The Advantages of Using a Betting Exchange Instead of a Sportsbook
It's an exciting time for the sports betting community. Currently, sports betting is legal in 30 states, and it's only a matter of time before the other 20 states get on board. Sportsbooks are fighting each other to acquire customers, offering insane promotions to get you to deposit on their platform. Why wouldn't they? They know the average person is a net negative bettor, and the built-in juice (or vig) helps soften the blow for sportsbook when someone is profitable long-term.
Exchanges vs. Sportsbooks
Let's say I open my favorite sportsbook app, and I'm offered odds of -110 to bet on a side. That's an implied probability of 52.4%. The thing about that is, you're betting on a spread or a total that should have an implied probability of 50%, meaning it should be, theoretically, +100 and not -110. Over time, that 2.4% difference adds up. Stretch it out to -115 (53.5%) or -120 (54.55%), which is common in the marketplace, and it starts to get increasingly more difficult to see your account balance increase, even if you're picking winners at a better than 50% clip.
That is where Prophet Exchange comes into play. At its core, Prophet Exchange is a two-way market that facilitates peer-to-peer betting. It eliminates the vig—that 2.4% or higher—that lines the pockets of every sportsbook every time you place a bet. It allows you to skip the middle man and bet against another person instead of against the sportsbook, allowing the bettor to dictate the odds and price, not the bookmaker.
Instead of juice, betting exchanges like Prophet Exchange take a roughly 2% commission on winning plays instead of juicing both sides of the betting line. If you bet $100 on a -110 bet on a sportsbook, your return is $90.90 of profit. On Prophet Exchange, you'd take home $98. That's a huge difference, and it adds up over time. It also matters more when the stakes are higher. Since you're betting against another person and not the sportsbook, you'll never be limited on an exchange. Prophet Exchange doesn't care how good (or bad) of a bettor you are, so there's no incentive for them to limit you if you win frequently. Suddenly, you can be profitable with a 50.5% win rate instead of the 52.4% rate you need to in order to beat -110 lines.
Prophet Exchange is tied to Caesars' sports betting license and should be launching in New Jersey and Indiana soon. Other states with Caesars Sportsbook should expect Prophet Exchange to come their way sooner than later. Join the waitlist now to secure a $200 deposit match bonus!
This article is intended for entertainment purposes and adult users only. Call 1-800-GAMBLER if you have a gambling problem.