Prophetx

ProphetX Review

ProphetX is an online betting exchange and prediction market, mainly focused on event contracts. In this ProphetX review, we’ll go over the site’s functionality, its unique player-driven betting system, and the markets you can place your predictions on.

What Is ProphetX?

ProphetX was founded in by Jake Benzaquen and Dean Sisun in 2018, and it’s based in Hoboken, New Jersey. Originally, it was called Prophet Exchange and operated as a betting exchange, later on moving to the sweepstakes model.

The main appeal of the platform was that it’s completely peer-to-peer. What this means is that you’re not betting against the house when placing wagers, but instead against other customers. Each side of the market has a liquidity pool. It’s possible to have partial and even unmatched plays, allowing other players to match them with opposing bets.

Furthermore, the ProphetX betting system is based on sweepstakes rules. You’re first purchasing Prophet Cash, a virtual currency you’ll be using for wagering and, later on, redeeming for cash or prizes.

Is ProphetX Legit and Secure?

ProphetX doesn’t operate like a traditional sportsbook, as they’re not the one setting the odds or even taking out money from losses. Since it’s a peer-to-peer platform, ProphetX doesn’t require a gambling license, but it is regulated by the US government and available in 40 US states.

The company recently applied for CFTC approval. If that comes to fruition, it’ll become the first regulated US exchange that specialises in sports event contracts. This would also change the current dual-currency business model upon which the platform is based.

There haven’t been many reports of misconduct, and most ProphetX reviews from players are positive. On a few occasions, though, the platform did cancel out wagers that were supposedly too good to be true, refunding the ProphetX Cash to players.

How to Sign Up and Get Started

Like most features of the platform, signing up for a ProphetX account is pretty straightforward:

• Enter a valid email address and set up a secure password
• Here you can enter a promo/referral code, if you’ve got one
• Enter your phone number or manually enter the required personal information
• Verify your account
• Go to the Shop and make a purchase through your preferred payment method
• Browse the available markets and place an order on the odds and market you fancy

New customers can take advantage of the Purchase Match promotion during their first purchase at the ProphetX trading platform. The platform will match their purchase 20%, up to $100. These funds become available the next day, and you need to wager (play through) them once to unlock them for further trading.

Markets are very similar to a traditional sportsbook, meaning you can bet on a moneyline, over/under, spread, and various YES/NO props. But, unlike sportsbooks, you’re betting against other players who have set the odds for each market. 

When setting an order, you can either set your stake and let the platform match you with the available odds, or you can place your own odds and wait for other players to bet against you. For the latter, you get your stake back in case the market doesn’t fill.

In all cases, you can clearly see your potential payouts. It’s also possible to create parlays, but the feature was incomplete at the time of writing this ProphetX review.

ProphetX also offers Prophet Points, a play-for-fun virtual currency that has no monetary value and cannot be redeemed for cash. It’s a neat option when you’re just learning the ropes.

Available Markets and Event Types

ProphetX is focused solely on sports, but is not limited to just events happening in the US. You’ll find various international tennis tournaments and big football events like the UEFA Champions League. The variety isn’t the greatest, though, as the platform covers only the big events across a handful of sports.

There’s a solid variety of betting markets, from outrights on tournaments to sport-specific bets like the number of rebounds in an NBA match or whether a football team will end the game with a clean sheet. You’ll typically find 100+ markets on each individual match, with an option to request more prop bets.

We mentioned earlier that this is a peer-to-peer platform. How does ProphetX work, then? Instead of the platform setting the odds itself, it is up to players to choose the odds at which they want to wager. Once a player creates their odds and places an initial bet, others can back them or bet against them, forming liquidity pools on both sides of the bet. It works almost like a stock market - you can’t sell at a certain price unless somebody’s buying.

Each ProphetX prediction market, thus, sets the limits on winnings for each player. The platform is very transparent with all the information, including a percentage value of how competitive a market is (market overround).

Fees and Payouts: What Does It Cost?

Even though it’s a sweepstakes betting platform, ProphetX isn’t convoluted when it comes to paying out your winnings. The moment you’re placing a bet, you can see how much you can potentially win. Once the market settles, you get the winnings in your account.

Similarly, ProphetX fees are straightforward. The platform is funded through a flat fee - they take a small 1% commission from every winning bet. This fee is taken from the net winnings per market.

Your winnings are immediately available as ProphetX Cash, which you can then redeem for cash or other prizes.

User Experience: Platform, App, and Interface

If you’ve ever been to an online betting site, you’ll find yourself at home when you visit ProphetX. It sports the same 3-column design, and buying contracts follows the traditional sports betting structure, no matter whether you’re on desktop, laptop, or using the native mobile app.

It’s also evident that the platform owners are trying their best to educate the community. There are lots of helpful guides for all the features, detailing how orders work, so chances are you won’t have any doubts about the platform’s features.

Customer Support

ProphetX offers customer support via live chat, email, and through their social media channels. As mentioned above, the Help section houses plenty of educational content, covering most questions a player would have about the features. Sadly, the live support is available from 10 AM to 10 PM EST.

Deposits, Withdrawals, and Payment Methods

ProphetX only accepts US customers and payment methods. To make a purchase, you can use your bank card, a wire transfer via Trustly or Aeropay, or make a cash purchase via PayNearMe. The minimum purchase amount is $10, while the maximum changes depending on the payment method and your previous history.

Redemptions at the ProphetX exchange start as low as $1, and the maximum amount you can redeem at once is $10,000. The requests are processed within 24 hours, but may take up to five business days if additional verification is required.

Final Thoughts: Who Should Use ProphetX?

Everybody who wants to bet on sports, but is tired of the traditional sportsbooks and their rigid structure, is sure to find a new home at ProphetX. Since players set their own odds and the platform will cancel your orders if the opposing side isn’t taken, the risk is lower, not to mention the ability to play for fun with Prophet Points.

It’s also available in way more US states than betting sites, albeit still not covering the entirety of the country.

Crypto enthusiasts won’t find much interest in ProphetX, as the platform doesn’t accept crypto payments. Other customers, though, liked that the minimum purchases are as small as a single dollar, and that the whole payment system is very streamlined.

That being said, ProphetX is still not a substitute for a sports betting site. Its limited sports coverage can be a key factor in whether this platform is the right fit for you.