How Matchbook-Powered Prediction Markets Could Shake Up the Industry
Matchbook has partnered with ADI PredictStreet to bring regulated prediction markets to major jurisdictions – it could be a game-changer. We spoke exclusively to company insiders.
Prediction markets are the gambling industry’s most disruptive force right now, and Matchbook could be the dark horse that rocks the current established order.
Monthly volumes across the prediction market sector climbed from under $5 billion in mid-2025 to around $24 billion in April this year.
And that was before the FIFA World Cup 2026 turbocharged the combined volume on Kalshi and Polymarket to $44.8 billion in June alone. A recent Macquarie note lays out how the World Cup is accelerating the mainstream adoption of prediction markets.
Kalshi now has a $22 billion valuation, although the Financial Times reported in June that it is in funding talks for a $40 billion valuation; Polymarket is chasing a $15 billion valuation.
Yet one of the more consequential plays in this land grab is being made not by a Silicon Valley unicorn but by a 22-year-old betting exchange with a fraction of their profile: Matchbook.
The Alderney- and UK-licensed operator, run by Triplebet Limited (majority-owned by Australian professional gambler Zeljko Ranogajec), has quietly assembled what its CEO Ronan McDonagh describes as the only platform in the world operating multiple distinct licensed prediction market brands under a single regulated umbrella.
Its portfolio now spans its flagship Matchbook Exchange & Casino (UK, Ireland, Brazil, and globally under its Alderney Gambling Control Commission license), the easyBet Predictions venture with Sir Stelios Haji-Ioannou‘s easyGroup in the UK and Ireland, and, importantly, a co-branded hub for ADI PredictStreet, FIFA’s official prediction market partner for the 2026 World Cup.
How Zeljko Ranogajec is Betting on Infrastructure
Matchbook’s financial position is opaque. Founded in 2004, it was acquired, using the Triplebet vehicle, in 2011 by a group of investors, which, in addition to Ranogajec, included Matthew Benham, the Smartodds founder and a former City of London trader at Bank of America.
Privately held, Triplebet is not required to publish consolidated accounts, so there are no headline revenue or profit figures to get our teeth into.
However, company sources reveal the business’s shape. Matchbook earns commission on matched bets – 2% on net winnings for customers in the UK, Ireland, the Channel Islands, and Isle of Man, and 4% elsewhere – a structurally thin-margin model that depends on volume and liquidity.
Matchbook’s platform processes more than 500 million API requests a day. It handles billions of dollars’ worth of transactions annually, supported by Xanadu Consultancy, its Cork-based technology arm, which employs over 100 staff across Cork, London, and Italy. Xanadu generates roughly $15 million in annual revenue as a services business.
What’s more, Matchbook has absorbed significant shocks, yet come back fighting.
In 2020, for instance, the UK Gambling Commission suspended Triplebet’s license for anti-money-laundering and social responsibility failures, imposing a £739,000 ($989,262) fine, later restoring the license following remediation.
That episode proved expensive, but it forced an investment in compliance infrastructure that has, perhaps paradoxically, become Matchbook’s chief commercial asset.
Operating an exchange product in a regulated environment is incredibly complex, and we have many more years’ experience than anyone in doing that,” a company spokesman told Gambling Insider in an exclusive Q&A.
Matchbook, he added, is now “fortunate enough to be in a position where we can curate who we work with.”
Matchbook is a Minnow Among Giants, But the Supplier to New Challengers
In the traditional exchange market, where bettors are matched on a peer-to-peer basis, Matchbook remains a distant challenger to Flutter-owned Betfair, whose liquidity dominance has never seriously been dented.
Meanwhile, Smarkets, the London-based, Susquehanna-backed exchange, competes on low commission but struggles with thin order books; BETDAQ trails both.
Matchbook’s differentiation has been price: Oddschecker data showed it offering the best available odds in 84% of Premier League gameweeks in 2024-25, a function of low commission and a professional, high-staking customer base.
That positioning – deep pricing, modest brand – explains the strategic pivot now underway at Matchbook.
