum deposit is $5, while the maximum depends on your method of choice as well as your history with that method. The minimum for withdrawals is $1, and there is no maximum. Withdrawals typically take only a few hours to process, but the time may vary depending on site traffic.

How to bet at Prophet Exchange

Prophet Exchange is not a traditional sportsbook like DraftKings or Bet365 sports; it is a betting exchange. This means that the platform facilitates peer-to-peer betting as opposed to user-versus-house betting. Betting exchanges have been around for a while, and Prophet is hoping to bring this type of platform to the mainstream.

You can think of Prophet peer-to-peer sports betting as an online auction house like eBay, rather than a sportsbook. This means that it is acting as the bet facilitator as opposed to the bet provider, so there is no house involved in any bets on the platform. Parties taking part in a bet are choosing the opposite sides of a wager.

Therefore, the odds that you’ll find on Prophet Exchange can be more favorable than those at a standard sportsbook. Prophet offers flexibility in bets, since the only limit is that another user takes the other side. Instead of betting on spreads and totals with odds of around -110, you might find bets on Prophet Exchange at +100 or longer.

If you can’t find odds that you like for a particular bet, you can always create your own odds. Prophet Exchange calls this “requesting” a bet. Simply enter the details and parameters of your bet ($20 on New England Patriots, moneyline, +123), submit the request and wait for another user to match it. Your bet will be for as much as other users elect to match. Prophet imposes no limits on bets or odds, so your only restriction is having someone else take the bet.

Finally, since Prophet Exchange is acting as the bet facilitator, there is no built-in house edge (aka vig) to any bets on the platform.

What bets can you place at Prophet Exchange?

Prophet Exchange does not offer as many sports or bets as some of the bigger sportsbooks. At the time of this review, it had three types of bets:

  • Moneylines
  • Point spreads
  • Totals

You’ll be able to place these bets on a variety of major leagues in the US, including the following:

  • NFL
  • NBA
  • MLB
  • NHL
  • College football
  • College basketball

Prophet Exchange plans to add more options as the platform continues to grow. It also encourages users to reach out and recommend sports that they would like to see become available.

Live betting at Prophet Exchange

Live wagering has become an increasingly popular way to bet on sports over the past few years. As sportsbooks continue to upgrade their operating systems, more and more sports are becoming available to bet on live. This feature can give you more flexibility during games and make each play more exciting.

Prophet Exchange allows you to place live bets on the platform. These bets will still be peer-to-peer, so it will be a little different from a traditional sportsbook. All live bets are subject to an eight-second in-play delay. This is an attempt to combat the time for each party to place a stake on the bet, as every live bet will need at least two parties, just like all other bets on the exchange.

Live betting on Prophet Exchange is available for all the sports that are on the platform.

Is Prophet Exchange legal?

Prophet Exchange is a fully legal and licensed betting exchange in the states where it operates. It is based out of New Jersey in the US, but it was formerly licensed in the UK, operating out of London. Thanks to a multiyear deal with Caesars Entertainment, Prophet Exchange is now live in New Jersey, and it plans to expand into Indiana in 2023. It must secure a partnership in each state in order to gain market access, as well as receive an operating license from the appropriate state regulatory agency.

As more and more states legalize sports betting, look for Prophet Exchange to move into some of these markets in the coming years:

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