Prior to June 2018, sports betting wasn’t even legal in the State of New Jersey. But as of November 2022, NJ sports bettors can place their wagers on more than 20 legal and trustworthy online sites and mobile apps. If you are new to sports betting or are simply looking for another place to play and you live in New Jersey or visit the state frequently, picking one betting site over another can be a daunting task. But that’s why we are here to help. Why not choose a site that we guarantee is different from any other online sportsbook in the market – Prophet Exchange!
Prophet Exchange is licensed and regulated by the New Jersey Division of Gaming Enforcement. However, it is one of the newest NJ online sportsbooks, so most of you might not have heard of it. Prophet Exchange launched on August 29, 2022, just in time for the 2022-23 NFL and NCAA football season. However, prior to its launch in the US, it existed as a UK betting site.
Prophet Exchange is different from traditional sportsbooks. It is the first peer-to-peer sports betting exchange to open in the US. Instead of trying to beat the house using the betting odds the sportsbook has already set, you bet against other bettors. Also, if you don’t like an existing line, you have the option to propose a different line.
Currently, New Jersey is the only state where Prophet Exchange is available. However, the site has already received approval to open in Indiana, which will be the second state to offer it. Prophet Exchange Indiana is expected to launch by early 2023, with other states to follow.
But if you’re a New Jersey player, you don’t have to wait. This comprehensive Prophet Exchange review will describe how this innovative sports betting site works. We will also show you how to get started, using our convenient “Claim Bonus” tab (since no Prophet Exchange promo code is provided) to access one of the best new user risk-free bets on the market.
What is the Prophet Exchange Promo Code?
|Bonus Code||None needed. Click on our “claim offer” tab|
|Free Bet Amount||$250 risk-free bet|
|Valid states||New Jersey|
|Last verified||November 2022|
All new Prophet customers can claim a generous welcome bonus as soon as they make their first successful deposit of at least $10 and place their first bet. If your first wager loses, Prophet Exchange will credit your account with a risk-free bet up to $250. This offer applies to New Jersey players making their initial deposit only and is valid through December 31, 2022. No special promo code or bonus code is necessary.
Prophet Exchange $250 Free Bet
In order to get the maximum possible bonus of $250, you will need to bet $250. But if that is more than you can afford or wish to deposit, you can make a smaller deposit and still qualify for a bonus. For example, if your initial loser bet is $100, you will receive a bonus of $100.
The bonus comes with a minimum deposit of $10 and your first bet must end up losing. For example, if you place a first bet and it wins, you won’t get a bonus. However, any initial bet up to $250 that ends up to the bin is reimbursed. You can place a second bet hoping to get it right this time. Although the free bet credits are not withdrawable, any winnings are.
All money lines, point spreads, and totals markets offered on Prophet Exchange are eligible, as long as you don’t bet both sides of the same game.
How to Claim the Prophet Exchange Welcome Bonus
This Prophet Exchange bonus offer is too good to miss out on. Simply follow these four easy steps and the bonus is yours!
- Visit prophetbettingexchange.com on your web browser or by downloading the Prophet Exchange mobile app for iOS or Android.
- Click on “Register” in the upper right-hand corner of the homepage and complete the registration form.
- Make an initial deposit of $10 or more up to $250 and place your initial wager.
- You will get a second chance if it losses, or you get to keep any winnings.
Prophet Exchange Free Bets No Deposit Promo Code
Prophet Exchange does not currently offer any free bets just for signing up that don’t require a deposit. Very few online sportsbooks do and you can find them here.
How to Use the Prophet Exchange Promo Code
As mentioned, no Prophet Exchange promo code is necessary to claim the welcome bonus at this sportsbook. Anyone who is 21 years of age or older who can place wagers in New Jersey is welcome to apply for an account and, upon acceptance, make an initial qualifying deposit and bet. You should then get the bonus automatically if your first bet loses. However, to ensure that you get it, we recommend clicking on our “Claim Bonus” button. Also, keep in mind that the free bet initially comes in the form of a site credit, not withdrawable cash. You will only be able to withdraw any associated winnings and not the $250 free bet.
