Prophet Exchange Ohio Promo: Up To $250 First Bet for New Users

Fact Checked by Nate Hamilton

Prophet Exchange Ohio promises to bring a refreshing and intriguing variation to the Ohio sports betting landscape. This is not a traditional sportsbook, it's a sports betting exchange. Allow us to explain what you can expect to find when you visit Prophet Exchange Ohio.

Prophet Exchange Ohio Promo & Launch Updates: February 2023

📅 Launch Date:Early 2023
💰 Expected Prophet Exchange Ohio Promo:Welcome Offer Up to $250
🤝 Prophet Exchange Ohio Partner:Columbus Blue Jackets
📱 Apple/Android Ratings:4.5 | 4.7
Promo Last Verified :February 6, 2023

What is the Prophet Exchange Ohio Promo Code?

Prophet Exchange does not offer a promo code to enable its peer-to-peer betting exchange Ohio customers to take advantage of its welcome bonus. The welcome bonus is expected to be a  first bet of up to $250. Your offer should be applied automatically when you register for an account.

How to Claim the Prophet Exchange Ohio Promotion

The welcome bonus currently on offer to new customers of Prophet Exchange is up to $250 for your first bet. This Ohio betting promo will be applied to your account within 24 hours if your first bet loses. See below for further details on how to sign up for an account to enjoy peer-to-peer betting at Prophet Exchange.

Promos at Prophet Exchange Ohio

It is refreshing to see that Prophet Exchange, like traditional sportsbooks, offers an attractive bonus for new customers to give them some extra wagering power in their initial activity here. You will not need a Prophet Exchange sportsbook Ohio promo code to qualify for this offer - it should be applied automatically.

However, it has to be said that from this point on, the number of Prophet Exchange promotions Ohio customers can enjoy is a little thin on the ground. It will be fascinating to see whether or not there will be more Prophet Exchange bonus opportunities available as the brand becomes more established here and in other states.

How Do I Use the Prophet Exchange Ohio Bonus?

Once you have registered with Prophet Exchange you will receive a first bet refund. Your first bet should be a minimum of $10 and can be up to $250. If your first bet loses, you will receive a bonus for the amount placed on that bet. This credit will be applied within 24 hours of your eligible bet has lost. If you win your first bet, you will not be eligible for the bonus. 

Is There a Prophet Exchange NFL Promo for Ohio Bettors?

There are no current peer-to-peer sports betting promo targeted specifically at NFL fans in Ohio. However, there is no restriction on which sports you can wager on using your bonus funds. Given the presence of the Cleveland Browns and the Cincinnati Bengals in the state, who both draw huge support from football enthusiasts here, it is highly likely that a large proportion of those bonus bets will be placed on NFL games.

Do I Need a Bonus Code for Prophet Exchange in Ohio?

You should not need a promo code to trigger your welcome bonus when you register for an account at Prophet Exchange. Your extra funds should be automatically applied once you make your first deposit. However, if a promo code becomes available further down the line, we will be sure to make you aware of it.

Prophet Betting Exchange Ohio Explained

So, what makes Prophet Exchange unique? The most important difference between exchange betting and traditional sports betting is that the operator in this instance is not a sportsbook. It does not set the odds - so, when you place a wager, you are betting against other players. That's why this is called a peer-to-peer betting exchange.

Although betting exchanges are familiar to UK and European bettors, Prophet Exchange became the first betting exchange USA customers could use when it went live in New Jersey - with ambitions to expand rapidly into other states including Ohio.

There are ways in which peer-to-peer sports betting is similar to wagering at traditional sportsbooks. In the end, you are staking money on your opinion of the outcome of a sporting event.

However, the system for doing so is different. Yes, in exchange betting, you can bet on your predicted result - but, crucially, you can also offer a price about an outcome that other bettors can bet on with you.

Prophet Exchange sits in the middle, facilitates the trades, and takes a commission for doing so - but it does not set the prices. It's different, and it takes some getting used to - but once you are familiar with the concept, there are many reasons why peer-to-peer sports betting Ohio fans will enjoy the experience of playing at Prophet Exchange.

Bet Statuses in Ohio

One of the first things you will notice when you start wagering at any peer-to-peer betting exchange is that the bets you strike have statuses. There are three of these:

  • Fully Matched: The wager you want to make has been completely accepted by another player. Let's say you want to stake $100 on the moneyline in a Columbus Blue Jackets game at a particular price; if your wager is completely accepted, it is fully matched.
  • Partially Matched: This describes a situation where not all of your stake, or liability, is matched. You may offer a price on the spread in a Cincinnati Bengals game and be willing to lose up to $100, but only $50 of that is accepted by another player.
  • Unmatched: You may want to wager $100 at a particularly generous price about the moneyline in a Columbus Blue Jackets game. You can stipulate the odds you want; but if nobody is willing to stand that bet to you, it will be unmatched.

