The second act of an eight-year-old company
ProphetX has been three companies in eight years. Founded in the UK in 2018 by Dean Sisun and Jake Benzaquen, it launched Prophet Exchange in August 2022 as New Jersey's first betting exchange, and closed it on May 15, 2024 with under $300,000 in total betting revenue per state filings. It came back that September as ProphetX, a sweepstakes product that reached about 40 states while regulators turned against the model.
The third act is the one that matters. ProphetX filed with the CFTC in November 2025 and on June 11, 2026 received designation as both a contract market and a clearing organization, the first sports exchange to hold both licenses at once. The relaunched exchange went live days later in 49 states. Nevada, whose gaming law leaves no room for the model, is the single exclusion. The full venue-by-venue comparison sits in the ProphetX alternatives guide.
The dual license separates it from the field. Most venues in this category hold the market license and rent the clearing, the way Novig clears through Bitnomial. ProphetX clears its own trades, which removes a dependency and a fee layer, and it is the piece its CEO Dean Sisun leads with when he calls it the first sports-native direct-clearing prediction market in the United States. His claim, and so far an accurate one.
The fee is the pitch
ProphetX charges 2 percent of net winnings on straight trades and zero on parlays, per its own fee schedule, with a 1.5 percent tier for VIPs. The fee touches profit only. Win 110 units on a 100-unit stake and the 2 percent applies to the 10 units of gain, 20 cents. Lose and you pay nothing. Deposits and withdrawals are free on every method, with a $10 minimum through Aeropay or crypto and $1,000 by wire.
The parlay product is the distinctive piece of engineering. A Request for Quote mechanism shops your multi-leg combination to counterparties for a single matched price, and the current signup offer pays $20 in credit for a $10 deposit plus $10 in completed trades. Set against Novig's per-contract taker fee and a sportsbook's built-in margin, ProphetX's schedule is the cheapest way to hold a winning sports position, when the order fills. That last clause is the review.
The liquidity question the averages hide
The lifetime ratings look strong: 4.79 stars from 3,208 iOS ratings and 4.4 from 682 on Google Play. Read the reviews from July and August 2026 and the picture inverts. "Almost zero liquidity for anything. Getting a parlay to fill is almost impossible," reads a July 13 one-star. Others report debit card deposits failing, Aeropay errors, withdrawals taking days, and a verification process that demands documents, ID photos, and selfies only after you ask for your money out. The review sites converge on the same soft spot, thin books outside the major leagues.
ProphetX publishes no volume figures. The company reported a 50 percent rise in core performance indicators over its first 30 days and a target of tripling 2026 trading volume, both its own claims with no baseline disclosed. The App Store description says billions traded. No independent source has verified any of it, and the contrast is stark against Kalshi, which cleared $6.2 billion in a single June week.
Where it fits for a trader
ProphetX earns a specific slot: the value venue for major-league positions you intend to win. The 2 percent net-winnings fee undercuts nearly everything in the category, the order book is honest about its own depth since liquidity prints next to every price, and the dual license makes the plumbing real. Peer-to-peer cuts both ways, though. Every fill needs a counterparty, and on ProphetX the counterparty often is not there yet.
The deep books in prediction markets remain Kalshi and Polymarket, ranked in the Polymarket alternatives guide, and the discipline of checking what the book will actually pay matters more on a thin venue than anywhere else. Kairos aggregates Kalshi, Polymarket, and Predict.fun into one order book with sub-second data. Event contracts carry real market risk on every venue, and a fee saved on an unfilled order is nothing at all.
Sources
Every fee, regulatory, ratings, and funding claim on this page comes from dated coverage, state filings, or the venue's own materials.
- PR Newswire, June 2026: the June 11, 2026 dual DCM and DCO designation, the November 2025 applications, and the 2018 founding.
- ProphetX help center: the 2 percent net-winnings fee on straight trades, the zero parlay fee, and the profit-only application.
- OddsAssist, checked August 20, 2026: the sport catalog, deposit minimums, free deposits and withdrawals, and the thin-liquidity finding.
- BettingUSA, checked August 20, 2026: withdrawal timing, wire minimums, and the signup flow.
- PlayNJ: the May 15, 2024 Prophet Exchange shutdown and the under-$300,000 revenue figure from New Jersey filings.
- PR Newswire, July 28, 2026: the $35 million round and its investors.
- Yogonet, July 31, 2026: the 30-day performance claim and the 2026 volume target.
- App ratings and review quotes read directly from the Apple App Store review feed and Google Play on August 20, 2026.