But first things first. You will need to download the Prophet Exchange app or, if you prefer, visit the Prophet Exchange website, and then click on “Register” in the upper right-hand corner of the homepage and complete all of the information requested. The form is similar to what you will find at any New Jersey online sportsbook, so will need to provide all of the following:
- First and last name
- Email address
- Username and password
- Home address
- Phone number
- Date of birth
- Last four digits of your Social Security Number
In addition to all of the above, to provide an extra measure of security, you will need to satisfy the site’s two-factor authentication requirement, which is now mandatory at all NJ betting sites.
Prophet Exchange will then open an account for you. As soon as you make your first deposit, you can start betting. You will also receive your 100% risk-free bet up to $250 if your first bet is a loser.
What states can use the Prophet Exchange promo code?
Prophet Exchange’s multi-year partnership with Caesars Entertainment has facilitated its entry into the US market. As of today, Prophet Exchange is only available in New Jersey.
However, it has also been granted market access in Indiana, which will be the next state to offer it. Other states such as Pennsylvania and Michigan, where legalized online sports betting has taken off in a big way, are likely to offer Prophet Exchange down the road as well.
Prophet Exchange Bonuses and Promotions for Existing Players
Because Prophet Exchange is very new, it is still a work in progress. Therefore, existing users should not expect the site to offer as many bonuses and special promotions as more established sports betting sites. That said, here is another promotion that existing New Jersey users can take advantage of at this time.
Exchange the Love Refer A Friend Program
If you have friends who you think would enjoy Prophet Exchange, don’t just tell them that you use the site. Invite them to join, too. You and each friend who accepts your referral and signs up will get a $50 bonus! Prophet Exchange lets you refer up to 50 people, so if you have a lot of friends, you can snag some serious bonus cash.
Of course, you should only invite friends who are 21 years of age or older and can bet online in New Jersey. They don’t need to be New Jersey residents, but they do need to have convenient access. Otherwise, they won’t be permitted to play. Do not invite anyone with a gambling problem.
Referral Bonus Terms and Conditions
Each time you wish to claim the referral sportsbook offer, simply click on the “Exchange the Love” banner and send the sign-up link, which is your email address, to a friend to use to register. No other promo code is needed, and the offer is valid through December 31, 2022.
After your friend uses your email to create an account, he or she has up to 14 days to deposit at least $50. Then, within 72 hours, you both receive a $50 site credit!
However, before your friend will be permitted to withdraw either the bonus itself or any bonus-related winnings, there is a wagering requirement of 1x the bonus + the deposit. Since the free bet for existing users is fixed at $50, tell your friend to only deposit the $50 minimum, so the offer remains a 100% bonus. There is no advantage to either of you if the deposit is more than $50.
In your case, the wagering requirement to clear the bonus is presumably just 1x the bonus or $50 although it is not clearly stated in the terms and conditions. The terms and conditions also fail to state what time limit, if any, applies for clearing the bonus.
Prophet Exchange does not offer “daily odds boosts” on select wagers like some other leading sportsbooks. But, instead of being offered potentially better odds by the sportsbook, Prophet Exchange New Jersey users have the option with all of their wagers to accept odds they prefer set by other bettors or propose their own odds. So, in effect, they have the potential to get even better odds than they would find at a traditional sportsbook.
At this time, other than charging “VIPs” a lower commission on winnings, Prophet Exchange does not appear to offer a loyalty rewards program. However, implementing such a program in the future could be just what is needed to remain competitive with the top betting sites. Based on the already existing partnership with Caesars Entertainment, it would make sense to include Prophet Exchange in the highly acclaimed Caesars Rewards program and offer the opportunity for its players to earn Caesars Reward Credits and Tier Credits based on their play just like Caesars Sportsbook players.
Prophet Exchange Promo Codes Reddit
We have checked relevant threads for possible promo codes for you to use on this site to claim additional or larger bonuses, but we couldn’t find any. However, don’t let the lack of promo codes on this site concern you since they expire often and would not offer any additional benefits beyond what you are already getting.
