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Prophet combines exchange and cash out betting to the benefit of the bettors and not bookmakers.
Prophet Welcome Bonus
Even though there is no welcome bonus currently available, this will likely change in the future. There is a referral code field in the registration process which indicates that we are likely to see a Prophet welcome bonus.
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This new concept in online betting has been launched in the UK by an operator called Prophet. The service brings together exchange betting and the cash out option offered by conventional fixed odds bookmakers. The Prophet cashout service replicates cash out betting but there is a significant difference.
The Prophet betting exchange provides a peer-to-peer cash out option. The value of the cash out offer depends on the number of buyers and sellers and not the bookmaker’s calculation.
All the leading sportsbooks allow customers to cash out bets. The objective is to guarantee a profit regardless of the outcome of a match or limit the loss. Bets can be cashed out during a live event. Bets placed before the match has begun or earlier in the live match qualify for cash out betting. The value of the cash out offer is set by the online bookmaker. The cash out offer depends on the stake and odds of the original bet and the odds at the time of the request.
Prophet cashout betting works in the same way except that the cash out value is calculated as part of an exchange model. A betting exchange brings together backers and layers who place counter bets at a mutually beneficial price.
If there are more backers than layers, the price contracts. If there are more layers than backers, the price increases.
Prophet cashout works in the same way but for cashed out bets and not the original qualifying bets.
How Prophet Cashout Works
The Prophet cashout function allows bettors to cash out bets at better odds than are on offer with conventional fixed odds bookmakers. The operator Prophet has launched the first peer-to-peer cash out betting company.
The outcome of these bets depends on the number of backers and layers on the betting exchange and they create the market price. The concept is more customer-friendly because the value of the cash out is taken out of the hands of bookmakers.
Bettors enjoy better cash out odds because the market determines the value of the cash out offer and not calculations employed by bookmakers. The bookmaker cash out process is a part of the secondary market for sports bets based on tips.
Prophet operates a betting exchange whereby sellers and buyers cash out bets at an agreed price. The operator has suggested that bettors will enjoy 50% better cash out values and 10-20% higher odds than offered by fixed odds bookmakers.
Sports And Markets
Prophet has been launched in the UK so will be popular for sports that are the most bet on with UK-facing bookmakers. The most popular betting sport in the UK is football and the English Premier League generates the biggest turnover.
We can assume that the Prophet cashout option will be used during in-play matches in the Premier League. The operator is licensed and regulated in the UK. The other most popular betting sports in Great Britain are tennis, rugby, cricket and golf.
Prophet cashout betting will be widely applied during live events in these sports.
When the Prophet cashout facility is used the selling price equates to better odds and the best cash out rates. The process will be quicker than conventional cash out betting as a market will always exist. The consumer will enjoy a better betting experience for fixtures in football, tennis and the other most popular betting sports in the UK.
The option will initially be available for registered users in the UK but the operator will be looking to expand in Europe, Australia and the United States.
The facility is suited to the four US betting sports of ice hockey, football, baseball and basketball.
The qualifying bet is Manchester United to beat Liverpool at 3.00. The backed team scores the first goal and the win odds become 1.50. The fixed odds bookmaker calculates the cash out value based on these odds but with an adjustment for their profit.
The Prophet price could be 1.60 so the buyer gets better odds and the seller guarantees a profit regardless of the final score. The bet holder sells the bet at an exchange price and not at the price determined by the bookmaker.
We can say that this is an innovative brand that has something interesting to offer to its customers. Next time you are planning to place a bet, it would be a good idea to take a look at the odds offered at Prophet. You might be surprised by the results.