Prophet Exchange Review

Prophet Exchange launched just before the 2022 NFL season as the very first betting exchange available in the United States. It initially launched only in New Jersey, and users there were immediately impressed.

The positives of using Prophet are clear immediately. For simple, straight wagers you get some of the very best odds possible. Because there's minimal juice on the lines you end up getting the most possible value for your wagers.

On the exchange, you can be the bettor or bookmaker. If a bet you'd like to make isn't there you're able to set the lines yourself and - as long as another player matches - you've created a new betting market.

As far as the betting experience goes, a strong mobile app, detailed customer service options, and a nice sign-up bonus make Prophet a solid option.

Not everything is perfect here, and there is still some room for Prophet to make up ground on some of the other best online sportsbooks in the US.

There just aren't all that many betting markets at this point with only a handful of sports available to wager on every day. Even for those major sports, your game-to-game betting options are limited to simplistic spread, moneyline, and totals wagers with no deeper markets like player props.

Prophet Exchange is an ambitious new sportsbook, but still needs time to develop

The live betting is also a bit limited at this point, but we hope that will improve as the platform grows and more players are actively matching each other's live bets.

Lastly, you cannot place parlay wagers on Prophet. This is fairly standard for betting exchanges, but it may be a disappointment to exchange betting novices.

At this point, you would be hard-pressed to call Prophet one of America's finest. It's still a very new product that could use a little more time to develop and grow its player base so more markets can be added. But with a little more time, we could see Prophet getting there.

For now, we recommend Prophet Exchange to get the best possible odds and test out betting on an exchange.

While Prophet Exchange is unique in what it offers players, it's still competing with more typical sportsbooks for users. As a new and still-developing product, we wouldn't expect Prophet to have the intangibles of a FanDuel or DraftKings quite yet, but you still deserve to see how it stacks up against some competitors that are closer to Prophet's level.

Here's how we rate Prophet Exchange compared to other sports betting operators available in the same state:

Prophet Exchange is currently only available in New Jersey.

The exchange is also licensed and expected to launch in Indiana and Ohio in 2023, although no exact dates have been set for those launches. As one of the country's newest sportsbooks, it may take a bit for these launches to actually happen.

Due to the peer-to-peer nature of betting exchanges, it may be a little bit trickier for the exchange to get licensed than it is with other, more conventional sportsbooks due to regulations on interstate commerce in the sports betting industry. However, we will keep this review updated whenever Prophet makes more expansion announcements.

You do not need to be a resident of one of these states to make an account but you do need to be physically located in the state and at least 21 years old to bet on the exchange.

To say that Prophet Exchange offers a unique betting experience in the US market would be putting it mildly. As one of the few betting exchanges available in the country, there are many features exclusive to Prophet that are not available on more traditional sportsbooks.

For instance, on Prophet players are both the bettor and the bookmaker.

If you don't see the odds you want on a given market, you can go ahead and request the bet. When someone else out there thinks the opposite they can match your bet and then the two of you are going head-to-head. This system cuts out the middleman and provides users with a lot of added value and fun.

Prophet Betting Exchange Markets

Now let's talk about where Prophet drops the ball. There just aren't all that many sports available on Prophet right now, and even for the sports that are there the markets aren't very deep.

For individual games, you can only bet on spreads, moneylines, and totals - no player props available. Futures markets are also very limited to just what Prophet is offering at the moment, and that isn't much.

An unfortunate side effect of betting exchanges is that there are no parlay wagers available. Because players need to bet against you, it is nearly impossible to find bettors to match the odds of intricate parlays.

While that will probably remain the reality, hopefully, Prophet will supplement that loss with deeper markets in the future.

Hands down the best part about betting on any betting exchange - particularly Prophet - is the odds.

Since you're betting on a peer-to-peer basis, that means there's usually no vig or juice - the charge added to make sure the sportsbook receives their cut - on the lines. That means that betting exchanges tend to offer the best odds available on the market because you will never be charged that little bit extra.