Prophet Exchange Ohio vs. Traditional Sportsbooks in OH

As one of the only betting exchanges in the US, the Prophet Exchange betting Ohio players experience is by definition different to that found at virtually all its rival operators, such as Caesars Sportsbook Ohio and others. The biggest difference, of course, is that this is peer-to-peer betting - you are wagering against other patrons, and not against the sportsbook. That in turn gives rise to several ways in which it is clear that Prophet Exchange betting OH has some distinctive characteristics.

  • No Vig

    The vig is the margin on each betting market at a traditional sportsbook that ensures the house always has an edge. But here, given that this is a betting exchange, there is technically no house. As a result, there is no vig applied to each set of prices. Prophet Exchange makes its money by charging a small commission fee on any winning bet - which it insists works out at less than the traditional vig. And that, in turn, leads to...

  • Better Odds 

    Because the bettors are effectively setting the prices, and the house is not imposing a vig, the odds available can be that little bit tastier than you find at traditional sportsbooks. For example, the Cleveland Browns may be at +220 on the moneyline at most rival operators, but you could find odds as good as +235 at Prophet Exchange. Many experienced bettors also use a sports betting exchange as a point of comparison to see which way the money on a particular market is flowing.

  • +100 Spreads and Totals

    The fact that a sports betting exchange takes commission on your winning bets might lead you to worry that this is a way of the book clawing back what it loses by offering no vig. But the margins are definitely tighter; and nowhere is this demonstrated more vividly than on spreads and total bets. Traditionally, each side of the spread or over/under is priced at -110; with peer-to-peer sports betting, OH fans will find both sides at +100, a small but significant swing in favor of the bettor.

  • Back and Lay

    When you wager with traditional sportsbooks, you effectively put your money on something that you believe will happen. One potential avenue of wagering that opens up at a sports betting exchange is that you can wager on an outcome you reckon will NOT happen. This is peer-to-peer betting, in which you can play the role of a sportsbook - and that means if you do not want to bet on one side to win, you have the option of laying a bet to people who want to wager on the other team.

Prophet Betting Exchange OH Unique Features 

Prophet Exchange is a pioneer in the USA betting exchange space, and as a result, many of its features will look and feel unique to people sampling peer-to-peer betting for the first time. However, there are several features at Prophet Exchange that are worthy of note - and that is not necessarily available at every betting exchange.

Request Better Odds 

When you open up the Prophet Exchange website or peer-to-peer betting app, you will see a range of available odds on the lines applying to a particular game. The best odds on either side of the argument are highlighted in color in the middle of the sequence.

However, you may want to play at better odds; you can do this by adjusting the odds to the price you want. Now you have to wait and see if somebody who believes the outcome you want to bet on will not happen will step up and match your bet. By putting up a suggested price and daring somebody to agree to it, you could argue that this is gambling in its purest form.

View Liquidity 

All spread betting is heavily reliant on liquidity. The more money rolling around a particular market, the more likely it is that you will be able to place your bet - or to take one from another player. On every set of odds in all the markets at Prophet Exchange, you will be able to see the liquidity limit available.

For instance, if you are planning to wager $200 on the moneyline for the Columbus Blue Jackets to win their next NHL game at +220, and there is only $150 liquidity available from other customers at that price, you will not be able to get all your money on.

Partially Matched Bets

That leads us on to another excellent feature at this home of peer-to-peer betting. In the example above, if you decide to go ahead and place your wager on the Columbus Blue Jackets, $150 of your $200 will be matched. This is called a partially matched bet; the $50 balance of your projected stake is then available for another visitor who wants to match it and stand the odds to you.

Best Odds Matched

The odds available at a peer-to-peer betting exchange OH can move fast - and as a result, you may find yourself investing at a price less advantageous than is on offer shortly afterward. Prophet Exchange, however, will always fulfill wagers at the best odds available, provided the liquidity is there. So if you place a bet at -150, but -140 is also available, your bet will be struck at the better price. This is a feature that also applies to spreads and totals.

FIFO

This stands for First In First Out. There is no pecking order in favor of big players or particularly dedicated customers here. Bets are taken strictly in the order in which they are received, which ensures that every person who places a wager here is competing on a level playing field.

Prophet Exchange Ohio Refer-a-Friend

The only other promo currently available to customers who want to experience peer-to-peer betting at Prophet Exchange is a refer-a-friend bonus. However, it has to be said that this is a particularly good example of this type of offer.

