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Prophet Exchange is promising to bring something new to the New Jersey legal sports betting scene. The company, thanks to a partnership with Caesars Entertainment, launched in the Garden State in the summer of 2022 and gives bettors a unique new twist on sports wagering.

Prophet Exchange is a peer-to-peer betting exchange that doesn’t rely on sportsbooks and their oddsmakers. Instead, bettors on their site are the oddsmakers. The Prophet Exchange betting model skips traditional sportsbooks’ oddsmakers and allows you, the user, to either set your own odds in the hopes of someone taking you up on that bet… or accept a bet that another punter has posted with his/her own odds. It is a model that has been popular in Europe for years but hasn’t yet caught on in America, which has become arguably the most exciting sports betting market in the world.

Follow along as we dig deeper into Prophet Exchange and what it brings to the New Jersey market. We will take a peek at how to sign up for their unique sports betting experience, how the overall betting app rates, the available sports to bet on, the states where it operates, payment options, and finish up with a customer service review.

Pros of Prophet Exchange

Cons of Prophet Exchange

Signing Up For Prophet Exchange

To get in on the Prophet Exchange Welcome Promotion, you must first register with the peer-to-peer wagering provider, which is quick and simple. The whole process takes just 3-5 minutes. You will be required to provide your:

Prophet Exchange Registration Form
Create a Prophet Exchange Account

Once you have accepted all of the Terms and Conditions and verified your age, as well as that the information you provided is correct, you are ready to wager.

How Prophet Exchange Differs From a Traditional Sportsbook

Prophet Exchange allows bettors to cut out the “house” and bet against each other. Its peer-to-peer platform allows punters themselves to set odds of their own in order to attract a bet… or to shop around for a price that seems to their liking. Again… the only people setting the odds are other bettors on the site.

Prophet Exchange facilitates peer-to-peer betting action and holds on to the wagered funds. The company then rewards the winning punter, while withholding a small fee along the way.

It all makes for a fun, social wagering experience that eliminates the middleman and ultimately provides better odds and better value for you, the wagering public.

Example of available wagers on Prophet Exchange
Prophet Exchange Moneyline Wagers

Is Prophet Exchange Legit?

Prophet Exchange may be new to the North American legal sports betting market, but the company has done everything it needs to be certified. One of the older, yet most progressive legal sports betting jurisdictions in the world, New Jersey, and the New Jersey Division of Gaming Enforcement (NJDGE) has licensed the betting exchange for those 21 years of age or older, and who are physically located within Garden State lines.

The company is headquartered in Hoboken, New Jersey and thanks to a key licensing partnership with Caesars Entertainment, gained access to the New Jersey market through Harrah’s Casino in Atlantic City. Prophet is one of the three online skins available for Harrah’s Casino.

Prophet Exchange Mobile App Review

Prophet Exchange App
Prophet Exchange iPhone App Screenshots

You can have the best idea in the world, but if you don’t have the usability factor and look that appeals to bettors, your product is going to fail. Prophet Exchange offers a completely different betting model in the New Jersey market, so there is bound to be some good and some bad.

First off, Prophet Exchange has made its product widely available for desktop and mobile sports betting enthusiasts. Users can access the site from their favorite browser, and it is available from the App Store for iOS users and the Google Play store for Android fans.

As far as the look of the Prophet Exchange offering, we found it to be a tad ordinary compared to some of the flashy traditional sportsbooks that the company is up against in New Jersey. During testing, Prophet’s “minimalistic” approach to design came off as underwhelming. It has the appearance of a traditional financial services site rather than one competing with super sleek and edgy sports betting sites for New Jersey gambling dollars.

Once past the exterior, Prophet Exchange is extremely user-friendly and functional. Directions on the site are crystal clear and are aided perhaps by the previously mentioned minimalistic approach.

So, while not the spiciest interface, Prophet Exchange is obviously doing something right – the App Store currently rates the site at 4.9/5 – higher than any sportsbook in the New Jersey market!

Upcoming NFL game available for wagering on Prophet Exchange
NFL Betting on Prophet Exchange App

Prophet Exchange Promotions

Ongoing promotions are not yet a huge part of the Prophet Exchange offerings, but hopes are that the site will expand its list of promotions in the future.

The Prophet Exchange VIP/Loyalty Program is something that sets the betting provider apart from some of its competition. While not the most accessible and advertised benefit, Prophet Exchange’s VIP program provides extra value for its users. It cuts the fees associated with each bet placed, giving users even better value than the platform already provides.

Available Sports on Prophet Exchange

Prophet Exchange doesn’t offer the list of sports that a traditional sportsbook does, but all of the major options that will be important to the New Jersey bettor are part of the menu. There are no major European sports just yet with Prophet Exchange, even though Europe is where betting exchanges were born. As Prophet Exchange grows and develops, additional options will likely be added later on. For now, the Prophet Exchange sports betting menu consists of:

Bet Types Available on Prophet Exchange

Just like the menu of sports associated with Prophet Exchange in New Jersey, the bet types available are slightly limited. There are only a few betting options for users of the site, maybe because of the complexity and newness of the wagering platform. During testing, just four bet types were available on Prophet Exchange:

In Prophet Exchange’s case, less seems to be more. All of the most traditional bet types are available, minus props, which should be coming soon. The inclusion of live betting is pretty big for Prophet Exchange. It is quickly becoming the most popular bet type in the North American market.

