Prophet Exchange Review 2022 – is Prophet Exchange Legit?

Is Prophet Exchange a reliable sportsbook?

Unfortunately, Prophet Exchange is restricted in your area.
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Looking for a new and unique way to bet online in New Jersey? If so, you’re going to love what’s in store in this Prophet Exchange review here at TheGruelingTruth.com!

Rather than being a traditional sportsbook, this is a peer-to-better betting exchange. This means that you have the choice between betting on the fixed odds set by the house, or by betting and setting odds for other users. This is a new online betting concept that we truly believe is worth getting excited about.

Prophet Exchange: Pros & Cons
  • Unique way of betting
  • Better odds
  • Deposit match welcome bonus
  • No limits on players
  • No props or parlays

Prophet Exchange bonus offer - 100% up to $200

Traditional online sportsbooks and casinos in the US and across the world have always offered some form of bonus to new customers. It helps them to gain new players ahead of the competition, and for us as consumers, we get a little something extra to get us started off.

As we said at the start of this Prophet Exchange review, this is a unique betting site that is unlike any sportsbook that you have likely seen before. But does that mean that Prophet Exchange therefore isn’t going to offer a bonus to its new members? Absolutely not! Quite the opposite in fact – if anything the Prophet Exchange bonus is better than what is currently being offered by your more traditional sportsbooks.

With the current Prophet Exchange welcome offers, you can get a 100% deposit match worth up to a potential $200. The bonus has a very low wagering requirement, as you just have to play through the amount once over within a 30 day period. Once your qualifying deposit has been made, it should appear in your account within 72 hours.

Usability, look and feel - a unique site for a unique product

First of all, let us start things off by saying that Prophet Exchange is nothing like the traditional sportsbook that we described for you in our Hollywood Casino review. We’ve already explained in this Prophet Exchange review that the product and service are totally different when compared to a traditional sportsbook. Now, we can also inform you that the look and feel of the site are completely different as well.

The site has a unique yet modern look that is more akin to a traditional exchange or financial services site than a sports betting operator. It’s extremely neat and has a white background with black text – pretty standard. The only splashes of color come from the mint green and sky blue of the icons and logos.

As a result, the site is very minimalistic and extremely easy to follow – and it’s also totally inoffensive on the eye as well. The only criticism that we could draw here is that the design is perhaps a bit too minimalistic and lacks the dynamism and excitement that some people like to see on sports betting sites.

At the end of the day though, usability and functionality of the site are the two most important factors, and Prophet Exchange certainly isn’t lacking in either of these departments. Everything is super easy to find and the unique betting concept is explained very succinctly on the site. Overall, we agree with most other Prophet Exchange reviews from active users who have praised the site.

Prophet Exchange mobile app

As well as the website that we covered above, there is also a downloadable Prophet Exchange app for both Android and iOS devices. The app offers a streamlined and efficient service that can do absolutely everything that the website can. The app will use geolocation technology to ensure that you are in a state where Prophet Exchange is legal, so make sure that you have your location switched on when using the app. Once again, this is a fairly unique app and the one found in our Jock MKT review is the only thing that comes even remotely close.

Payments - it’s easy to fund your account at Prophet Exchange

When it comes to the amount of deposit and withdrawal options available to you at the moment, our Prophet Exchange review found the options to be a bit limited. At the time of writing, deposits can be made using either online banking, wire transfer, or by paying cash at the cage in Harrah’s Casino in Atlantic City. We would ideally like to see some form of e-wallet and/or prepaid card options made available. We have it on good authority that such payment methods should be introduced sometime in the near future.

When it comes to the deposit conditions, the minimum amount is just $10 and all deposits should be processed instantly. The maximum deposit amount varies depending on the payment method that you choose. Wire transfer deposits have the highest limit, but large amounts could result in a longer processing time.

For withdrawals, the minimum amount is just $10 and no fees will be charged from Prophet Exchange’s end. However, we should use this section of our Prophet Exchange review to remind you that some banks may charge fees at the other end. Additionally, there are also banks that won’t allow you to fund a gambling account using their service. The processing time for all withdrawals is between three and five business days. For alternatives, our Pulsz review found faster processing times but offered a more rudimentary service.

Customer service - high Prophet Exchange ratings

The overall customer service was definitely a high point of our Prophet Exchange review, hence the high ratings. Being a relatively new concept for the US market, it’s vital for this operator to offer strong support, and thankfully they do. You can reach the Prophet Exchange customer services team seven days a week between the hours of 10am and 12pm. While we do ideally like to see at least one customer service channel open 24/7, we didn’t let this fact set back our Prophet Exchange review and ratings    too much.

You can reach the Prophet Exchange team via a variety of different channels, including telephone, email, and live chat. Additionally, you can also fill out a digital form with a maximum of 500 characters on the website. There’s also an amazing help center that works excellently to handle all of your most basic queries. What we also liked to see is that the physical address of the headquarters is also listed on the site. This level of transparency helps to build trust with the company. Overall, a great level of friendly and professional customer service – just what we like to see!

Licensing and regulation - is Prophet Exchange reliable?

This might not be the most exciting and glamorous section of our Prophet Exchange review, but it’s definitely among the most important. We’re pleased to inform you that Prophet Exchange is indeed 100% legit and safe to use for players aged 21 and over who are physically located in New Jersey. Prophet Exchange is based in Hoboken, New Jersey and has a valid license from the New Jersey Division of Gaming Enforcement (NJDGE). This was the first online gambling license to be created in the US and remains one of the best to this day.

