Betting exchange Matchbook will launch a new prediction market platform in the UK this January. The move is part of its plan to compete with fast-growing US operators like Kalshi and Polymarket.

Interim CEO Ronan McDonagh told Bloomberg that the UK launch will test Matchbook’s technology. The company is also seeking US regulatory approval, which could come as early as March.

Matchbook is registered in Guernsey and mostly owned by professional gambler Zeljko Ranogajec. Brentford FC owner Matthew Benham previously held a larger stake but has reduced his share.

Testing a new prediction market format

Although Matchbook already operates as a betting exchange, the new UK platform will feel different for users. Instead of traditional fractional odds, markets will be displayed as percentage probabilities with simple Yes or No outcomes, similar to US prediction market platforms. The design aims to make the format more intuitive for users.

Betting exchanges work by matching users who want to back or lay an outcome, rather than the operator taking the other side of the bet. McDonagh believes the new format will make prediction markets easier to understand for British users and may attract those curious about exchange betting but unfamiliar with it.

The product will launch under Matchbook’s existing UK Gambling Commission exchange licence, with an initial focus on sports markets. In addition, Matchbook will provide a white-label prediction market product for easyBet, part of easyJet founder Stelios Haji-Ioannou’s wider business group, expanding the platform’s reach.

Prediction markets gain global attention

Prediction markets have grown quickly, especially in the US, where platforms like Kalshi and Polymarket saw high activity during the 2024 election cycle. They offer contracts on politics, sports, entertainment, and major global events.

In the US, these platforms operate as regulated financial exchanges, allowing nationwide access without state betting restrictions. In the UK, prediction markets fall under gambling regulation, and Kalshi and Polymarket are not currently available to UK users, though Polymarket recently relaunched in the US.

US ambitions and rising competition

Matchbook has said the US market remains a key long-term goal for the company. Compared with newer rivals, its brand is less well known in the US, and it is open to partnering with larger firms to reach more customers.

Interim CEO Ronan McDonagh said Matchbook is confident in its technology, liquidity, and market-making abilities, and believes it could compete effectively if approved. The company sees strong potential as interest in prediction markets continues to grow.

With competitors like Fanatics, DraftKings, FanDuel, and Robinhood exploring similar products, Matchbook’s UK launch will serve as an early test of how its platform performs outside the US. The results will help guide its strategy for future international expansion.