Overall, we were impressed by the Prophet Exchange betting menu. What the company lacks in quantity of wagering options, they more than make up for in quality of overall experience. The odds, as previously discussed, can offer value, and there are zero wagering limits on bettors. The live betting focus is definitely a strength of the overall brand.

Wagers available for an upcoming MLB game on Prophet Exchange
MLB Betting on Prophet Exchange App

States Where Prophet Exchange is Live

Prophet Exchange busted out of the box by going live in New Jersey, one of the top sports betting jurisdictions in the country. Indiana is the next stop with a hopeful 2023 launch.

Other states like Ohio, Colorado, and Michigan could be on the horizon. All eyes will be on New Jersey to see just how popular the “exchange model” is before other jurisdictions consider bringing the brand on.

Prophet Exchange Payment Options

So far, users of the Prophet Exchange betting platform are able to deposit or withdraw from their account using one of three options:

Conspicuously absent from the banking options list are credit cards, along with any e-wallet or prepaid card options. It remains to be seen whether credit cards or e-wallets will be included as banking options in the future, but right now Prophet is way behind traditional sportsbooks in the payment option category. 

As far as deposit and withdrawal, Prophet Exchange offers up some pretty standard terms. There is a $10 minimum with any option and all deposits are free. Withdrawal processing times will vary but are usually between 3 and 5 business days.

****Be sure that your bank allows transfers to sportsbooks. Some don’t.****

Future Plans for Prophet Exchange

At this time, there is no mention of Prophet wanting to expand into traditional sports betting by opening their own sportsbook. Other similar non-traditional sportsbooks have been popping up in the U.S. market. Sporttrade, similar to Prophet Exchange, has so far failed to gain much traction in New Jersey. Betr, another exchange-based platform, is live in Tennessee but has thus far had limited success in the state.

Does Prophet want to expand into traditional sports betting and open up its own sportsbook? Right now all indications are that the company believes in the exchange model and is content to build up its business without expanding. It’s a risky move, but it is certainly possible that Prophet will be able to find a profitable niche in the ever-growing sports betting market. 

Prophet Exchange Customer Service Review

Customer Service has become an integral part of an online betting provider’s offering. During testing, we found Prophet Exchange provided above-average customer service. Prophet boasts all of the usual and necessary customer service options with an additional social media presence, which is an added perk. Our experience with the Prophet Exchange customer service was very positive – all of our queries were addressed quickly and in a satisfactory and friendly manner.

Included on the list of customer service options are:

The only hole that we found in the Prophet Exchange customer service suite is the lack of 24/7 Chat. It’s nitpicky but something that the company could improve upon.

Final Thoughts on Prophet Exchange

Something new and something fresh doesn’t always lead to a better bettor experience. In the case of Prophet Exchange, it does! Overall we were impressed with what they offer. Primarily, Prophet Exchange offers something different. It may not be for everyone, but we found that peer-to-peer interaction is refreshing. The odds associated with such a model were much better than those of a traditional sportsbook, and not putting limits on gamblers is a perk not seen with most of their New Jersey competition.

The platform is surprisingly easy to use, and directions are well-laid out and easy to understand. If simplicity is what Prophet Exchange was after, they succeeded.

Prophet Exchange could offer a few more sports to bet on and a little better variation in bet types, as well as banking methods (deposit and withdrawal methods are a clear weakness of the platform.) But overall, Prophet is very good at what it does.

Prophet Exchange is worth your time and bankroll – it may just change the way you bet on sports!

Prophet Exchange Frequently Asked Questions

What is Prophet Exchange?

Prophet Exchange offers a different type of betting experience for New Jersey bettors. It is a peer-to-peer betting exchange that eliminates the need for sportsbook oddsmakers to set the odds and ultimately collect a commission. With Prophet Exchange, bettors set the odds… and seek bets with odds that they feel offer value.

Where is Prophet Exchange Legal?

So far, Prophet Exchange is legal in just New Jersey but does have the green light to go live in the Indiana market as well. While not live in the Hoosier State just yet, we expect to see Prophet Exchange launch in the state in the next few months.

Is Prophet Exchange a Sportsbook?

Prophet Exchange is not a sportsbook – they don’t rely on oddsmakers to set the odds and bettors don’t bet against the House. Whether or not Prophet Exchange launches its own sportsbook platform remains to be seen, but as of now, its peer-to-peer “exchange platform” acts as competition to the traditional sportsbook model.

What Banking Options Does Prophet Exchange Offer?

Withdrawal options with Prophet Exchange are somewhat limited. You have a choice of ACH online banking, wire transfer or  Cash at Counter service at Harrah’s Resort in Atlantic City. Processing time is an industry-standard 3-5 business days.