Whenever you refer one of your pals as a new customer, and they sign up for an account, you receive a bonus of $50 that can be used on any type of wager. What's really worth knowing is that you can use your referral link up to 50 times - technically, you could earn up to $2,500 in bonus wagering funds.

Bet Types at Prophet Exchange Ohio

There are just three types of peer-to-peer sports betting OH fans can find at Prophet Exchange. This is not a black mark against the brand; even the most experienced European betting exchanges tend to restrict their activities to the following:

Moneyline Bets

It's likely that for the first wager at a peer-to-peer betting exchange, Ohio patrons will try a simple bet to win on the moneyline. If you want a straightforward bet on the Cincinnati Bengals to win their next NFL game, check out the moneyline price; if it's -255 here, it could be as short as -270 at a traditional sportsbook.

Totals Bets (Over/Under Bets) 

The most common example of a total bet is on the number of points or runs in a game. Do you think there will be more or fewer? In baseball, this is known as the run line; check it out for the Cincinnati Reds' next game and you will be able to back or lay on either side of the over/under.

Spread Bets

The point spread is a handicap, whereby the underdog gets a theoretical start that evens up the odds. At traditional sportsbooks, this tends to be -1.5 either side of the spread on hockey, but at Prophet Exchange the margins are narrower. You may find the Columbus Blue Jackets at -1 and their next NHL opponents similarly priced. And don't forget that spreads, like totals, are priced at +100/+100 here rather than -110/-110.

How to Sign Up for a Prophet Exchange Betting Account

To sign up for an account at the Prophet Exchange to enjoy peer-to-peer sports betting, Ohio patrons need to follow a fairly straightforward process. The steps involved are very similar to those required when you register with a traditional sportsbook:

  1. ✅ Provide your name and email address
  2. ✅ Create a strong and complex password you do not use elsewhere
  3. ✅ Now share your date of birth and the last four digits of your Social Security number
  4. ✅ Enter your address and cellphone number
  5. ✅ Accept the terms and conditions, make a deposit, and you're good to go

What Can I Bet on at Prophet Exchange Online in Ohio?

Customers of traditional sportsbooks who are used to a wide choice of sports and leagues will find the range of sports available at Prophet Exchange Ohio comparatively limited. You can wager here on the big four American leagues - the NFL, NBA, MLB, and NHL. The only other option is college football, which is good news for fans of the Ohio State Buckeyes and the many other NCAA teams who call the state home.  

Who is Prophet Exchange Ohio Partnered With?

Prophet Exchange boosted its profile in Ohio by signing a partnership deal with the Columbus Blue Jackets in advance of its launch in the Buckeye State. Hockey fans can expect to see signage around the Nationwide Arena promoting the peer-to-peer betting exchange. This is a big partnership, as some sportsbooks like DraftKings Ohio do not have similar deals with local teams. 

"We're very excited to partner with the Columbus Blue Jackets," said Prophet Exchange co-founder Jake Benzaquen. "Their major league pedigree will bring greater attention to exchange betting, and help Ohio bettors make more money from their wagers than they would with traditional sportsbooks.”

Get to Know the Prophet Exchange Ohio Mobile App

Prophet Exchange is available through a peer-to-peer betting app OH fans can use across the state. Similar to other Ohio betting apps, it can be accessed through both iOS and Android devices. The functionality and design are good, and all the features on offer at the brand's website are also accessible here.

New customers can also be reassured that there is plenty of information to guide you on your first steps into the experience of mobile exchange betting. To access the app, simply go to the app store and search for Prophet Exchange, then download it to your device.

Download Prophet Exchange Betting App

To download the Prophet Exchange peer-to-peer betting app, Ohio players simply need to go to the app store that corresponds to their device. From there, it is easy to search for Prophet Exchange and to download it to your device.

📱 Apple App Store Score4.5
📱 Google Play Score4.7

What Apple Users Are Saying About Prophet Exchange App

  • 🗣️ "This app is unbelievable! The fact that this is peer-to-peer and you can capture all the value of your bet makes this app the must-use for any bettor."
  • 🗣️ "Incredible functionality across the board. Fun, simple, and seamless user experience."
  • 🗣️ "Pleasantly surprised with Prophets app. Easy to use, fast, and I'm getting better odds."

What Android Users Are Saying About Prophet Exchange App

  • 🗣️ "Very easy to navigate and understand. Amazing user interface. If you're looking for the best price on ML, spreads, and totals, this is it!"
  • 🗣️ "Easy to use and set up. Customer service is fast and respectful. Can't wait to see what else this app can do!"
  • 🗣️ "This app has some real promise to undercut a lot of the big books out there who typically offer -110 odds on non-low-scoring sports, but right now the functionality just isn't there."