You'll have a hard time finding better odds than Prophet Exchange

Most sportsbooks' standard wager is around -110. on Prophet, your most common bets will be priced closer to -103. For standard bets, Prophet Exchange offers some of the best odds on the market.

Don't believe us? Check out the images of the odds offered by Prophet vs. FanDuel Sportsbook and DraftKings Sportsbook for a Monday Night Football match-up between the Patriots and Cardinals. Prophet Exchange is offering a much better value for moneyline, spread, and totals bets than FanDuel or DraftKings.

While you may not have a plethora of different betting options at Prophet, you do get a lot of extra gain for your straight bets - especially if you continually bet on the exchange.

Live betting is available on Prophet Exchange, however, it would be difficult to say that it was a strong suit of the product at this point in time.

Because of the way betting exchanges work, a user has to set a line and another has to bet on said line. With how quickly live betting can be affected, it can often be hard to find your desired wager or another user to match the line you set.

The mobile app functions decently well for live betting, but the lack of players using Prophet hamstrings this aspect for now.

It's a shame because live betting is typically one of the best parts of betting on an exchange. The ability to rapidly trade in and out of positions and cover yourself against any outcome is a hallmark of exchange betting in markets where it is common, such as the United Kingdom.

There is also no live streaming available, although that isn't much of a surprise at this point for such a new product.

As the number of users regularly using Prophet increases, the live betting experience will undoubtedly improve. it just remains to be seen how long that will take.

One area where Prophet excels is by offering users a streamlined app that's very easy to navigate.

While there aren't many events to bet on with Prophet yet, the app makes it simple to find your sport of choice and get your wagers in.

On the homepage of the app, you are introduced to the most traded-on games on a given day, or you can go to the sports tab to see all of the available betting markets broken down by sport.

The Prophet Exchange app makes exchange betting as smooth as ever - for now

Navigating the app flows extremely smoothly with little-to-no lag time when switching between games. This makes the Prophet Exchange app especially good for both live and exchange wagering, where time is always of the essence.

Many of the disadvantages of the product as a whole (not many sports, relatively small player base) actually work as an advantage for the mobile platform. Once there is a bigger player base, more traffic on the app, and more betting features available we hope that it will be able to maintain this level of performance.

For now, the mobile app is the best way to experience the Prophet Betting Exchange.

Prophet Exchange iPhone App

• Available on the App Store
• 4.4/5 user rating based on 61 reviews

Prophet Exchange Android App

• Available on Google Play
• 4.8/5 user rating based on 13 reviews

One area where Prophet Exchange, unfortunately, falls short is payment options. As it stands right now, the options for deposit and withdrawal are both very limited, with basic banking options like PayPal and even credit cards missing.

The following payment options are available on Prophet Exchange:

• Online Banking
• Wire Transfer
• Cash at Counter at Harrah's Casino in Atlantic City

While the selection of options is pretty poor, the minimums for deposits and withdrawals are pretty solid. The minimum deposit is $5, while the minimum required withdrawal is just $1.

The low minimums are great and could compete with just about any other sportsbook on the market, but the lack of options is pretty shocking. Online banking works smoothly, but many users may be put off by linking their bank account directly to a sports betting operator, especially one that doesn't have much brand trust built yet.

Prophet Exchange is such a new product that we can forgive this oversight for now, but in the future, they really should add PayPal and debit/credit card transactions.

For a new service like a betting exchange, it was important for Prophet to come prepared with decent customer service options in order to ingratiate users to a new way of betting. The good news is that they've done that with a really strong set of customer service options.

Prophet Exchange features a live chat 14 hours per day, an email address, and Twitter account for support queries. There is also a very thorough, organized, and up-to-date frequently asked questions section on the site that covers most of the bases.

There is also an informative Betting Exchange 101 that clearly lines out how to use the special features of the product, something very helpful for those unfamiliar with exchange betting.

All in all, Prophet has really strong customer support options.