Recently, ProphetX informed its traders via Discord about a significant change regarding the odds format used on its prediction exchange. This announcement closely mirrored an email sent to traders the previous Sunday.
American odds, which are predominantly utilized by U.S. sportsbooks, have been eliminated from the platform. As of Monday, users noticed that point spreads, moneylines, totals, and prop bets were now displayed as percentages instead.
The response from some users was intense, with many expressing their dissatisfaction. One trader lamented, “Give me American odds back,” while another inquired about extensions that could revert the odds format. A user on X also questioned whether American odds would ever be reinstated.
This reaction, while not universal, highlighted the strong feelings within the community. However, it’s important to note that this change was not a spontaneous decision by ProphetX. It was a requirement imposed by the U.S. Commodity Futures Trading Commission (CFTC) on federally approved prediction markets nearly a month prior.
ProphetX reassured its users, stating, “We recognize that many of you are accustomed to American odds, and we do not take this change lightly. Adhering to CFTC guidelines is essential for us to operate as a legally regulated exchange, providing the best odds and liquidity to sports fans across the nation.”
As legal disputes continue across the country, the CFTC has mandated that exchanges display their prices in a way that clearly differentiates them from traditional online sports betting platforms. The commission emphasized that using American odds could mislead participants about the nature of the transactions, potentially obscuring crucial market information.
Other prediction markets, such as Novig, also faced backlash after switching to a different odds format. Traders expressed their disappointment, with one stating, “Taking away American odds is a huge loss.” In response, Novig provided a link to an odds calculator to assist its users.
Despite the current dissatisfaction, it’s likely that traders will adapt over time. The shift in odds presentation is not as drastic as changing a beloved product formula; it simply alters how the information is displayed while maintaining the same betting options.