Prophet Exchange, which launched in New Jersey in August 2022, offers not only a new platform for betting on sports, but a new format altogether. Prophet Exchange has set itself up as a peer-to-peer betting exchange, rather than as a traditional sportsbook.
Sign up with Prophet Exchange in January 2023 and get started betting ASAP. No Prophet Exchange code is required. When you bet with Prophet Exchange, you don’t bet against the book, but rather against other users. This is a key difference since it means you don’t have to worry about vig on your bets.
Scroll down to learn all there is to know about the Prophet Exchange app and precisely how betting with Prophet Exchange New Jersey works. We go over how to sign up, how the welcome bonus works, your options for making deposit, and more.
Prophet Exchange promo code for NJ — 2023
You don’t need a Prophet Exchange bonus code to open an account with Prophet Exchange in New Jersey. Create an account, make a deposit, and start betting.
|Online Sportsbook||Prophet Exchange New Jersey|
|Prophet Exchange Promo Code||None needed|
|Sign-Up Bonus||None in January 2023|
|Last Updated||January 27, 2023|
Prophet Exchange New Jersey welcome bonus
Prophet Exchange does not have a welcome bonus for new users in January 2023.
Is the Prophet Betting Exchange legal in New Jersey?
Yes. The parent company responsible for Prophet Exchange is based in New Jersey, and the company has also inked a long-term partnership with Caesars Entertainment — one of the biggest, most reputable names in gambling.
As for the legal status of Prophet Exchange, any sportsbook that wants to operate in New Jersey has to secure a license from the New Jersey Division of Gaming Enforcement. Companies have to demonstrate to the DGE that they operate in a way that’s fair to their bettors and that they offer consumer protection methods and data security while also providing resources for customer support and especially for problem gamblers.
Given that Prophet Exchange has successfully passed these regulatory checks (and is still subject to DGE oversight), you can safely trust Prophet Betting Exchange NJ.
How to create a Prophet Exchange account in New Jersey
While getting used to the format of an exchange might seem intimidating, it’s still super easy to sign up for an account at Prophet Exchange. Just follow these steps, and you’ll be ready to go:
- Go to the Prophet Exchange site and click on the green registration button.
- Fill out the details on the registration form — you’ll need to input your date of birth, address, Social Security number, etc.
- Create an account login and 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. The minimum deposit is $10, and you can read about Prophet Exchange’s banking options below.
Download the Prophet Sports Betting Exchange NJ app
Downloading Prophet Exchange for Android or iOS is also easy, with just a few simple steps.
- Go to the Prophet Exchange site.
- Look for the black banner across the top of the homepage, with links to the App Store and Google Play Store.
- Click on the button that applies to your device, and follow the prompts to install.
- Once you’ve installed the app, you’ll be able to use it as soon as you make an account and sign in.
Make sure that you’ve enabled geolocation to prove that you’re in New Jersey. If you don’t, the Prophet Betting Exchange app won’t be able to verify your location, and it won’t work.
Prophet Exchange NJ promotions
Prophet Exchange promotions may display on the homepage of the website or the app. Currently, for instance, new users will see banners greeting them on the homepage and main menu telling them about the Prophet Exchange sign-up bonus. Other promos should function the same way, though none are available right now.
Prophet Exchange loyalty program
Many sportsbooks have loyalty programs that help them keep regular customers happy. Some that are part of major entertainment and hospitality companies, like BetMGM and Caesars, offer particularly ostentatious programs, with the ability to earn points from both sportsbook betting and casino gambling and then redeem those points for all manner of rewards. However, smaller and newer companies like Prophet Exchange rarely offer such extensive programs. Prophet currently doesn’t have a loyalty program, though it may launch one in the future as it expands.
Best features of the Prophet Exchange NJ app
There’s a lot to like about Prophet Exchange, most of which has to do with the way it’s tried to break the mold of traditional sportsbooks and offer a new way to play. Here’s what we like best:
- No house edge: This is one of the biggest benefits of an exchange. Since you (and other users like you) propose the bets that you can make, you don’t have a bookmaker setting prices that give the house an edge.
