ProphetX is the other sports-only exchange, and the one with the most regulatory plumbing: on June 11, 2026 the CFTC approved it as both an exchange and a clearinghouse, so it matches and settles trades in-house. ProphetX 2.0 soft-launched on September 2, 2026 with prices shown as American odds, parlays built by request-for-quote, and a fee of 2% of net profit on winning singles. Users must be 19+, and it operates in every state except Nevada.
How it's built
ProphetX started as a peer-to-peer betting exchange, ran a sweepstakes version while it waited for federal approval, applied to the CFTC and was approved as a Designated Contract Market and Derivatives Clearing Organization in June 2026. Being its own clearinghouse means it doesn't rely on a third party (Kalshi, CME) to hold margin and settle; it's the same model Kalshi uses.
What it feels like
A sportsbook. Prices are quoted as American odds (−110, +250) rather than cents, markets are organised by sport and game, and there's a parlay builder that sends your legs out for quotes from market makers. Underneath, every bet is a yes/no contract matched against another user; ProphetX takes no side.
Fees
| Trade | Fee |
|---|---|
| Winning straight trade (taker) | 2% of net profit |
| Losing trade | None |
| Resting order that fills (maker) | None |
| Parlays | Varies; one source reports no commission, another "varies". Check the in-app schedule. |
Charging on profit rather than on every contract is friendlier to traders who lose some and win some, and it makes break-even math simple: you keep 98% of what you win. Compared with Kalshi's ~2¢ per 50¢ contract both ways, ProphetX is cheaper on most sports singles.
Availability and money
48 states plus DC, excluding Nevada. Funding by bank transfer, debit card and Apple Pay (added with 2.0); crypto deposits are reported but not consistently documented. Age 19+.
Caveats
- Liquidity is still building after a September relaunch; main lines are fine, props and niche leagues thinner.
- Three business models in a few years; the current one is three months old.
- Sports only, and sports is the contested category in state courts.
Who it's for
Sports bettors who want exchange pricing with a sportsbook interface and don't want to think in cents. Compare with Novig (free pre-game, 21+) before choosing.
Approval dates and fee structure per VegasInsider and SI (October 2026); sources disagree on parlay fees and are flagged above.