Prophet Exchange Promo Code & Betting App Review 2024 | Is It Legit?

Prophet Exchange is a popular peer-to-peer (P2P) platform and sports betting exchange in New Jersey. But is it worth checking out? And more important, is it a legitimate platform that you can trust? Well, let’s take a closer look. In this article, we’ll provide an in-depth review of the Prophet Betting Exchange and help you decide if it’s a good fit for you!

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Author’s Quick Take on Prophet Betting Exchange

I’ve had an opportunity to use and place bets at dozens of online sportsbooks all over the United States. And I have to admit…Prophet Exchange is truly one-of-a-kind!

As a sports betting exchange and peer-to-peer wagering app, Prophet Exchange is able to offer some of the best odds on the market (since there is no vigorish or house edge) and not limit winning bettors (with available liquidity being the only thing keeping you from betting as much as you want).

Plus, I’m a huge fan of the “Prophet Boosts” they offer, which gives you an opportunity to arbitrage the boosted odds promotions offered at DraftKings, FanDuel, and other traditional sportsbooks.

That said, Prophet Exchange is only available in New Jersey and has a few downsides that you should be aware of, including no sign-up bonus, limited bet types (no parlays, teasers, or props), and a 2% commission on all winning bets.

So, if you’d rather see what other options are out there, that’s perfectly fine! In fact, we encourage you to take a look at our list of the best U.S. sportsbooks in 2024 to see if you can find a platform that works even better for you!

Reviewed By: Peyton Powell

Fact Checked By: Mike McDermott

Ratings Breakdown

Pros & Cons

What Is Prophet Exchange & How Does It Work?

Prophet Exchange is a sports betting exchange platform that revolutionizes the way people bet on sports. Unlike traditional sportsbooks where users bet against the house, Prophet Exchange allows users to either place bets or set their own odds for others to bet on. 

This peer-to-peer betting model ensures that you can always get the best possible odds, as they are determined by the market rather than a fixed bookmaker’s margin!

How Does Prophet Exchange Make Money?

Prophet Exchange generates revenue through a straightforward and transparent commission-based model. While traditional sportsbooks rely on the vigorish (vig) to profit from bet outcomes, Prophet Exchange works a bit differently.

Instead of taking a percentage from each bet, they charge a modest 2% commission on all net winnings. This means that if a user’s bets result in a profit, they’ll pay a small percentage of that profit to the platform. 

However, if the user ends up losing overall, no commission is charged since there are no winnings to deduct from.

Prophet Exchange Promo Code & Sign Up Bonus – Rating 2/5

Unfortunately, Prophet Exchange does not offer a sign-up bonus or welcome offer to all new customers. Instead, the sportsbook focuses on providing value over the long term by offering some of the best odds in the industry and not charging a vig on bets.

Prophet Boosts: Make $4K a Year With Arbitrage Betting

Although Prophet Exchange does not currently offer a sign-up bonus, they do have one of the best ongoing promotions I’ve ever come across during my time covering the sports betting industry.

The sportsbook offers Prophet Boosts, which they describe as “Guaranteed, Risk-Free Profit” opportunities through arbitrage betting. Here’s a quick breakdown of how it works:

• Prophet Boosts give you an opportunity to capitalize on special boosted markets offered by DraftKings, FanDuel, and other popular sports betting apps.
• You can now hedge against these boosted prices by betting the “No” option at Prophet Exchange.
• For example, let’s say DraftKings boosts the odds of Luka Doncic scoring 35+ points and the Mavericks winning from +200 to +300. With Prophet Boosts, users can hedge their bets by placing a wager against the boosted outcome on Prophet Exchange, effectively creating a risk-free arbitrage opportunity.
• In other words, you’ll get to lock in winnings before the outcome is even decided because you’re covered on both potential outcomes.
• According to the app, you’ll be able to make up to $150 each week (and over $4,000 in a year) through this unique promotional offer!

Banking Options – Rating 4/5

When it comes to banking, Prophet Exchange offers a handful of safe, secure, and trusted options for both deposits and withdrawals. Here’s a quick breakdown of everything you need to know:

Deposits

If you’d like to add funds to your Prophet Exchange account, you can use any of the following payment methods: debit card, credit card, online banking, wire transfer, PayPal, and Venmo.

In addition, you can make in-person, cash deposits at Harrah’s Casino in Atlantic City and various retail locations (via PayNearMe).

All deposits are instantly processed, and the appropriate amount of funds will be immediately added to your account and available for use! It’s also worth noting that Prophet’s minimum deposit amount is just $10.

