Prophet Exchange is a new style of sportsbook that allows users to bet against other users. In a market dominated by big-time sportsbooks, it can be challenging for a newer sportsbook to break into the market. Prophet Exchange’s unique betting system is something different than what other Ohio sports betting apps will offer, making it very appealing to try.
How Prophet Exchange Works
A peer-to-peer betting exchange is the core of Prophet Exchanges’ betting platform. At a standard online sportsbook, the sportsbook takes the risk of the bettor winning and having to pay them. At Prophet Exchange, the bettors themselves take the risk.
The way it works is bettors can set their own odds and lines for games, and if other bettors like the odds that are offered, they can wager on it. If the bettor wins the bet, the user that sets the odds is the one that has to pay out. To give an example of how it works, let’s use a fake scenario from NFL week 1.
The Cincinnati Bengals and Pittsburgh Steelers had an over/under of 44.5 points. A user may say that’s too high and set an over-under of 42.5 points. The user then will select a maximum of $120 on under bets and a maximum of $75 on over bets.
This gets a little complicated if a bettor wants to go over the maximum and place a $180 bet on the under. It is over the maximum, and it will go on the Prophet Exchange as an unmatched bet and is offered up for another bettor to take it.
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Prophet Exchange Odds are Better than other Sportsbooks
The exchange is a unique experience different from what most sportsbooks offer. The goal in mind is that better odds will be put up at Prophet Exchange. If the odds are better at a sportsbook, most will place their bet there. This will likely lead to higher odds and more profitable wins on the Prophet Exchange platform.
While this is all new to American bettors, there is a precedent for it in the UK betting market, where it is popular. UK’s Betfair has an exchange system that has been running for 20 years and has not changed much since its debut.
And what will they offer?: Sportsbook bonuses to expect when Ohio sports betting launches
Prophet Exchange Welcome Promo
There are not yet specific details for Prophet Exchange’s welcome offer, but there is a high likelihood it could be one of several offers or something similar.
- Deposit Match: Ohio bettors would have their first deposit matched up to a certain amount at a certain percentage.
- Betting Credit: Ohio Bettors might have to place a specific style wager and be given a certain amount of betting credits to be used on Prophet Exchange.
Ohio Debut for Prophet Exchange
As most know, Ohio sports betting has been legalized and will officially launch on Jan. 1, 2023. Prophet Exchange is one of many sportsbooks hoping to make its debut on that day. As partners of the Columbus Blue Jackets, they will likely get the chance to debut on launch day.
Even if that does not occur, Prophet Exchange will surely get the opportunity soon after. With its unique platform, its launch will be notable and give Ohio bettors an entirely new way to make wagers.