- More flexible options: At most sportsbooks, to make a bet, you need the sportsbook to offer that bet to all of its customers. At the Prophet Sports Betting Exchange, all you need is someone who’s willing to take the other side. This means you might be able to make larger, more flexible bets that other sites might not allow — you just need to find someone who wants to bet the other way.
How could Prophet Exchange improve?
There are a couple of drawbacks to this new model:
- Limited markets: Prophet Exchange still offers a relatively small selection of things on which you can bet. You can wager on the NBA, NFL, college football, college basketball, MLB, the NHL and some soccer. As you can see, there are no niche, international or smaller sports. This puts Prophet Exchange at a bit of a disadvantage.
- Can’t always bet: At Prophet Exchange, the exchange model means that placing a wager requires someone else to take the other side. If you propose a bet and nobody takes you up on it, you can’t make the bet — simple as that. This might be a problem for a small prop bet or a bet on a game that others aren’t paying as much attention to.
Types of bets available on Prophet Exchange in NJ
How should you think about a betting exchange? In a way, it’s like an online marketplace, or even an auction room. In the same way that Facebook Marketplace and eBay don’t actually sell goods — they put buyers and sellers in touch — Prophet Exchange doesn’t actually offer bets. Rather, it provides a platform for people to bet against one another.
So, for instance, if there’s a bet you want to make, you can create it. You place the bet and your desired odds on the market, and if someone likes the other side, that person will take you up on it, and then the two of you are betting against each other. Likewise, you can browse what other users have put on the market and see if there’s anyone who’s posted a bet you think you want to take on. There’s no house in this model — you’re making bets against other users, collecting money from other users; it’s fully peer-to-peer. This is why you could potentially end up with much better odds than the ones you get from professional bookmakers.
As far as the individual types of bets you can make, these tend to be pretty similar to other, more traditional sportsbooks. To name a few:
- Moneyline: This is a straightforward bet on which team will win a game. For instance, you could place a moneyline bet on the New York Yankees to beat the New York Mets. A team with positive odds is the underdog, and bets on that side will pay out at a higher rate if successful. Negative odds generally denote the favorite and will pay less, but of course favorites tend to win more frequently.
- Total: Rather than betting on the winner of the game, you’re betting on the combined total score. The other name for these is over/under bets. For instance, you might bet that the New England Patriots–Baltimore Ravens game will have over 39.5 total points.
- Spread: These are similar to moneyline bets, but they consider the margin of victory, based on the relative strengths of the two teams. If the Tampa Bay Buccaneers are favorites to beat the New York Giants, you might see a spread of something like Tampa Bay -5.5. If you bet on the Buccaneers, that means they would have to win by at least six points. Conversely, the Giants would be +5.5, meaning if they lost by fewer than six points or won the game, a bet on them to win would win. Unlike moneylines, each side of the bet usually has the same or similar odds, since the spread aims to even out differences in team quality.
What are Prophet Exchange’s odds like?
Most sports bettors are stuck with the odds that their sportsbook has determined. These aren’t always terrible, but sportsbooks employ algorithms and oddsmakers to ensure that the odds and betting lines are tilted in favor of the house.
The benefit of a peer-to-peer exchange is that Prophet Exchange has no incentive to limit how good the odds are. There’s no team of data-driven oddsmakers setting the lines; there are just other fans like you, who are setting their own odds.
This means the odds at betting exchanges can be a little more unpredictable. You might get some very risky sports fans setting aggressive (even downright inadvisable) odds, or you might end up with some fans who are even more conservative than your average sportsbook. Nonetheless, exchanges provide a chance to find the kind of odds you’d never get at a regular sportsbook. You just have to be ready to recognize them when they crop up.
Keep in mind, however, that you can set whatever odds you want, but if there aren’t any takers, then you don’t have a wager. This forces everyone to be at least somewhat reasonable in the odds they set, even though you’ll still likely see more variance.
Can I bet on the New York Giants at Prophet Exchange?
