- $75 bonus when you trade $50
- CFTC-regulated designated contract market
- Open in 49 states
- Peer-to-peer pricing, tighter lines
Offer subject to terms. Trading sports event contracts involves substantial risk of loss and is not appropriate for all investors. Past results are not necessarily indicative of future results. You should consider whether trading is appropriate for you in light of your financial circumstances. ProphetX is a CFTC-regulated designated contract market. Full risk disclosure available at prophetx.co/risk. 18+. Prohibited in NV.
ProphetX is a peer-to-peer sports prediction exchange where users trade against each other rather than against a house. Since June 2026 it has run as a fully CFTC-regulated Designated Contract Market, having moved off the sweepstakes framework it launched on. New users can claim Trade $50, Earn $75 in Trading Bonus. ProphetX is open to residents in 49 states, everywhere bar Nevada, with an 18-plus minimum age. Our ProphetX review covers how the exchange works, the welcome offer, fees, legal states and where it sits next to Kalshi and Polymarket.
What is ProphetX?
ProphetX is a sports-only prediction exchange built around peer-to-peer trading. Instead of taking a price the house has set, you either back an outcome at the price another user is offering, or you lay it by posting your own price for someone else to take. The exchange matches the two sides and settles the trade once the event finishes.
The platform launched in September 2024 under a sweepstakes legal framework. In June 2026 the US Commodity Futures Trading Commission approved its application to operate as both a Designated Contract Market and a Derivatives Clearing Organization, and ProphetX launched nationwide on that footing — a federally regulated, sports-native prediction market rather than a sweepstakes product. It continues to run on Prophet Cash, the platform’s in-app currency.
The product is deliberately narrow. ProphetX covers soccer, NFL, NBA, MLB, NHL, college football and college basketball. There are no politics markets, no crypto markets and no entertainment markets. If you want to trade an election or an economic indicator, you want Kalshi or Polymarket; if you want to trade match winners and player props on a peer-to-peer book, ProphetX is the cleaner fit.
- $75 bonus when you trade $50
- CFTC-regulated designated contract market
- Open in 49 states
- Peer-to-peer pricing, tighter lines
Offer subject to terms. Trading sports event contracts involves substantial risk of loss and is not appropriate for all investors. Past results are not necessarily indicative of future results. You should consider whether trading is appropriate for you in light of your financial circumstances. ProphetX is a CFTC-regulated designated contract market. Full risk disclosure available at prophetx.co/risk. 18+. Prohibited in NV.
How ProphetX works
Every ProphetX market has two sides. The back side is the user who thinks the outcome will happen. The lay side is the user who thinks it will not. Prices are quoted in standard American odds. If you back the New York Yankees at +120, you commit your stake at that price. Someone else lays the same bet at the same price, posting the liability they will pay out if the Yankees win. The exchange holds both stakes in escrow and settles after the game.
You can also set your own price. If the best back price on a market is +120 but you want +140, you post the bet at +140 and wait. If another user takes the lay side at that price, the bet is matched. If nobody takes it, you can cancel and your stake is returned. That is the structural reason a peer-to-peer exchange can produce better prices than a sportsbook: the price is set by traders competing for fills, not by a book building margin into a line.
Prophet Cash explained
Trades on ProphetX are denominated in Prophet Cash, the platform’s in-app currency. You purchase Prophet Cash with US dollars and use it to take positions on the exchange. Winning trades return Prophet Cash to your balance, which can be redeemed back to real cash through the platform once it has cleared the qualifying activity rules. Bonus Prophet Cash from promotions is not directly withdrawable; only the winnings generated from trading with it convert to cash.
Is ProphetX legal in the US?
ProphetX is open to US residents in 49 states. The only state where it is prohibited is Nevada; it is also unavailable in Washington D.C. That is a considerably wider footprint than the sweepstakes era, when eleven states were excluded, and it followed the platform going live under CFTC regulation. The minimum age is 18.
That switch has already happened. ProphetX now sits on the same regulatory tier as Kalshi — a CFTC Designated Contract Market — and its coverage is second only to Kalshi’s among the platforms we track. State rules in this category still move quickly, so confirm your state at sign-up.
For US users in states where traditional sportsbooks are not legal, the comparison is straightforward. Kalshi is open in all 50 states under federal CFTC regulation. ProphetX is open in 49, everywhere bar Nevada, on the same federal footing. Polymarket is open for US real-money trading in most states under the QCX licence acquired in 2025. The three platforms are not direct substitutes, and the right one depends on your state and the markets you want to trade.
