At ProphetX we believe that everyone deserves a fair price on their sports picks, so we created a sports exchange to allow people to consistently get the best prices available on their plays.
Sports exchanges allow you to either be the price maker OR the price taker. Simply put - ProphetX allows you to compete against others instead of against the house (like with traditional sportsbooks). This means you are not subject to a sportsbook's margin or vig on your plays. Instead, exchanges only take a small payout adjustment from net winning plays. These payout adjustments net out to less than your traditional sportsbook, allowing you to win more or lose less on your predictions.
Exchange 101 Product Features and Benefits Matching Statuses
How to place a play?
When you click into an event, you will see the moneyline, spread, and total markets and all existing predictions available for you to match. ProphetX will show you the best odds and lines currently available to be matched. To place a play, simply select the line or odds you want and place your prediction!
Underneath each market, you will see how much existing liquidity is available on each line. The liquidity will show you the maximum amount available for you to place and get matched immediately.
How do you request Better Odds? Want to request a better odds than what is available? Simply click the team you want to make a prediction on and adjust the odds to what you want. Place the play and watch the inverse of your play appear, this will be displayed for other users to match you on! Check back in your My Plays to see if your prediction was matched. You can cancel unmatched plays at any time in 'My Plays' or on the event page for a single-game view.
When you request a new line or better odds, the inverse of your prediction will be posted for other users to match. One key benefit of the exchange is that you don't need someone to agree to match the entire play - they can match a portion of your play!
For example, if you place 100 on the Cavaliers spread (vs. Magic) at -11, another user can choose to match 50 on the Magic at +11. Your 100 play is now partially matched and the 50 is available for another user to match. You can see the status of your play in 'My Plays'.
If you want to place a play larger than what is available - place the prediction for your desired amount. Your play will be partially matched immediately with the existing liquidity. The rest of your play will be posted for others users to match. The unmatched portion of your play can be canceled at any time on the My Plays page or in the event.
Sports exchanges are not like sportsbooks, as exchanges do not set the odds for users to make predictions on. Instead, exchanges rely on users to set the odds. When a new market is posted you might see a market prompting you to 'request' a price. This means there is no liquidity on the market - if you request a play, your play will be posted for another user to match.
Better Moneyline Odds
Instead of your traditional sportsbook moneyline odds of -150 and +120, ProphetX will offer close to -134 and +132.
Best Execution
ProphetX will automatically fulfill predictions at the most advantageous odds available. For example, if you play -130 but -120 is available, we will issue your play at - 120. The same goes for spread & totals.
FIFO
First in first out is a unique feature that makes sure everyone is on the same playing field. No matter who you are, plays will be matched in the order that they are received.
Plays have three statuses on an exchange, which is completely different from a sportsbook:
Partially Matched
Part of your play is matched, while a portion of it remains outstanding, which is what we call an unmatched play.
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ProphetX is a national sports exchange where users can set prices to compete against other users, or predictions on the markets already available.
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