BetProphet NJ Sports Betting Exchange Review

Disclaimer: BetProphet Sportsbook is not yet online in New Jersey. This review is speculative based on what is known so far and will be updated when BetProphet goes live. In the meantime, check out these recommended NJ online sportsbooks:

Rank
Sportsbook
Bonus
Features
Play
2
$1,500
Risk Free Bet
Up to $1,500 Risk Free Bet
Weekly Odds Boosts
Use Promo Code: LEGAL15
4
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100% Match On First Deposit
Up To $250 Bonus On Deposit
ONLY 1x Play Through!
Use Affiliate Code: PLAY250
5
$1,000
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Available on Desktop, Android & iOS  
To Claim: Click Play Now
6
$250
Risk Free Bet
Exclusive Offer:
$250 Risk Free Bet
Use Bonus Code: BETBONUS

BetProphet is a new peer-to-peer sports betting exchange that could hit the US market with a launch in New Jersey. The BetProphet model has a lot going for it, and we’ll see how it plays out in New Jersey. You can make or accept wagers against other sports fans, so you never make a bet against “the house,” and thus, you never suffer the house’s edge.

Alongside the sports betting exchange, BetProphet also offers PayPal banking, customer assistance and an app for using it while on the move. To find out more about this creative method of sports betting, read the rest of our BetProphet NJ review.

BetProphet sports betting exchange bonus code 2022

Because BetProphet isn’t yet live, we don’t know precisely what the welcome bonus will be. But, given the way other sportsbooks operate, we could see something like a matching welcome bonus up to $100. If a BetProphet bonus code is required, we’ll provide here.

Online SportsbookBetProphet Sports Betting Exchange New Jersey
Bonus codeTBD
Sign-up bonusTBD
Last updatedJune 2022

BetProphet welcome bonus — the fine print!

Again, because we don’t know what the bonus is, we don’t know exactly what the terms and conditions will be. However, as above, we can take an educated guess about what we might see:

  • Nobody younger than 21 can use BetProphet or receive the welcome bonus.
  • To get the bonus, you may need to make a minimum deposit, such as $10.
  • The bonus will have an expiration date, possibly as high as something like 30 days after receipt.
  • Players who have previously received a BetProphet promotion won’t be eligible for the welcome bonus.
  • You may need to meet a playthrough requirement.
  • There may be rules about the types of bets you can place with the bonus funds.

A lot could depend on the playthrough requirement. If BetProphet is looking to provide a fair, top-quality promotion, then it may well have a bonus that doesn’t have wagering requirements. Or it could have a low requirement like 1x. On the other end of things, the requirement could hit 20x or higher, depending on the type of bonus.

Can I trust BetProphet in New Jersey?

The company behind BetProphet is Prophet, a New Jersey-based entity under the guidance of Dean Sisun (CEO) and Jake Benzaquen (COO). It launched in 2018, and beyond New Jersey it has potential plans for Indiana. The company also has a multi-year agreement with Caesars Entertainment, one of the biggest names in the gambling sphere and one that is definitely trustworthy.

In addition, any sportsbook that operates in New Jersey must get a license from the state’s Division of Gaming Enforcement. Companies seeking a license must prove to the DGE that they are fair, that they have the security to protect their customers online and that they have resources for problem gamblers, among other criteria. Together these suggest that BetProphet is safe, secure and trustworthy.

Getting started at BetProphet sports betting exchange

Although BetProphet is a betting exchange, making it slightly different from other NJ online sportsbooks, it’s just as easy to sign up at:

  • Go to the BetProphet site and select the registration or sign-up button.
  • Fill in the details on the registration form — you’ll need all your personal information like date of birth, address, Social Security number, etc.
  • Create an account with a secure password.

Once you’ve done that, you can start taking and making wagers on the betting exchange. Add money to your account to get going properly — you can read about BetProphet’s banking options below.

How do I download the BetProphet NJ app?

