Prophet

The Prophet Exchange app made its way to the U.S. in 2022 when it launched in New Jersey, and with that launch, the product became the first betting exchange app offered in the U.S. The product gives customers an entirely new way to profit from sports betting. Bettors have the ability to set the odds themselves and avoid dealing with high vigs that usually come with doing business with the house.

At this point in time, this product does not offer any new customer bonuses. This may change when the product is launched in Indiana at some point in 2023, but until then, the only bonus new customers get is becoming their own oddsmaker.

Prophet Exchange - Review

The Prophet Exchange app is a sports betting app that cannot be put in the same category as a typical sportsbook. In 2022 the product became the first betting exchange on the market in the U.S. when it launched in New Jersey. The app can be found on either the App Store or Google Play Store and is the first product that offers peer-to-peer betting, which eliminates the need for a house that sets the market and takes a high vig on every bet.

Peer-to-peer betting offers customers the ability to set their own markets for events, so instead of searching across six different shops to find a good line for an NBA game, bettors can make their own line and wait for someone who is willing to bet the opposite side of that line. There is always a chance no one takes that line, but users can still search for other odds another bettor may have made.

Since this is a new concept for most U.S. sports bettors, the overall reputation of the product has not fully developed into what it could become. Most sports betting apps that are limited to only one state normally have a hard time making their way to the top of the market, but the good news is the product is planning to rapidly expand into other states starting with Indiana later this year.

The app itself has a very simple layout and design, which makes learning the intricacies of betting exchanges easy to pick up. One of the biggest positives is a bettor can always find the best odds possible since the company is not the one making the lines, it's the customer. At this point in time, one of the only things missing is a wider range of payment options; however, that could change as the product expands into more states.

Sports Betting Markets & Lines

At this point in time, the only sport betting markets offered to wager on in the Prophet Exchange app are U.S. based. Bettors have the ability to set their own odds or find improved odds in the NFL, NBA, NHL, MLB, NCAAF, NCAAB, and in golf.

Since these are the primary leagues in the U.S. and consistently running, bettors have a wide range of events to choose from. If customers were looking to wager on international leagues or smaller U.S.-based leagues, they do not have the option to do so at this point in time. Users can still find additional areas of the main leagues to wager on, for example, at the time of writing this, bettors can set or find odds on the NBA All-Star game.

Additionally, entertainment events like the Academy Awards or the Grammy’s are also not offered on this product, and since it is a sports betting exchange, they likely will never be added.

Bets & Odds

The variety of bet types on the Prophet Exchange app is not a long list, but what a customer can do with each bet type is the true draw of the app. At this point in time, users can only find moneylines, point spreads, and point totals on the app.

However, unlike most sportsbook apps, users can find multiple lines for each bet type, so if they don’t like the Chicago Bulls -2.5, they can either find someone who made the line -1 or do it themselves and wait until someone bets on the other side. This essentially means they always have better odds than their competitors even though the company is not the one setting the odds.

Live Betting

The ability to live bet is available on the Prophet Exchange app; however, the way in which live betting is done on this product is a bit different than other sportsbooks on the market. Live wagering on the app is still peer-to-peer, so customers still have the ability to set a line during the event or find a line that better fits the odds they are looking for.

Since every bet on this product needs two parties to be involved, there is an in-play delay in order to make the overall process run a bit smoother. The option to live stream or watch events directly in the app is not available, so bettors will need to follow the events elsewhere in order to keep track of their wagers.

Prophet Exchange Payment And Withdrawal Options

The overall payment options for the Prophet Exchange app are quite lacking compared to the other top sports betting apps on the market. At this point in time, there are only three payment options available, which are online banking, a wire transfer, or in-person at Harrah’s Casino in Atlantic City, New Jersey. The only currency accepted for all three options is USD.

Online banking and wire transfers are very common, so bettors don’t need to worry about creating e-wallet accounts just to deposit into the app, but variety in payment options could be considered a selling point for some sportsbooks. Regardless of the payment option, there is a minimum deposit of $5 and a minimum withdrawal of $1, at this point, there is no maximum withdrawal.

The withdrawal process is a very quick and efficient process, as most withdrawals take only a few hours to make into a customer's account. As opposed to most sportsbooks taking 1-3 days for payouts to go through, this product does set itself apart in that category.

Deposit Methods

• Online banking

• Wire transfer

• Cash Cage

Withdraw Options

• Online banking

• Cash Cage

Accepted Currencies

• USD

Customer Service And Support

Asides from the actual betting aspect, one of the more impressive features of the Prophet Exchange app is its customer service. Customers can contact the support team in three ways, including over the phone, through a live chat, or through the customer support email.

The customer service team is available from 10 AM ET to Midnight ET daily, so customers have a big window of time each day they can get in contact with someone directly. Users just need to scroll to the bottom of the home page, where they will find the “Help & Contact” link, and from there, they will find the phone number, email, and live chat box.

If a customer feels as if they would like to solve the problem without speaking with someone, they can also utilize the helpful FAQ page found on both the app and website. Since the idea of betting exchanges is fairly new to U.S. bettors, a lot of questions may arise while using the product, and there is a good chance a solution can be found quickly from the FAQ section.

Responsible Gaming Tools

Regardless of how different the Prophet Exchange app is from traditional sportsbooks, the inclusion of responsible gaming tools is still essential. This product has an excellent page full of resources for gambling problems and allows customers to set up multiple facilities to help monitor betting amounts. Bettors have the option to keep track of all their transactions in the app while also setting deposit, wager, and time limits.

If the limits are not enough, bettors can also set up self-exclusion periods from the app or fully close their account for good. Other tools found on the app include gambling problem hotlines and websites, along with helpful tips to remain a responsible gambler.

Mobile Betting With Prophet Exchange

The idea of a betting exchange may be a foreign concept to most sports bettors since this is not common in the U.S., but the Prophet Exchange app does an excellent job making that transition smooth for bettors through its easy-to-use app. The layout of the product makes finding events very simple while also making the entire concept of peer-to-peer betting an easy-to-learn idea.

Aside from its easy-to-navigate tabs and well-designed betting features, we also experienced no responsiveness issues throughout our time with the product. Under a stable internet connection, we were able to switch around from different pages and our betslip without having to worry about crashing or freezing.

With a concept that could be considered foreign, this app does an excellent job of giving bettors a smooth betting experience while also simplifying the process of setting a market, either pre-game or live. For customers who are not interested in gimmicks or elaborate home screens, this product would be a good place to start.

Downloading The Prophet Exchange App

The Prophet Exchange app can be found and downloaded from either the App Store or Google Play Store. Right now, only residents of New Jersey can legally register for an account once downloaded, but more states are expected to be added very soon, including Indiana, within 2023.

On the App Store, this product has a 4.4 out of 5-star rating across 63 reviews, and on the Google Play Store, the app has a 4.7 out of 5-star rating. The product is also listed as having over 1K downloads on the Google Play Store at the time of writing this.

Web Platform

The Prophet Exchange app does have a website, but it cannot be used for wagering or finding events. Currently, the website just features information about the product, including how betting exchanges work, how to set up an account, some helpful links, and access to contact the customer support team.

Since you cannot wager directly from the website, we did not spend a large amount of time on the platform; however, in our time using it, we experienced no issues with stability or responsiveness. The website was very easy to navigate, and it was helpful in terms of learning more about the product and getting comfortable with the idea of a new way to bet on sports.