Prophet Exchange Information
Prophet Exchange is a peer-to-peer sports betting exchange where users can either offer betting odds for other players or place bets at currently available odds. This special feature is unique to Prophet Exchange. No other sportsbook in the US offers it.
Prophet Exchange Advantages
At Prophet Exchange, you never have to settle for odds you don’t like. This is not true at a traditional sportsbook, where the house sets the odds and, except for teasers and odds boosts, you have no say in the matter.
Prophet Exchange offers better prices on your point spread and over-under wagers, too. Traditional sportsbooks make their money with these bets by adding what is known as “juice” or a “vig” (typically 10%) to the cost of your bet. The sportsbook keeps this extra money on all losing wagers. But at Prophet Exchange, instead of having to lay -110, all point spread and totals bets are placed at even (+100) odds. So, you save these extra costs, which can be substantial over a long football or basketball season. Winners have to pay a small commission, but it is less than what the vig would be.
A third great reason to make Prophet Exchange your go-to online sportsbook is that winners never have to worry about having their action limited or restricted. All bets are made person-to-person, so the sportsbook does not need to worry about not being able to pay all of the winners. It is able to stay afloat with the small commission it takes on winning bets.
Prophet Exchange Disadvantages
Unfortunately–at least for now– Prophet Exchange only has a gambling license to operate in New Jersey. So, until it is able to open in other states, many sports bettors who would be interested in joining are out of luck.
Another disadvantage is that the betting markets are limited to the following major sports: NFL, NBA, MLB, NHL, and NCAA football and basketball. In addition, your only betting options are moneyline bets, point spreads, and over-under bets (totals).
Moneyline wagers are simply on which team or player you pick to win outright. If you bet on the favorite. because the probability of winning is greater, the odds are less favorable. If you bet on the underdog, the probability of winning is lower, but you get better odds.
Point spread lines are based on the margin of the victory. In order to cash a bet on the favorite, the team not only has to win but by at least the designated number of points. If you bet on the underdog, as long as the team doesn’t lose by the designated number of points or more, the bet is a winner.
Prophet Exchange allows both advance betting and live (in-play) betting. However, you cannot bet parlays, teasers, or props.
Software and Betting Ease
Prophet Exchange can be readily accessed on any Apple iOS or Android mobile device that is currently in use, as well as online. The app for iOS devices has a rating of 4.9 stars and is available from the App Store, while the betting app for Android devices has a rating of 5 stars and is available from the Google Play Store.
The app has a slick and minimalist design that doesn’t jump out at you with a medley of bright colors and eye-catching images, but instead, is very pleasing to the eye, If you’re content with a site that won’t wow you, the simple, uncluttered layout and mint green, navy, and white color scheme should appeal to you.
You can use the Prophet Exchange app to check lines, place bets, and see how much money has been wagered on each event. The site is easy to navigate with the different events listed by sport. After you select the sport that you’re interested in, you will be taken to the betting screen where you will see all of the currently available choices of odds for each moneyline, spread, and over-under bet. Or, if you prefer, you can offer your own odds and wait for another user to bet the other side.
Like all other sportsbooks, Prophet Exchange uses built-in geolocation software to ensure that all wagers placed on the site are within state borders. Be sure to turn geolocation software on when you open the app or use the website for the first time because it needs to be working in order to place your bets.
Prophet Exchange Payment Methods
In order to qualify for the welcome bonus and start betting on the site, you will need to make a deposit. Prophet Exchange accepts the following deposit methods.
- Credit and debit cards*
- Wire transfer*
- Online Bank Transfer (ACH) via Trustly
- Cash at the casino cage at Harrah’s Casino, Atlantic City
*Not available for withdrawal
Unfortunately, the only methods for withdrawals that Prophet Exchange currently accepts are the following:
- Online Transfer (ACH) via Trustly
- Cash at the casino cage at Harrah’s Casino, Atlantic City
We were unable to confirm any other banking options at this time. Most legally operating US sportsbooks offer their users a bigger variety of banking methods, including e-wallets such as PayPal and Venmo and prepaid bank cards. However, all of the permitted financial transactions except for cash deposits and withdrawals can be completed safely and easily online or on your mobile device.
