ProphetX Stands Out As Innovative Sports Gambling Experience

With sportsbooks like FanDuel and DraftKings taking up much of the traditional sports betting landscape, there's been a necessity for innovation in the sports gambling industry. ProphetX stands out as one of those innovative companies.

Initially regulated in New Jersey, that changed in 2022 when ProphetX gave up its license in the Garden State for a larger piece of the sports gaming pie. With the decision, they were able to launch in 40 states, including California and Texas, where traditional sports gaming is not legal.

If you're unfamiliar with ProphetX's model, it's a sports exchange that operates in the sweepstakes gaming space. Players can use Prophet Tokens, a virtual currency that can be acquired for free or bought, and Prophet Cash, which can be bought and won to redeem for USD.

What Makes ProphetX Special?

What sets Prophet X apart from others is how it challenges the standard relationship between a book and its players. Jordan Grzeczka, the ProphetX's Head of Revenue, put it expertly: "There is no house. We don't care who wins or loses." They also won't limit a sharp player's bets. That's a refreshing change from traditional books that strive to have as many losers as they have winners to maximize profits and limits for players who win too much.

While ProphetX is still young, they have over 25,000 registrations, per Grzeczka. The appeal for sports gamblers is easy to see when looking at their odds. In my call with Prophet's Head of Revenue, he stated that their odds are usually 15-20% better than traditional sportsbooks.

Odds as of March 10

As you can see, you can get better lines on either side of the Suns-Grizzlies matchup on the day of writing. While these odds might not be quite 15-20% better, you can change that.

The beauty of Prophet's model is that you can make your own odds! Because ProphetX isn't only a sports exchange but a peer-to-peer exchange. So long as one of the thousands of players takes the other side of your bet, you're locked in. 

Perhaps one of its most underrated features, in my opinion, is how, with this two-currency system, Prophet gives you a sandbox environment to practice and test your gambling theories before putting them into practice. Think you've got a great handicapping strategy to corner the market on MLB NRFI bets? Claim your daily Prophet Tokens for free to test and work out those theories before putting them to use to earn Prophet Cash.

And look, players are responding to this model. Grzeczka pointed out that the company enjoys a retention rate that's over 85%; when players place their money with ProphetX, they stay. This is wildly impressive, considering that 77% of sports bettors are open to switching platforms.

Signing up is quite easy. Just make sure you use promo code "OddsShark" when you do!

Regulators Stepping In

At the moment, sweepstakes operators like ProphetX are outside of the regulated space. It's what has allowed the company to move from operating in New Jersey to doing so across 40 states. But some lawmakers want to change that.

Recently, New York State Senator Joseph Addebbo Jr. tabled a bill that would ban any form of sweepstakes games, including those that focus on sports wagering like ProphetX. When asked about the prospects of being banned in New York, Grzeczka calmly said, "these are decisions that are outside of our purview. We have no choice, if they say we have to get out, we get out."

Though with the bill only recently introduced, there's much deliberating to come before it's adopted as law - if it ever is. As Grzeczka pointed out in our chat: "Maybe we go from 40 to 38 states or from 40 to 41 because one says no but two say yes." 

I pressed Grzeczka for any plans on growing outside of the US to include Canada. He saw it as an opportunity but reiterated that the company is still in its infancy and is prioritizing enhancing the product and learning from its first full year.