Withdrawals

On the other hand, when you’re ready to cash out your winnings, you’ll have the following withdrawal options available: online bank transfer (ACH via Trustly), wire transfer, PayPal, Venmo, cash at retail (PayNearMe), and cash at cage (Harrah’s Casino).

Withdrawal times will vary depending on the cash-out method you choose and several other factors. However, in most cases, withdrawals are processed and approved within just a few hours, and the funds will hit your account in less than one day.

And just like with deposits, there is a $10 minimum withdrawal requirement on the Prophet Exchange betting app.

Mobile App & User Experience – Rating 5/5

Prophet Exchange currently offers a mobile app on the App Store (for iOS devices) and the Google Play Store (for Android devices). In addition, a web app is also available for those who prefer to access the platform through their desktop or laptop browsers.

For this review, I took some time to test the Prophet Exchange app on my iPhone. And I have to say…I was very impressed with the overall user experience!

The app’s interface is sleek and intuitive, making navigation a breeze. From placing bets to checking live scores, every feature is seamlessly integrated, ensuring a smooth and enjoyable experience.

Plus, the design is not only visually appealing but also highly functional, with all the necessary information readily accessible.

One aspect that particularly stood out to me was the speed of the app. Despite accessing real-time data, the app never lagged, providing instantaneous updates and ensuring that I never missed a beat during live games.

However, I was most impressed with all of the resources and information readily available to assist new users who aren’t familiar with terms like “liquidity,” and “partially matched bets.”

The Prophet Exchange mobile app goes above and beyond in providing educational materials, tutorials, and tooltips to help users understand the ins and outs of sports betting exchanges.

Prophet Exchange App Ratings & Reviews

Prophet Exchange Betting Options – Rating 3/5

Although Prophet Exchange deserves a ton of credit for offering some of the best odds in the industry and not limiting winning bettors, the sports betting app comes up just a little bit short in this next category.

Compared to most traditional sportsbooks, the betting options at Prophet Exchange are somewhat limited. To show you what we mean, let’s take a quick look at the sports and leagues covered as well as the different types of wagers offered on the platform:

Sports & Leagues Covered

As you can see, Prophet Exchange covers the “Big Four” American sports leagues (NFL, NBA, MLB, and NHL) as well as college basketball, college football, MMA, golf, and a handful of popular soccer leagues.

For the average fan, this is more than enough to keep them engaged throughout the year. However, those who are interested in placing wagers on the WNBA, UFL, NASCAR, F1, tennis, cricket, or other less mainstream options may need to look elsewhere for their betting needs.

Types of Bets Offered

In addition, Prophet Exchange currently offers just three different types of wagers:

• Moneylines
• Spreads
• Totals (Over/Under)

It’s also worth noting that live betting is available on the platform, allowing users to place bets in real time as the action unfolds.

However, there are no player props, game props, teasers, parlays, or same-game parlays offered on Prophet Exchange at the moment. This limited selection may disappoint bettors who enjoy exploring a wide range of betting strategies or those looking for more customized wagering options.

Safety, Security, & Fairness – Rating 5/5

Before you sign up for an online sportsbook or mobile betting app, it’s always a good idea to check what measures the platform has in place to ensure safety, security, and fairness.

This way, you can relax and focus on placing winning bets without worrying about your personal information being compromised, your funds being at risk, or the fairness of the betting environment.

Fortunately, Prophet Exchange excels in this crucial category, earning a perfect 5/5 rating from me and my team. Allow me to explain why by answering some of the most important questions on the topic!

Is Prophet Exchange Legit?

Yes, Prophet Exchange is 100% safe, legal, and legitimate. The sports betting exchange is partnered with Caesars Entertainment and authorized by the New Jersey Division of Gaming Enforcement to offer real-money wagering to anyone who is 21+ years old and physically located in the Garden State.

The platform operates under strict regulatory oversight to ensure fair play and secure transactions. Additionally, their website and app employ advanced encryption protocols to safeguard user data and financial information.

With a solid reputation for transparency and integrity, Prophet Exchange provides a trustworthy environment for sports fans to engage in betting activities responsibly.

Who Owns the Prophet Betting Exchange?

Prophet Exchange is owned and operated by Stake Trade, Inc., a private company with a corporate office in Hoboken, New Jersey.

The company was founded in 2018 by Dean Sisun and Jake Benzaquen. Both Sisun and Benzaquen bring a wealth of experience in finance and technology to the table, driving Prophet Exchange’s innovation and growth in the dynamic sports betting industry.

