Prophet Exchange: What is a Betting Exchange?

Prophet Exchange: What is a Betting Exchange?

Prophet exchange are the USA's first Betting Exchange, set to launch in New Jersey in the coming weeks. Prophet Exchange are giving sports bettors a chance to play both sides of the game - acting as a traditional sports bettor, but also playing the role of the 'bookie'.

What is a Betting Exchange?

Betting Exchanges are a big sports betting market in the European sports betting world, and have become all the rage due to the flexibility and enhanced odds offered. Although different from traditional sportsbooks, betting exchanges are pretty easy to understand and use once you get to grips with the new way of betting.

At the top-line, a betting exchange is a platform which allows peer-to-peer betting without the need for traditional sportsbooks. This allows users to get the best odds available, and making spread bets truly 50/50 rather than needing to allow for the bookies cut.

As well as removing the traditional sportsbooks, Betting Exchange have become so popular as Users can control their own odds. No matter what odds you'd like on your wager, if someone takes you up on the wager - your bet goes live.

Let's break it down using an actual example, I promise it's not as difficult as it sounds...

Betting Exchange: A Live Example

Let's use the Miami Heat vs New York Knicks game tonight as an example. On most traditional sportsbooks, the Heat are 5 points favorites, giving typical odds of -115 on them to cover. If you were more confident in the Miami team, and wanted to take Miami -3 at +100, you could post that bet on the betting exchange.

Once your bet hits the open market (exchange), it is pending awaiting a secondary bettor to take you up on the action. As soon as someone comes along that likes the Knicks +3 at +100, they can bet against your wager and the bet goes live.

This is obviously just one example, you could bet the Heat -15 if you wanted and as long as someone is keen to take you up on the action, the wager goes live.

Prophet Exchange: The Best Way to Bet

One really cool feature of Prophet Exchange is their partial betting options. Using the above example - if you really liked the Knicks +3, but the person that posted the Heat -3 wager was looking to bet outside of your bankroll budget, Prophet Exchange allows you to partially bet against this wager. For example if someone had posted the Heat -3 at $10,000 stakes, Prophet Exchange allows you to bet a number that fits your bankroll budget, say $100 onto this line and leaves the other $9900 for other bettors to bet against.

Even if you don't fancy playing bookie, the Prophet Exchange market will be flooded with brilliant bets at higher odds than traditional bookmakers can offer. Even if you use traditional sportsbooks for all your sports betting needs, it's worth checking to see if you can get a betting line on Prophet Exchange before placing your bet. Why would you want worse odds?

With Prophet Exchange you cut out the need for a traditional sportsbook and take back control of your bets.

Prophet Exchange: How to Claim the Welcome Offer

OddsChecker has partnered with Prophet Exchange to bring new users that register their interest prior to launch a huge $200 deposit bonus. Claiming the Prophet Exchange welcome offer is simple, just follow our steps below:

Step 1) Click the below button or CLICK HERE to activate the Prophet Exchange promo code

Step 2) Sign up for a Prophet Exchange account before the site goes live

Step 3) Get your first deposit matched 100% when the site goes live. Super simple right?