Positives of the Prophet Exchange App

✔ Clear, simple design and clear layout of markets
✔ Excellent, intuitive functionality
✔ Live streaming options for international sports
✔ Plenty of information to help new players

Negatives of the Ohio Prophet Exchange App

❌ Some issues with viewing whole markets on Android app
❌ Small choice of sports and ongoing bonuses

Software at Prophet Exchange Ohio

Prophet Exchange has developed its own in-house software, and the results are impressive. Given the narrow range of markets and bet types, you might not expect the functionality to be as good as a traditional sportsbook - but it is a definite feather in the brand's cap that it has won so many fans so quickly with the quality of its user experience. The website and app are quick and easy to navigate and there is understated confidence in the way Prophet Exchange, the first USA betting exchange, presents itself to this promising new market.

Banking Options for Prophet Exchange Ohio Users

This is one area in which, it has to be said, Prophet Exchange comes up short in comparison to many online traditional sportsbooks. There are too few options available for depositing and withdrawing funds, and the fact that you cannot use credit or debit cards is a serious negative. 

Will the brand address this issue and add more methods as it grows? If it wants to compete with sportsbooks like BetMGM Ohio, it will likely have to. 

  • MasterCard
  • VISA

Prophet Exchange Deposits and Withdrawals

Prophet Exchange Ohio will offer a few methods that will allow you to deposit money into your account to use for betting and withdraw funds when needed.

Deposits

At this moment, there are not as many ways to deposit into Prophet Exchange as you would see with most other sportsbooks. Your options are limited to a trusted online bank, ACH bank transfer, and cash at the cage of a partnering casino. The deposit time is instant.

Withdrawals

The same applies to withdrawals. Options are limited to a trusted online bank, ACH bank transfer, and cash at the cage of a partnering casino. The withdrawal time is instant for cash and up to 3 days via bank transfer.

Pros & Cons of Prophet Exchange OH Online

✔️ Ultra-competitive odds - and no vig❌ Minimal selection of sports
✔️ Spreads and totals fixed at +100/+100❌ Limited range of bonuses find
✔️ Excellent user experience on website and app❌ Insufficient banking options
✔️ Lots of help for users new to exchange betting

Stay Safe at the Ohio Prophet Exchange Sportsbook

The fact that Prophet Exchange has obtained a license to operate in the US states where it is live is evidence that it has passed stringent tests relating to the security of customers' financial and personal data.

This is a brand that uses encryption technology to protect your information, while you can also use face ID on your mobile device to keep your account secure.

How to Contact Prophet Exchange Ohio

Although there is no getting away from the fact that this is a smaller, newer brand than many of its more established competitors, the customer support provision at Prophet Exchange punches above its weight. Support is available only between 10 am and midnight EST, but there are several ways to get in touch.

These include the option of speaking to a team member on the telephone, a live chat function that has won plaudits for the quality of its service, and the promise that if you email you will be answered within a couple of hours.

You can also get in touch on Twitter at @ProphetHelp or the main account at @ProphetExchange.

Responsible Gambling at Prophet Exchange Ohio

A prominent link on the Prophet Exchange home page leads to an impressively deep wealth of ways in which the brand helps its players to gamble responsibly. Here you will find a host of useful guidelines and tips to ensure you are not wagering more than you can afford.

There are also links to state and national organizations with the expertise to offer advice and practical assistance to people, and their families, worried that they might be developing a gambling problem.

Ohio also provides several free resources to prevent problem gambling. The Ohio Lottery Commission encourages responsible play, while the state also runs a self-exclusion program, as well as bringing together a host of resources under the Ohio for Responsible Gambling banner.

Our Final Conclusion of This Ohio Prophet Exchange Review

The launch of Prophet Exchange OH represents another exciting and fascinating chapter in the growth of betting exchanges in the US, and of sports betting in general.

Many people may initially see exchange betting as complicated and challenging - but in the hands of a brand like Prophet Exchange, the first betting exchange USA enthusiasts could use, it presents a refreshing new way of wagering on sports.

Prophet Exchange offers the prospect of better odds, no vig, and the opportunity to lay as well as back. The package here is impressive, with great user experience and plenty of assistance and information for people new to this particular game.

It has its negatives, with a small number of banking options, and a limited number of sports compared to the selections on offer at rivals such as FanDuel Ohio and others. But we believe it is well worth your while to investigate the opportunities available to you at Prophet Exchange to see if it is a style of wagering that suits you.

Prophet Exchange Ohio FAQ

Contributors

Martin has reviewed sports betting sites and online casinos from all around the world including all the top brands in Canada. An expert at picking out exactly what sets each app apart, Martin is our go-to source when it comes to informing our readers on what the top betting apps and casino sites have to offer in Ohio.

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