|Following a successful trial, Matchbook has officially launched its online betting exchange. The company is hoping to compete aggressively in the $100 billion North American sportsbetting market.|
A betting exchange works differently than a standard sportsbook in that gamblers bet directly against other players, thereby eliminating the middleman. The flow on effect of this, is lower transaction costs and greater potential profits for the players.
Tom Ramsey, Matchbook's Vice President of Development extolled the virtues of his companies new venture by saying, ‘Matchbook is a bookmakers nightmare; Exchange betting has already shaken up the $30bn European sportsbetting marketplace, and now the North American market is experiencing a similar transformation.” Ramsey adds, “As the Europeans have demonstrated, when people can bet directly with each other, betting markets become notably deeper and offer much tighter spreads.”