Sports markets covered on ProphetX
- NFL – moneyline, spread, totals, player props, season-long futures
- NBA – moneyline, spread, totals, player props, championship and MVP futures
- MLB – moneyline, run line, totals, player props, World Series futures
- NHL – moneyline, puck line, totals, Stanley Cup futures
- College football and basketball – regular season and tournament markets
- Soccer – MLS, Premier League and a rotating slate of international fixtures
Liquidity is the practical thing to watch on a peer-to-peer exchange. NFL, NBA and MLB markets fill quickly. Soccer and college markets can sit longer at posted prices because the trading pool is thinner. If you are pricing your own bets, expect the heavy US sports to clear instantly and the soccer book to take a few minutes during the busiest matchdays.
Fees and spreads on ProphetX
ProphetX charges a Payout Adjustment Fee on winning trades only. Industry coverage puts that fee at roughly 2 to 3 per cent of net winnings, which is materially below the implied 4 to 7 per cent overround a typical sportsbook bakes into a two-way line. There is no upfront commission on losing trades and no fee on cancellations of unmatched bets.
The trade-off for the lower fee structure is liquidity risk. A sportsbook will always quote you a price; an exchange only fills your bet if another user takes the opposite side at that price. On the most-traded markets that distinction is academic, but on thinly traded markets you can sit on an unmatched bet through to game time and never trade.
ProphetX welcome offer: Trade $50, Earn $75 in Trading Bonus
New ProphetX users can claim Trade $50, Earn $75 in Trading Bonus. Trade $50 on eligible event contracts and the platform credits $75 in trading bonus to the account — a better-than-even return on the qualifying amount, and one of the larger welcome offers among the sports-focused exchanges.
Three things to flag on the terms:
- 14-day expiry. Bonus Prophet Cash that has not been traded expires 14 days after it lands in the account.
- Bonus is non-withdrawable. The bonus itself cannot be cashed out, but any Prophet Cash winnings generated by trading with it can be redeemed once they clear qualifying activity.
- Minimum deposit of $10. Below that, no bonus is applied.
ProphetX pros and cons
Pros
- Peer-to-peer pricing produces tighter lines than a typical sportsbook on heavily traded markets
- You can set your own price on a bet and wait for someone to take it
- Payout Adjustment Fee of 2-3% on net winnings is materially below sportsbook overround
- Open in 49 states, including those without legal sportsbooks like Texas, California and Florida
- Operating as a CFTC-regulated Designated Contract Market since June 2026, the same tier as Kalshi
Cons
- Sports-focused book means no politics, economics or weather markets
- Prohibited in Nevada, and unavailable in Washington D.C.
- Bonus funds are credited as trading bonus rather than withdrawable cash
- Sports only – no politics, economics or entertainment markets
- Thinner liquidity on soccer and college markets versus the big four US sports
How to sign up to ProphetX
- Click through to ProphetX from any of the buttons on this page.
- Create an account with your email, a password, and your state of residence. Confirm you are 18 or older.
- Complete identity verification: full legal name, date of birth, address, and the last four digits of your social security number.
- Fund the account and trade $50 on eligible event contracts to qualify.
- Collect $75 in trading bonus. Winnings from trades made with it are redeemable to cash once cleared.
ProphetX FAQs
Yes. ProphetX is a CFTC-regulated Designated Contract Market and Derivatives Clearing Organization, approved in June 2026 and live in 49 states. That is the same federal regulatory tier as Kalshi, and a step up from the sweepstakes framework ProphetX launched on in 2024.
New users can trade $50 on eligible event contracts and earn $75 in trading bonus. The bonus itself is not directly withdrawable, but winnings from trading with it can be redeemed once they clear the platform’s qualifying activity rules.
ProphetX is open to US residents in 49 states. The only state where it is prohibited is Nevada; it is also unavailable in Washington D.C. State eligibility is confirmed during sign-up based on the address you provide.
ProphetX sets a minimum age of 18, in line with other CFTC-regulated event-contract exchanges. Age is confirmed during identity verification at sign-up.
ProphetX charges a Payout Adjustment Fee on winning trades only, typically in the 2 to 3 per cent range of net winnings. There is no upfront commission on losing trades and no fee on unmatched bets that are cancelled. Industry coverage places the structure materially below the 4 to 7 per cent implied overround a sportsbook bakes into its lines.
All three are now CFTC-regulated, so the difference is breadth rather than regulatory tier. ProphetX is sports only, with peer-to-peer matching and the deepest sports-specific coverage of the three. Kalshi is open in all 50 states and spreads across sports, politics, economics and entertainment. Polymarket, regulated via its QCX acquisition, is open for US trading in most states. ProphetX is the specialist; the other two are generalists.
Yes. Winnings from trades and any Prophet Cash purchased with real money can be redeemed back to US dollars once they have cleared the platform’s qualifying activity rules. Bonus funds from promotions are not directly withdrawable – only the winnings they generate can be redeemed.
18+. Trading sports event contracts involves substantial risk of loss and is not appropriate for all investors. ProphetX is a CFTC-regulated designated contract market; full risk disclosure at prophetx.co/risk. Prohibited in Nevada. Bonus terms and state availability are accurate at time of writing and subject to change.