To get the BetProphet app, follow these steps:

  • Go to the BetProphet site.
  • At the bottom of the main page, look for links to social media pages and apps.
  • Select either the iOS or the Android button.
  • Follow your device’s installation prompts.

Once you’ve installed the app, you’ll be able to use it as long as you’ve enabled geolocation to prove that you’re in New Jersey. Often geolocation services are automatically disabled in your phone’s settings, as this helps with privacy and security. Simply enable them and you’ll be good to play.

Where do I find BetProphet promotions?

Whether you’re using the BetProphet website or app, the promotions should be easy to find. As with most sportsbooks, you can find the promotions under the main menu. Simply select it, go to the promotions page and see what’s available. Because the site is not yet live, we’re not yet sure what exactly the promotions will be.

BetProphet loyalty program

A loyalty program is, in many ways, similar to promotions. Both typically require players to commit something, both then give players something in return, and usually, that’s a bonus or free bets. The similarity doesn’t end there, though. The details of both are similarly unknown to us at this stage because the BetProphet site hasn’t gone live. As soon as BetProphet NJ is live, we’ll have more info about its promotions.

Why should I choose the BetProphet Sportsbook app?

As the app is not yet live, we cannot yet say concretely what BetProphet’s positives and negatives are. However, there are a couple of positives about the betting exchange model in general:

  • More flexible options: Because BetProphet is a betting exchange and not a sportsbook, you may be able to get more flexibility in the size of the bets you can make. This means you can make some massive bets if you really want, and someone willing to risk just as much as you may take the other side.
  • No house edge: You may not have to worry about the vig at BetProphet compared to how traditional sportsbooks apply it.

What won’t I like about the BetProphet Sportsbook app?

As above, we can’t yet comment on the BetProphet app, but we can comment on some negatives about the betting exchange model in general:

  • Can’t always bet: Because placing a wager requires another bettor, you can’t always place the bets that you want. This is particularly true for smaller bets that might not interest people, or on smaller sports that equally don’t generate as much interest.
  • Unfamiliar format: This can make for a sharp learning curve for a lot of people. At first, this may mean that BetProphet won’t give you the same immediate, intuitive fun. You may have to take some time to learn the platform.

What kind of bets can I place at BetProphet NJ?

We’ve mentioned it a few times, but what exactly is a betting exchange? It’s a bit like a market, or an online auction room, but for bets. In the same way that eBay doesn’t sell products, a betting exchange doesn’t take bets. Instead, like eBay, it puts people into contact with one another, and they place bets together.

For example, you can create a bet on the exchange by offering certain odds on a certain outcome for a given game. You put that bet on the market, and if another customer likes it, that customer will take the other side. This means that there is no “house,” i.e., no singular entity that creates all the bets, collects all the losses and pays out all the winnings. Instead, players collect winnings from other players.

This doesn’t mean, however, that you can’t make all the same bets that you can at a standard sportsbook. You can, and you may be able to get better odds when doing so. Here are some of the main types of bets you can place:

  • Moneyline: Bet on which side will win the game. For instance, you might place a moneyline bet on the New York Giants to beat the New England Patriots.
  • Total: Instead of betting on which side will win, bet on the combined score of a game — specifically, whether the score will be over or under a given amount. For example, you might wager that the overall score of the Giants vs. the Patriots will be over 41 points.
  • Spread: Bet on one of the teams in a game based upon a points handicap. You either bet on whether a team will win by greater than its handicap or whether a team will lose by less than its handicap. The handicap is known as “the spread.” For example, you might bet on the Patriots to lose to the Giants by fewer than five points. In that case, you’d also win your bet if the Patriots won outright.

What are BetProphet’s odds like?

Normal sportsbooks have odds that the books themselves determine. Sportsbooks employ oddsmakers to scrutinize a wealth of data about teams’ performances and betting trends to set the odds and lines. Those odds and lines are what the customer gets.