However, the downside to this is that the site currently holds no other state licenses, meaning that you cannot use the site or app when physically located outside of NJ state borders. As we said earlier in this Prophet Exchange review, both the app and website use geolocation technology to enforce this, and you won’t be able to play if you have your locator switched off – this applies to both mobile and desktop devices.

Is Prophet Exchange secure?

Prophet Exchange appears to be an operator that has everything in place to keep your personal and financial information safe and secure. They don’t accept card or e-wallet transactions, meaning that everything is handled safely and securely by the banks. While this does mean that you do have to hand over your details to Prophet Exchange, we checked their privacy policy and everything seems to be fair.

All accounts must be verified before you can play to ensure that no minors are able to use the site illegally, Prophet Exchange takes responsible gaming very seriously. Your account is password protected and you can also enable an auto-lock feature on the app to help secure your account should you lose your phone or give it to someone else.

Rewards and loyalty program - Prophet Exchange VIP

You have perhaps read plenty of Prophet Exchange reviews waxing lyrical about the awesome welcome bonus, ourselves included. However, most others seem to miss out the fact that there is also a VIP program available to you. It might not be the most obvious thing to find, but we can assure you that it is there!

Prophet Exchange’s VIP program is extremely exclusive, as VIP status is given out on a selection-only basis based on your betting volume and activity on the site. The main perk of becoming a VIP is that a percentage of the commission will be waived for you, giving you better value for your bets.

When you use the odds offered by another player, rather than those offered by the sportsbook itself, Prophet Exchange takes a commission rather than the vig that it would take when setting its own odds as a bookie. VIPs will have this commission reduced. Once again, more unique elements have been discovered in our Prophet Exchange review!

Prophet Exchange review – refer a friend bonus

As well as the welcome offer and VIP program, Prophet Exchange also has an excellent refer a friend bonus scheme. And because this is a site with no limits on the number of players that it can host, you can claim this bonus as many times as you like! In order to claim this bonus, simply get a refer a friend bonus and give it to your friend. If they then successfully sign up to the site using your link, you will each receive a $50 bonus.

Prophet Exchange Sports Betting

Betting markets - same sports, different approach

Our Prophet Exchange review found that this site has all of the same sports as a regular online bookmaker. You can bet on the likes of football, basketball, hockey, baseball and plenty more. Where the difference comes is in the way that you bet, as you have two choices. You can either go down the traditional route and accept the house odds, or you can request your own and see if a player accepts the opposite bet. We’ll explain more about how this works in the odds section below. The only downside that this unique approach brings is that props and parlay bets are not available. However, it’s definitely not out of the question that the concept could be developed to include such things.

Odds - take the house odds or choose your own

As we said in the previous section of this Prophet Exchange review, the odds are at the center of what makes P2P betting unique. Let’s say you wanted to bet on the Ravens to win, and the house is offering you odds of +120. You can either choose to place a bet at those odds, just as you would at any other online sportsbook, or you can request your own odds. In order for you to be able to place the bet at your desired odds, someone has to accept the opposite bet. For example, if you wanted to bet on the Ravens at +130 instead, someone would have to accept your bet by backing the opposition at -130. The odds are, of course, displayed in the American format as standard.

Live betting and streaming – 8-second delay for P2P

Some of you may already have been wondering if live betting is possible with Prophet Exchange’s P2P concept. Well, we’re happy to inform you that it is possible and, more importantly, that it is available. To account for the unique nature of P2P betting, all live bets are subjected to an eight-second delay that is to be managed by the player. According to the terms and conditions, Prophet Exchange accepts no responsibility for unmatched wagers during live events. While it can be both exciting and interesting, this is definitely not something that we would recommend for newcomers to the site, even those with regular live betting experience.

Limits - no maximum on site users

Aside from its unique sports betting concept one of the other USPs of Prophet Exchange is that there is no limit on the number of players that the site can host. This is something that has been implemented and encouraged as more players means that there is more chance of matched bets being accepted. When it comes to monetary limits, the minimum deposit is $10 while the maximum varies between payment options. In accordance with responsible gaming, you can set your own deposit and wagering limits as well.

Product summary and conclusion - it’s worth a try

As we’ve stated throughout this Prophet Exchange review, this is a site that offers something new and unique. Therefore, if you’re bored of the status quo, then we would definitely recommend giving the peer-to-peer betting concept a try and Prophet Exchange. Added to that, the site is upfront and honest as well.

Prophet Exchange reviews FAQ

🤔What is Prophet Exchange?

Prophet Exchange is a very unique operator in the US and NJ online betting scenes. What makes it unique, you ask? It’s a good question, but it requires a fitting explanation, which is too much for this small online space. Instead, follow the link to our expert review of the Prophet Exchange NJ here at TheGruelingTruth.com.

🇺🇸 What states is Prophet Exchanage in?

You can find a full list of the available and forthcoming Prophet Exchange states by consulting our extensive expert review of the site. Just follow the link to find up-to-date information about Prophet Exchange for today.

❓How does Prophet Exchange work?

The Prophet Exchange is quite unique, however, it’s not actually that difficult to work when you know how. Discover a full guide on how to operate it by using our expert guide – just follow the link to TheGruelingTruth.com for more today!

Prophet Exchange review conclusion - a unique and exciting platform

While similar ideas have been used elsewhere in the world, the peer-to-peer betting available at Prophet Exchange is a completely unique take on it. Moreover, it’s the first time that anything like this has been launched in the US. We are pretty excited about it, and everything seems to be going well so far. We therefore also have hope that the site will continue to grow, develop and expand in the future. So to conclude our Prophet Exchange review, we would definitely recommend this operator for players in NJ!

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