Matchbook has teamed up with ADI PredictStreet to introduce regulated prediction markets across key jurisdictions, a move that could significantly alter the landscape of the gambling industry. We had an exclusive discussion with insiders from the company.
Currently, prediction markets are emerging as a major disruptor in the gambling sector, and Matchbook is positioning itself as a potential game-changer.
Monthly transaction volumes in the prediction market sector surged from below $5 billion in mid-2025 to approximately $24 billion by April this year. This surge occurred even before the FIFA World Cup 2026, which propelled the combined volume on Kalshi and Polymarket to an impressive $44.8 billion in June alone. A recent note from Macquarie highlights how the World Cup is driving mainstream acceptance of prediction markets.
Kalshi has reached a valuation of $22 billion, and reports from the Financial Times indicate that it is in discussions for a valuation of $40 billion. Meanwhile, Polymarket is aiming for a valuation of $15 billion.
Interestingly, one of the most significant moves in this competitive landscape is being made not by a high-profile Silicon Valley startup, but by Matchbook, a 22-year-old betting exchange with a much smaller profile.
Licensed in Alderney and the UK, Matchbook is operated by Triplebet Limited, which is primarily owned by Australian professional gambler Zeljko Ranogajec. The company has quietly developed what its CEO, Ronan McDonagh, refers to as the only platform globally that operates multiple distinct licensed prediction market brands under a single regulatory framework.
Matchbook’s offerings now include its flagship Matchbook Exchange & Casino, which operates in the UK, Ireland, Brazil, and globally under its Alderney Gambling Control Commission license. Additionally, it has the easyBet Predictions venture in collaboration with Sir Stelios Haji-Ioannou’s easyGroup in the UK and Ireland, and a co-branded hub for ADI PredictStreet, which is FIFA’s official prediction market partner for the upcoming World Cup.
Matchbook also hosts a podcast featuring discussions on World Cup predictions, with hosts analyzing key matches such as France vs. Spain and England vs. Argentina.
Matchbook’s financial landscape is somewhat unclear. Established in 2004, it was acquired in 2011 by a group of investors, including Ranogajec and Matthew Benham, the founder of Smartodds and a former trader at Bank of America. As a privately held entity, Triplebet is not obligated to disclose consolidated financial statements, leaving us without clear revenue or profit figures.
Nonetheless, insiders reveal that Matchbook earns a commission on matched bets—2% on net winnings for customers in the UK, Ireland, the Channel Islands, and the Isle of Man, and 4% for other regions. This model, characterized by thin margins, relies heavily on transaction volume and liquidity.
Matchbook processes over 500 million API requests daily and manages transactions worth billions of dollars each year, with support from its technology division, Xanadu Consultancy, based in Cork. Xanadu employs over 100 staff across Cork, London, and Italy, generating approximately $15 million in annual revenue.
Despite facing significant challenges, Matchbook has demonstrated resilience. For example, in 2020, the UK Gambling Commission suspended Triplebet’s license due to anti-money laundering and social responsibility issues, imposing a fine of £739,000 ($989,262). The license was later restored following compliance improvements.
This costly episode ultimately led to investments in compliance infrastructure, which has become a vital asset for Matchbook.