You absolutely can. NFL betting is very much available at Prophet Exchange, so football fans looking to place bets should have plenty of chances to wager against other users. There are also college football betting options, though New Jersey prohibits betting on in-state schools, like Rutgers and Princeton, so you won’t find those options on Prophet.
How to deposit and cash out on the Prophet Exchange app
One slight drawback to Prophet Exchange is that it doesn’t offer the wealth of cashiering options that you’ll find at some sportsbooks. Right now, Prophet offers three methods by which you can deposit and withdraw:
- Online banking (ACH)
- Wire transfer
- Cash at Harrah’s Casino in Atlantic City
This is pretty limited compared to what other books may offer, but Prophet Exchange is still growing, so there’s a chance this list might expand.
How to contact Prophet Exchange customer support
Prophet Exchange offers a few ways of getting in touch with a customer service representative. There’s a form you can fill out to request assistance. You can also try email at [email protected], but the fastest way is probably the live chat option available on the Prophet website.
How do I exclude myself from Prophet Exchange?
Gambling can be addictive, and it’s important to make sure you maintain a healthy relationship with it. Problem gambling can cost you your savings and your relationships. Always remember to never bet what you can’t afford to lose, never bet for the purpose of making money, and never chase your losses. If you feel you need help, don’t hesitate to talk to someone, or reach out to the NJ hotline at 1-800-GAMBLER.
To get onto a self-exclusion list in New Jersey — which will prevent you from signing up or betting at any legal sportsbook — you can enroll in the Division of Gaming Enforcement self-exclusion program. You can choose a period of one or five years, and once you’re signed up, you cannot remove yourself.
Prophet Exchange itself offers “pre-commitment limits,” which are deposit limits you set when you sign up, along with time-based limits, like cool-off periods between bets. Prophet Exchange also provides links to New Jersey’s self-exclusion resources.
Can I wager at Prophet Exchange in person?
No, though you can deposit and withdraw at Harrah’s in Atlantic City, you cannot place in-person bets with Prophet Exchange NJ.
How does Prophet Exchange compare to other New Jersey sportsbooks?
Comparing Prophet Exchange to other NJ online sportsbooks is tricky. While they’re both betting platforms, they’re different products. Betting exchanges provide much more freedom to set your own odds and create your own bets without the need for a “house,” but you need another user to take the other side of any action you want.
At a sportsbook, you get the odds that the sportsbook provides, but as long as the bet is on the site, you can wager on it. So, in some ways you have more freedom, but in some ways you have less. Which option you prefer is up to you.
As far as promotions go, Prophet Exchange lags a little behind some of the other major sportsbooks, which may offer welcome bonuses with maximum values of $1,000 or more and regular sports promos for frequent customers. The real benefit of Prophet Exchange is that you have a chance at much better odds, so it’s up to you which of the two options you prefer.
Prophet Exchange FAQ
What is the best Prophet Exchange promo code in January 2023?
You don’t need a Prophet Exchange bonus code to register with Prophet Exchange. That’s because, currently, Prophet Exchange does not have a welcome bonus for new users.
Why should I choose Prophet Exchange New Jersey over an offshore sportsbook?
The answer here is safety. Prophet Betting Exchange NJ has a legal license and is subject to government oversight that ensures it’s offering all the necessary consumer protections for its bettors. Offshore books are not responsible to state authorities in the same way, and thus don’t offer the same levels of security and legal protection.
Can I bet on college sports using Prophet Exchange?
Yes, you can. However, under state law, you cannot bet on New Jersey-based college teams, like Rutgers.
Does Prophet Exchange have an online casino?
No, Prophet Exchange does not offer an online casino or casino games. It is purely an exchange for New Jersey sports bettors.
What is the maximum bet on Prophet Exchange?
There isn’t one. Part of the Prophet Exchange modus operandi is to give bettors the freedom to set whatever kinds of odds they like and whatever stakes they like. In a March 2022 interview, founder and CEO Dean Sisun said that “Anyone across the betting spectrum can come in and bet as much or as little as they want. There’s no minimum. There’s no maximum.”