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Disclosure: DarkHorse Odds has an affiliate relationship with Prophet Exchange.
Overview
This guide expands on the concepts introduced in our Betting Exchanges Overview, as they apply to Prophet Exchange. Read the overview first.
Prophet Exchange is a traditional peer-to-peer betting exchange. This means that you can instantly bet on the available odds, or you can request new odds. The commission on Prophet Exchange is 2% of the net winnings. For example, if you win a $150 bet at -150, the net winnings is $100. The commission you would be charged is 2% of $100, or $2.
Prophet Exchange is currently only in New Jersey. They have plans to expand.
Viewing Lines/Odds
When betting on Prophet Exchange several pieces of key information are displayed.
- The market and the amount of money already traded
- The market overround (aka vig or hold), a measure of how efficient the market is
- The best available money line bet that will be instantly matched. In this case, Denver Broncos, at +-186 odds, and bets up to $812 will be instantly matched.
- The best available spread bet that will be instantly matched. In this case, Denver Broncos, +2.5, and bets up to $355 will be instantly matched.
- The best available total bet that will be instantly matched. In this case, over 44, and bets up to $207 will be instantly matched.
Requesting Better Odds
You can request better odds by clicking on the line that you want and adjusting the desired odds. Once you place that bet it will create an offer on the opposite side. Your bet remains unmatched until a bettor takes the opposite side.
It is important to note that when requesting new odds, your bet may never be matched, or it may only be partially matched. A bet that is not matched is returned when the event starts. For a bet that is partially matched, the unmatched portion is returned when the event starts. The screenshot below shows the current best offer is Denver Broncos -186 and how to request them at -180.
All bets on Prophet Exchange are settled via First In, First Out (FIFO). The first person to request new odds will have their bet matched first. Using the screenshot below as an example, if you bet $164 on the Denver Broncos at -164 to win $100 the liquidity pool of the Indianapolis Colts would move from $343 to $443. Your $100 is last in line. If a different bettor places a $300 bet on the Colts at +164 none of that would match your bet. Your bet will only be matched after the $343 that was “First In” is matched.
Canceling a Bet
Prophet Exchange allows you to cancel any bet that has not been matched at no cost. If a portion of your bet has been matched, that portion cannot be canceled. But you can cancel any unmatched portion of a bet. Meaning if you bet $100 on a game and $60 was matched, you can cancel the remaining $40.