As co-founders, they remain actively involved in shaping the company’s vision and strategic direction, ensuring continued success and customer satisfaction.

In What States Is Prophet Exchange Legal?

Prophet Exchange is currently legal and available in New Jersey only. You must be at least 21 years old and physically located in the Garden State in order to sign up and participate in real-money wagering on the app.

There have also been reports that the sports betting exchange is looking to expand into Ohio, Indiana, and other U.S. states as it continues to grow and gain recognition in the industry.

As a result, we encourage you to stay tuned for updates on Prophet Exchange’s expansion efforts and legalization in other states!

Prophet Exchange Customer Support – Rating 3/5

If you ever have any questions or need some assistance, you can reach out to the Prophet Exchange customer support team in one of the following ways:

• Submit a Request or Leave a Message: Click Here
• Email: hello@betprophet.co
• Phone: N/A
• Live Chat: N/A
• Twitter: @ProphetExchange
• Instagram: @ProphetExchange

The sportsbook’s customer service team is available every day from 10:00 AM – midnight EST.

For this review, I reached out to Prophet Exchange by submitting a request on their website. The support agent was very friendly and answered all of the questions I had to my satisfaction. My only complaint? It took about 16 hours for me to get a response.

It’s important to note that your experience may be different than mine; however, I wouldn’t necessarily expect a quick answer to your question, comment, or concern when you reach out to their support staff.

How Does It Compare to Other Apps & Betting Exchanges?

You’ve learned just about everything you need to know about the Prophet Exchange app. So, what now?

Well, how about we take a quick look at how it compares to other popular sportsbooks and betting exchanges in the United States? This way, you can make an informed decision on which platform best suits your needs and preferences!

Prophet Exchange vs Sporttrade

First up, we have Sporttrade, which (like Prophet Exchange) is a sports betting exchange that lets users bet against each other rather than against the house. Both platforms offer unique advantages, but there are some key differences to consider.

For starters, Sporttrade takes the idea of a “sports betting exchange” to a whole ‘nother level and is more geared toward those with a passion for both sports betting and stock trading.

Sporttrade integrates aspects of stock trading into the sports betting experience, offering a dynamic platform where users can buy and sell sports bets in real time, similar to trading stocks on a stock exchange.

On the other hand, Prophet Exchange is much more beginner-friendly and has a significant edge with its unique “Prophet Boosts” feature, which creates arbitrage betting opportunities using the boosted odds promotions offered at all of the top American sportsbooks.

Prophet Exchange vs DraftKings

Another popular option is DraftKings Sportsbook, one of the biggest and most reliable names in the U.S. sports betting industry. Although Prophet Exchange offers slightly better odds, DraftKings takes the lead in several important categories.

First, DraftKings always offers a huge sign-up bonus to greet new customers. You’ll typically receive extra bonus bets, first-bet insurance, or some other exciting opportunity when you first sign up and start placing bets on the DraftKings Sportsbook app.

In addition, DraftKings offers a much larger selection of betting markets. With DraftKings, you can bet on a wider range of sports and explore alternate lines, player props, and other wagering options that you can’t find on Prophet Exchange.

Prophet Exchange vs FanDuel

Last but not least, FanDuel Sportsbook is an option that deserves your full consideration. Again, while Prophet Exchange has an advantage with its stellar odds pricing, FanDuel is the clear winner in just about every other area.

For starters, FanDuel has arguably the best mobile app in the sports betting industry, making it easier than ever to place bets on your favorite sports from anywhere at any time. The app is user-friendly, fast, and packed with features like live betting, cash-out options, and daily promotions to keep things exciting.

Plus, unlike Prophet Exchange, FanDuel Sportsbook always provides a generous welcome offer for all new customers. This means you’ll get extra value right from the start, whether it’s through Bet & Get offers, no-sweat bets, or any other type of promotion!

Final Thoughts & Overall Rating for Prophet Exchange: 3.7/5.0

After my team’s thorough review and getting a chance to test the app for myself, I can confidently say that Prophet Exchange is a unique and appealing option for online sports betting!

Better odds than traditional sportsbooks, no limits on winning bettors, and arbitrage betting opportunities via “Prophet Boosts” are just a few of the many things that you’re sure to like about this popular sports betting exchange.

However, if you don’t live in a state where Prophet Exchange is live and accessible or you’re simply interested in seeing what other options exist, that’s okay!

Just check out our guide for the best sportsbook promos in the United States today. Here, you’ll be able to unlock all of the best sign-up bonuses in the sports betting industry and learn more about the top-rated platforms available in your state!

Prophet Betting Exchange FAQ