The information in the Prophet Exchange FAQ section states that the minimum deposit is only $5 and the minimum withdrawal is only $1. However, the minimum deposit to qualify for the welcome bonus is $10 and the minimum deposit for referred friends is $50. If you have any questions about minimum and maximum deposits and withdrawals or whether the method you wish to use will be accepted, we recommend that you contact customer support via live chat or email directly.
How does Prophet Exchange compare with other sportsbooks?
Even though Prophet Exchange is one of the newest sites to enter the US market and is therefore relatively untested, users can rest assured that this sportsbook is 100% legitimate, handles your money safely, and treats its customers fairly. Its long-term partnership with one of the largest and most respected sports operators in the world, Caesars Entertainment, adds credibility to the site and should remove any doubt that it is a viable addition to the New Jersey sports betting landscape.
We feel that its unique betting features are better suited to experienced bettors who are knowledgeable about the teams and how to differentiate between when the odds are and are not in their favor. Beginners should probably stick to a traditional sportsbook initially because the variety of different lines on the same games might confuse them. Also, they will be able to dabble in fun bets like parlays, teasers, and props to their heart’s content, which they cannot do here.
Here is a quick summary of the various Prophet Exchange pros and cons to help you decide if it is the right sportsbook for you.
- Generous risk-free betting bonus code without market restrictions
- Refer A Friend bonus
- Access to better odds than at traditional sportsbooks and the ability to set your own betting odds
- No vig on spread bets and totals
- No limits imposed on winning players
- Currently only available in New Jersey
- Betting markets only include major sports.
- Limited betting options
- Limited banking options
- No phone customer support
Risk-Free Bet vs the Expired Match Bonus on Prophet Exchange
Prophet Exchange offered players a 50% deposit bonus up to $250 before switching to the current risk-free bet promo code. That’s a change which has created conflicting thoughts within our team.
Most sportsbooks offer first-time depositors a risk-free bet up to the amount of their deposit. Many customers like these offers, particularly when the sportsbook offers a high cap such as $1,000 or more. If the bet loses, the customer can then use the site credit in the same amount to make another bet.
However, in order to receive the site credit for the free bet, the first bet must lose. Then, the free bet must also be a single bet. But if that bet wins, the sportsbook only pays the winnings, not the cost of the bet. This means that the customer is still out of the juice or vig.
A deposit match bonus that you can bet as you wish and is not contingent on losing the previous bet is a much better offer.
This makes the new Prophet Exchange promo code slightly less favorable. However, the current risk-free bet provides 100% value, which was 50% previously.
Prophet Exchange Promo Codes Summary
Prophet Exchange is off to a good start in its one state, New Jersey, but like any new business, there is room for improvement. Prophet Exchange needs to open in other states and offer more betting markets, betting options, banking methods, and promotions and rewards for existing players to help secure its place in the highly competitive sports betting industry.
With that being said, Prophet Exchange is the first p2p betting app in the US, where you can legally bet with house money. Using the latest Prophet Exchange promo code is a must if you are keen on betting against other players.
Do I need a promo code to receive the Prophet Exchange bonuses?
No promo code is necessary to access the Prophet Exchange offers.
Can I bet on Prophet Exchange on my mobile device?
Yes, if you own a currently supported Apple iOS or Android device, you can use it to bet at Prophet Exchange. The Prophet Exchange app for iPhones and iPads is available from the App Store, while the app for Android phones and tablets is available from the Google Play Store.
Does Prophet Exchange support responsible gambling?
Yes, Prophet Exchange has learned from its mistake of not adequately addressing this important area in its UK operation. Helpful suggestions for managing your activity on the site are included in the FAQ section. Alternatively, anyone with a gambling problem who needs further help is advised to call 1-800-GAMBLER.