Matchbook targets Betfair with 0% commission
Exchange operator launches revamped website as Mark Brosnan takes the reins from CEO Andrew Pantling
Cork-based Matchbook has launched a brand new version of its website as it aims to establish itself as the world’s most liquid sports betting exchange within the next three years.
The technology behind the new site was created in-house by new chief executive Mark Brosnan (pictured), who succeeded incumbent Andrew Pantling in September. Brosnan has been with the company for almost 10 years and previously held the role of chief technology officer while Pantling has taken up an advisory position.
The website is an upgrade and full launch of June’s initial beta release while the operator is also set to launch a brand new app for iOS and Android later this month.
“We’ve managed to put in a technology stack which I firmly believe to be an industry leader “ not only in betting but in the overall online retail space,” Brosnan said.
The new chief exec has been tasked with converting Matchbook into “the world’s most liquid betting platform” and will aim to do so by focusing on a low margin strategy “ the operator charges 1% commission on every bet placed.
“I joined Matchbook in an era when everyone believed exchange betting and low margin betting was the future,” he said.
“A lot of our competitors have moved away from that philosophy “ they’ve moved to charging greater margin and you see some exchanges becoming sportsbooks and sportsbooks becoming exchanges and there doesn’t seem to be anyone offering a low margin product in Europe,” he added.
The operator, which also has an office in north London, said active users and matched bets had risen 300% year-on-year and expects the new site to power growth further still.
And having grown its pre-match football and North American markets, the company has set out to improve its in-running football and tennis service during 2014 and will attempt to boost liquidity in the former by offering 0% commission on all football markets until April.
According to Brosnan, the offer is a lead into the football World Cup and will be pushed via an upcoming advertising campaign backed by “a very significant marketing spend which will be the first time you’ll see a public offering of Matchbook”.
The operator has gone through a number of changes in recent years including its 2012 switch from its Antigua-licenced status to its current position as an Alderney licensee. The move came a year after Matchbook was acquired by Brentford Football Club owner and SmartOdds founder Matthew Benham.