A peer-to-peer betting exchange is not like this. There aren’t teams of oddsmakers creating the odds; there are bettors (fans) selecting what they think the odds should be, putting that bet out there, and seeing if someone will take it.

This means the odds can vary massively depending on who is creating the bets. Some fans might want to take more risk but have a greater return, so they might offer bigger odds. Some might be more conservative, and they may only ever offer bets with smaller odds.

Crucially, at a betting exchange, all bets are two-sided, by which we mean all bets have their equal and opposite. So, if one fan makes a bet for the Giants to beat the spread, another customer must take the opposite side.

Can I bet on the Giants at BetProphet?

Yes, you can bet on the New York Giants at BetProphet, along with all the other teams in the NFL. You’ll also be able to bet on college football, though not on New Jersey-based schools — Rutgers and Princeton won’t be available, for instance. What’s more, it doesn’t appear as if the in-state prohibition will change at any time in the near future. In November 2021, the residents of New Jersey voted by a margin of 15% to not expand sports betting to allow wagers on local colleges.

How do I get money on (and off!) BetProphet quickly?

When you’re ready to start wagering at BetProphet you’ll need to deposit. And, although BetProphet has a different betting structure compared to many other sportsbooks, its banking is similar. There will be options for you to use to deposit and withdraw, along with a minimum for each — usually around $10 or $20.

Banking options

  • PayPal
  • Debit card
  • ACH (e-check)
  • Cash at the counter

How do I get help at BetProphet?

At BetProphet NJ you can potentially get in touch with support via live chat, email, phone or various social media channels. The phone line and live chat likely will be the fastest methods to use if you need immediate help. If it’s less urgent, try email or social media.

How do I exclude myself from BetProphet?

Gambling should always be fun and safe, but for some people, it can get out of hand. And, in those instances when it does, there can be significant consequences for bettors and those around them. There are signs of problem gambling, so keep an eye out for them: gambling with money you can’t afford, chasing your losses, failing to keep appointments and lying to others about how much you’re gambling.

To self-exclude in the state of New Jersey, you can enroll in the Division of Gaming Enforcement self-exclusion program. You can choose how long you want to exclude for (one or five years), and you cannot request to be removed until that time has passed.

Because the BetProphet site is not live, it’s not yet clear what other forms of player protections it’ll have. It’s likely that it will have player limits, though. These are limits on how much you can wager or deposit at the site, along with how much time you can spend on it. You can index each limit to a specific time frame so that once that window has passed, your limit refreshes.

Can I wager at BetProphet Sportsbook in person?

At the time of writing, there is no in-person BetProphet location. However, this may change in the future.

How does BetProphet compare to other New Jersey sportsbooks?

Comparisons between BetProphet and other Jersey sportsbooks are going to be difficult because they are, at the end of the day, different products. Nevertheless, there are some points of similarity where we can make comparisons — namely, the app, the odds and the promotions.

Given that the odds at BetProphet will come from people using the site, you may find instances of much better odds for a bet you want to place than at a sportsbook like BetMGM or FanDuel. The app and promotions aren’t yet available, so we’re not able to compare them, but they will be up against some strong competition in a state like New Jersey.

BetProphet sports exchange FAQ

Why should I choose BetProphet New Jersey over an offshore sportsbook?

You should choose BetProphet over an offshore site for safety and security. Moreover, you’re afforded legal protection when you play at a sportsbook that is licensed in New Jersey.

Can I bet on college sports using BetProphet?

Likely yes. You can bet on college sports in New Jersey, though not on college teams that are from the state or on college games that take place in the state.

Does BetProphet have an online casino?

No, BetProphet doesn’t have an online casino. BetProphet is only an online sports betting exchange.

What is the max bet on BetProphet?

There may not be one. Because a betting exchange is peer-to-peer, individual bettors will determine how much they want to bet, and if BetProphet doesn’t set a maximum, there won’t be one.

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