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How to Place Your First Bet on a Betting Exchange

You may have seen our guides now on Prophet Exchange, and are now excited to understand what goes into placing your first bet on Prophet Exchange. In this latest guide we will take you through the process of placing your first wager on a betting exchange!
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How to Place Your First Bet on a Betting Exchange

Previously when writing guides on Prophet Exchange, we have highlighted the key benefits to a betting exchange and how you go about boosting your profit. Now, we are here to break down the process of actually placing that first bet, what the interface looks like, how you navigate it, and more!

We have shown you the process of investing less and winning more, and you now know all about the sportsbook's Vig and how taking that away with peer-to-peer betting is beneficial to you.

What remains, is the actual process of placing that first wager on Prophet Exchange, and what you should expect to see it on site, so there are no surprises.

Placing Your First Bet With Prophet Exchange

When you arrive on a sportsbook's website, and find the market you are interested in betting on, you are generally presented with three options on a Moneyline, one for each team to win, and one for a tie. With the NHL there are no ties, so you would get two options, either team to win.

Let us look into the simple steps you need to take, to place a bet on the Prophet Exchange, and how it would differ from a fixed-odds sportsbook.

When first looking at your desired market on Prophet Exchange you will notice that you have an option to 'request' under each team. This is where you select your chosen stake, the odds you are requesting to bet at, and also the returns you would receive, should that bet come in. This is the first part of your betting journey.

When you then start to select your stake and your odds, things start become clearer, as you see how much you are going to win, and how you have to go about doing it.

Let us take the Colorado Avalanche in Game 4 on the Moneyline as the example. In general, the Avalanche are a -115 shot, but on Prophet Exchange, not only are you able to dictate the odds, and ramp this up to +200, but you can also select your stake without fear of restriction.

This would mean you could wager $100 at +200, and win $200 on the bet, meaning a $300 return. This of course beats the amount you would make on a traditional sportsbook. So select these odds, the stake you desire and then wait for the bet to be matched by a fellow peer.

It may seem unlikely that you would go from -115 to +200, but even an incremental change from -115 to -105 would make a difference. Instead of making returns of $186.95 when betting $100 at odds of -115, if you managed to secure -105 odds, you would get $195.23, which is almost $10 extra. If you do this enough times over the course of a series, or indeed a whole season, you are making extra profit, just for simply choosing Prophet Exchange over a traditional sportsbook. Over an 82-game regular season, you would make almost $820 extra in profit, even just backing one Moneyline for $100 at slightly improved odds (-105 instead of -115) each week.

When using Prophet Exchange, you will be drawn to the word "traded" next to where you place your bet. This is the figure that has been traded on this market at the time of you betting. So you are now able to see what the most popular side of the bet is, and where fellow bettors are placing money.

In the centre of the betting page, you may instead of odds see the word 'request' , this will then become the odds that have been determined by the betting so far. You can still click on this area and request your odds, but the odds that will be automatically accepted is generally set by now. This will normally be at the odds that layers are currently accepting on this market, and you will know that betting on this figure will lead to a matched bet. If you try to secure better odds, they may remain unmatched.

If your bet is not initially accepted, you can either retrieve your funds, leave it placed until the odds are accepted, or adjust to the current market odds. Do be aware though, if you let a bet run, and you don't cancel your bet before the off, then your bet could be matched very quickly in play. Lets say the Colorado Avalanche went down early in the game against the Tampa Bay Lightning, very quickly your odds of -105 would be accepted, as other bettors will lay the bet. You need to make sure you have your finger on the pulse at all times, to ensure the fairest and best odds available.

Hopefully this has been a useful insight into how you the bettor will navigate placing your first bet on the Prophet Exchange, as you figure out what is like to dictate the odds, and have the freedom of a betting exchange vs having the odds set for you.

If you are now more ready than ever to sign up for the Prophet Exchange, then follow the quick-step guide below to collect your deposit match, via our Prophet Exchange promo code!

How To Claim The Prophet Exchange Welcome Offer

Step One: CLICK HERE or hit the button below to register for the $200 deposit match

Step Two: Sign up for a Prophet Exchange account by completing the simple registration process

Step Three: Once the site goes live, you'll be notified and your first deposit will be matched up to $200!

That is it. That is all it takes to place a bet on a betting exchange. Do not fear. If it all sounds a little complicated to begin with, it will all become obvious as you place your first bet on the Prophet Exchange. This is a really simple way to boost your profits and start your journey to better betting, so sign up today and receive an excellent deposit match, when you pre-register with the Prophet Exchange promo code!

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Tom Jacobs is the host of the Lost Fore Words golf podcast and has been writing betting articles on golf for the past decade. Tom also co-hosts the DP World Tour Picks & Bets show on the Mayo Media Network, so has his finger on the pulse on all the major Tours. A long-suffering Nottingham Forest fan, Tom also enjoys watching Soccer at the weekend, and was delighted to see his Forest team win promotion this season!

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