ProphetX

What is the "Matched Betting Value" listed above? This is the amount of profit that you can make from the sign-up offer through a technique called matched betting. In short, it is a mathematical approach to sports betting that enables profit by hedging your bets. This allows you to cover all possible outcomes and secure a profit no matter what happens in the game. This is different from gambling because there is no risk of losing. Learn more in our What Is Matched Betting guide.

Note: Taxes for a sweepstakes sportsbook might be different than a regulated sportsbook. You could receive a 1099 if total redemptions (withdrawals) exceed $600 a year.

ProphetX is an Exchange that follows a Sweepstakes model. This means that ProphetX is available in 39 states, making them the most widely available exchange in the United States. Before using ProphetX it is important to understand that you do not have the protections provided by the gaming commission in your jurisdiction. Sweepstakes exchanges are regulated by the Federal Trade Commission which is entirely separate from a gaming commission.

When using ProphetX there are two separate virtual currencies, Prophet Points and Prophet Cash. Prophet Points have no value and are used for entertainment purposes only. Prophet Cash can be redeemed for cash.

Prophet Cash can be received in three different ways.

1. Prophet Cash is received as a free bonus when buying Prophet Points.
2. Prophet Cash can be earned from as part of no-cost giveaway contests as part of marketing campaigns.
3. Prophet Cash can be earned via mail-in entry.

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Here is a typical example of what using ProphetX looks like.

1. Purchase Prophet Points with cash.
2. Receive Prophet Cash for "free" as a gift for purchasing Prophet Points.
3. Use the Prophet Cash to pick sports outcomes.
4. Redeem Prophet Cash for real cash.

Note: Taxes for a sweepstakes sportsbook might be different than a regulated sportsbook. You could receive a 1099 if total redemptions (withdrawals) exceed $600 a year.

There are two important things to understand before using ProphetX.

1. ProphetX is an Exchange.
2. ProphetX is a follows a Sweepstakes model.

• Prophet Points = Virtual currency that is for entertainment purposes only with no value
• Prophet Cash = Virtual currency that can be redeemed for cash

Each sportsbook has its own House Rules which determine how a bet is graded. These rules cover unlikely events, such as what happens to your bet when a game is canceled.

Usually, the different house rules across sportsbooks do not have an impact on matched betting. However, in Major League Baseball (MLB), there are notable exceptions. A simple example is when a game is postponed due to weather. Read our House Rules Comparison guide to learn more.

For MLB it is also important to understand what defines Action.