NO PROMO CODE REQUIRED
Dave Bonderoff
Something new and something fresh has arrived in the New Jersey legal sports betting industry. Prophet Exchange launched the nation’s first peer-to-peer wagering exchange in the Garden State during the summer of 2022, hoping to take on the big dogs in the New Jersey scene and ultimately change the way that players conduct their sports betting business.
Prophet Exchange’s wagering twist allows users to set their own odds for a given sporting event… or to seek a bet with odds that they think are of value to them. There are no sportsbook oddsmakers involved, meaning less commissions going to the sports betting provider. In turn, odds can be more favorable on the Prophet Exchange platform and users are provided “more value” for their betting dollar.
Our Prophet Exchange review is here to provide more details on just how the peer-to-peer betting exchange works and how to access the Prophet Exchange wagering experience. We will also break down the site’s bonuses and promotions, where the platform is available, how to sign up for Prophet Exchange, the company’s banking options, site security, the look and feel of the product, the list of sports to bet on, their bet-type menu, customer service options, and more.
Betting exchanges are a relatively new idea in the North American iGaming market. There are a couple of companies that have launched with a similar wagering model, but have failed to gain much traction. Prophet Exchange, thanks to an agreement with Caesars Entertainment, hopes to change all of that with a higher-profile partnership deal to provide their services in one of the most successful sports betting jurisdictions in the country, New Jersey.
Prophet Exchange allows users to bet against each other, not against the house, as they do with the traditional sportsbook model. Users are able to post their own odds for a given match in the hope that they attract some action from another punter on the site. Those same users also have the opportunity to shop current odds posted by other users and take a bet that seems like good value to them.
It is a more social, “peer-to-peer” form of sports betting, and one that promotes better overall odds, and ultimately better value for users on the Prophet Exchange site. The company simply takes and holds onto wagered funds and awards them to the winner of a bet, while withholding a small 2% fee.
Could betting exchanges take over the traditional sportsbook model in the U.S. market? It’s highly unlikely, but Prophet Exchange promises to add some competition as well as intrigue in the bustling New Jersey gambling scene.
Prophet Exchange has taken some cues from other successful sportsbooks in the U.S. market by making it extremely easy to sign up for their sports betting product. To do so, just click on any of the links on this page to take you to Prophet Exchange and from there, dedicate about 3-5 minutes to complete the sign-up process. New customers will be required to provide the following personal details:
After that, just agree to the terms and conditions, confirm that you are of legal age to gamble in New Jersey, and confirm that the information you provided is correct. If Prophet Exchange can successfully verify your information, your account will be ready for immediate use! It’s that simple!
All users must be 21+ in order to sign up. You can register from anywhere but must be within New Jersey state lines to place a bet.
Now comes the time in our Prophet Exchange review where we tell you whether or not the site is legit. Prophet Exchange, through a key partnership agreement with Caesars Entertainment in New Jersey, has cleared stringent regulatory hurdles and scrutiny by the U.S. sports betting behemoth itself. Prophet Exchange also satisfied regulators and licensees in the Garden State, which finally came in the summer of 2022.
As with nearly all global sports betting providers, Prophet Exchange uses elite 256-bit encryption technology to keep your personal and banking information safe. Any worries about the legitimacy of Prophet Exchange were quickly erased for us, when we saw the Caesars name backing the product and the fact that regulators in the elite New Jersey sports betting industry signed off on their betting exchange model.
What about the overall look and feel of the Prophet Exchange platform? Our Prophet Exchange review is here to reveal the good… and even some of the bad of their overall sports wagering experience. As a new way of betting in the North American scene, it is not a total shock to see some positive, and some negative aspects of the service.
You can enjoy the Prophet Exchange experience on both desktop and mobile devices. We found that there isn’t much difference between the desktop and mobile versions of the sports betting product. That’s a good thing, and the overall accessibility of the brand is good as well. We were able to easily find Prophet Exchange on our favorite browser as well as the typical downloading destinations. The desktop site provided us with links to the App Store for those hoping to take part using their iOS device and the Google Play Store for Android users.
As far as the visual appeal goes, we were slightly disappointed by the simplicity and the lack of “flash” that Prophet Exchange has brought to the New Jersey market. The platform does have clean and modern touches, but overall, the graphics are rather “vanilla” when compared to the rash of competition that the platform faces in the impressive statewide market.
Prophet Exchange is simple, but resembles more of a financial services platform rather than a sports betting product. The simplicity of the site does, however, benefit users in the navigation and usability department. While minimalism does hurt the site’s visual appeal, it also makes it much easier for new players to get accustomed to. Directions within the site are clearly laid out, easy-to-follow, and a terrific compliment to a new betting idea going up against big-name brands on the traditional side of legal sports betting.
For what it is worth, the App Store gives Prophet Exchange a 4.9/5 rating. It is obvious that users on the site love what the provider has to offer, and care little about what our Prophet Exchange review found to be an underwhelming visual experience!