Instead of going head-to-head with Betfair for retail punters, Matchbook is repackaging its matching engine as infrastructure for the prediction market era, selling liquidity and regulatory cover to brands with reach it lacks.
The ADI Predictstreet Opportunity – the Partnership is Widening
Nothing illustrates this better than ADI Predictstreet. The FIFA partner – which reportedly paid in the region of $150 million for top-tier World Cup sponsorship – entered the US through Fanatics Markets and later struck a deal with Kalshi. Still, in the UK, Ireland, Canada, and Brazil, its prediction markets run entirely on Matchbook rails.
The company’s spokesman was keen to correct the assumption that ADI’s blockchain technology sits anywhere in the stack. The ADI PredictStreet hub is offered “on Matchbook’s proprietary platform and fully operated by Matchbook,” using its “best-in-class pricing, liquidity, exchange infrastructure and matching engine” under Matchbook’s own licenses.
“At this time, we do not make use of any of ADI PredictStreet’s proprietary technology, blockchain, or crypto solutions,” the Matchbook spokesman said.
The partnership is already widening.
A good example is Mexico, where we have just launched ADI PredictStreet into that country under our existing license there,” the spokesman added, confirming a jurisdiction that had not previously been disclosed.
And ADI’s announced post-World Cup expansion into additional sports plays directly to Matchbook’s strengths. The exchange already offers multi-sport prediction markets via the hub, mirroring easyBet Predictions, and “will continue to add new markets across multiple sports in line with customer demand.”
ADI is not without its problems, though. The new platform has been at the sharp end of complaints about World Cup ticket giveaways not showing up. There have also been moans about slow payouts.
The commercial terms of the ADI-Matchbook deals remain confidential – the spokesman declined to say whether Matchbook participates in ADI’s upside (such as it is) or collects fixed fees, noting only that the company works “across a variety of models,” from fully serviced platform provision to white label.
That matters for the investment case: ADI Predictstreet’s volumes are currently small compared to Kalshi and Polymarket, and FIFA’s official partner is comprehensively out-traded during its own tournament.
For now, the ADI PredictStreet deal is more option than earner. But options on a market growing at this pace are not to be dismissed.
RSBIX Tie-Up – Matchbook’s US Prediction Market Prize
The larger prize is America. Matchbook has partnered with RSBIX LLC – a US venture associated with gaming attorney Jeff Ifrah – which applied through the Commodity Futures Trading Commission (CFTC) in September 2025 for a Designated Contract Market (DCM) license.
Approval, which is still pending, would allow it to trade event contracts.
The US is a huge frontier for exchange and prediction sports trading, and the strength and liquidity of our platform insists that we are a significant player in that market,” the spokesman said, adding that Matchbook’s technology is “second to none” after twenty years of delivering a low-latency exchange.
The competition will be brutal. Kalshi and Polymarket own the volume; ProphetX and Novig (Bitnomial) hold fresh DCM designations; DraftKings, FanDuel, and Fanatics have also piled in; and fellow UK exchange Smarkets has filed for its own DCM license targeting a late-2026 launch.
B2B white-label suppliers such as Antier, Maticz, and WhiteLabelApps.ca are meanwhile pitching turnkey prediction market builds to any operator with a license. Matchbook’s rejoinder is that software is not the hard part – regulated exchange operations are, and it has been doing them longer than anyone chasing this wave.
Building the Prediction Market Rails of the Future is a Smart Move
Matchbook is not about to outspend the likes of DraftKings, Flutter, and Kalshi on marketing.
But the prediction market tsunami is redefining what an exchange operator’s assets are worth: liquidity, matching technology, and multi-jurisdictional compliance are suddenly the scarcest commodities in gambling.
Through ADI PredictAStreet, easyBet, and – if the CFTC assents – RSBIX, Matchbook has converted itself from a niche exchange into the regulated plumbing beneath other people’s brands. Gambling Insider reached out to RSBIX LLC for comment about its prediction plans, but we had not heard back by publication time.
If even one of those brands catches the wave, the industry may discover that the quietest player in the exchange market built the rails everyone else is riding on.
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