As a new site in the New Jersey market equipped with a new peer-to-peer betting concept, Prophet Exchange does not quite boast the extensive menu of sports featured on other, more traditional sportsbooks in the New Jersey iGaming industry. In fact, our Prophet Exchange review identified a skeleton list of sports with which users can bet on. That said, all of the major North American sports and ones of most interest to bettors in the New Jersey market are covered. The current list of sports to bet on at Prophet Exchange includes:
The betting exchange model is a popular one in Europe and features a host of international soccer action, as well as some less-popular sporting options. It remains to be seen if Prophet Exchange in New Jersey will adopt some of those international sports. But the template to do so exists, making an expansion of their betting menu a distinct possibility.
Of note, our Prophet Exchange review included NCAAB and NCAAF on its list of sports. New Jersey does restrict betting on in-state college teams like Rutgers… for now. Out-of-state NCAA betting is permitted and supported by the Prophet Exchange brand.
The full list of ways that players can bet with Prophet Exchange is fairly barebones, and something that we hope is expanded in the near future. Similar to the site’s sports betting menu, our review found just three betting options offered by the brand. Obviously, with a 4.9/5 rating at the App Store, it hasn’t bothered users in the Garden State just yet.
The three betting options available for each game or event listed on Prophet Exchange will include:
Traditional sportsbooks operating in the New Jersey market offer double, and sometimes triple the bet types to their clientele. But for the most part, Prophet Exchange has done a reasonable job of covering the absolute basics.
The only major bet types absent are player props, futures, teasers, and parlays, all of which are extremely popular in the American market. Whispers are that a future expansion of the bet type menu will include at least one of these betting options. So, while running with a skeleton list of bet types, we found that what Prophet Exchange does in terms of their wagering options, they do well. We hope that the betting options will expand soon in order to put the site on par with the rash of competition it is facing in the highly-competitive New Jersey sports betting space.
Financial motivation for the betting public has become a cornerstone of the industry. Unfortunately for active Prophet Exchange users, there aren’t going to be many offers waiting for you in the promotional department. The only promotion currently up for grabs at Prophet Exchange is the site’s Refer-a-Friend bonus program.
Prophet Exchange’s Refer-a-Friend bonus is a referral program offered by the brand as a way to attract new customers while also rewarding active users. Anyone who already has an account with the site can share their exclusive referral link by clicking on the ‘Exchange the Love’ button found within the promo page. This will pull up an email that you can then send to any of your friends, family members, or acquaintances – the possibilities are endless! Once they’ve received your email containing your referral link, they must follow these three steps to ensure you both receive your referral bonus:
That’s it! Once the friend or family member you referred makes that initial deposit, both of you will have a free $50 in bonus cash added to your Prophet Exchange account within 72 hours. Each individual user can take advantage of this promotion up to 50 times per year, allowing the player to earn up to $2,500 simply by spreading the word! Keep in mind that you will need to wager your $50 bonus at least 1x before it can be withdrawn, and it will expire if this requirement is not met within 7 days.
The site also offers a Prophet Exchange VIP/Rewards program. VIP programs are becoming more common in the North American gambling industry. Prophet Exchange smartly gets ahead of the curve with their offer to provide their users extra value simply by being a VIP of the brand. VIP status at Prophet Exchange is determined solely by your play, and nothing else. Both winning and losing bettors are treated equally, as the site does not prioritize either as many other competitors do.
VIP bettors won’t have any limits on the amount they can wager on a specific game or event, which is easily the most notable perk of the program. We do hope to see Prophet Exchange add more incentives or expand a bit on how exactly players can become a VIP, as the site contains very little details on the program beyond what we’ve provided. In any case, the Prophet Exchange VIP program is still a lot better than what most sportsbooks are currently offering, and we definitely appreciate the site’s efforts to give back to its loyal players.
Banking options, or lack thereof is where Prophet Exchange starts to show its inexperience in the market. While much of its competition in the New Jersey market are striving to make more deposit/withdrawal options available, we were only able to identify 3 ways in which customers can fund their accounts.
They include:
Prophet Exchange is seriously lacking a comprehensive list of ways to fund wagering accounts, from the most traditional to the increasingly popular electronic methods. It is a bit of a head-scratcher to see no credit card options and zero e-wallet methods such as PayPal or Neteller available on the site. Hopes are that the company can expand their banking offerings sooner rather than later… or risk being left behind by traditional sportsbooks with much better banking options.
There is a typical $10 minimum requirement for both deposits and withdrawals. Deposits are instant as expected, while withdrawal times can vary but generally take 3-5 business days – all of which are pretty standard in the New Jersey legal sports betting scene.
As a newer company with an original twist on sports betting, we were hoping to find an accessible list of customer service options offered by Prophet Exchange. The brand is clearly taking its customer service very seriously, offering a comprehensive list of different ways to solve any issues that might arise. Players can feel free to browse the site’s extensive FAQ section or reach out to a live representative if their issue requires further assistance:
Four customer service options are about as good as it gets in regard to legal sports betting providers. From our tests, we felt that all of Prophet Exchange’s customer service agents were friendly and knowledgeable. Emails and messages were returned promptly and satisfactorily. We hope that in the future Prophet Exchange will expand its live chat feature and make it available 24/7, but for now it definitely gets the job done.
