Matchbook Buys Rival Exchange Betdaq, Closing Its Markets on Oct. 21

Matchbook has bought rival betting exchange Betdaq and will shut Betdaq's markets on Oct. 21, the companies announced on Oct. 14. The price was not disclosed.

For Betdaq customers, the deal means a deadline rather than a merger. Accounts will not transfer to Matchbook, according to a closure notice on Betdaq's website. Customers can view statements and withdraw balances until Nov. 4, and anyone who wants to keep trading must open a new Matchbook account.

Matchbook Promises Deeper Liquidity

On an exchange, bettors trade bets with each other instead of betting against a bookmaker that builds a margin into the odds. Liquidity is the money waiting to be matched, and more of it lets bigger bets fill at better prices.

Matchbook Chief Executive Ronan McDonagh said one combined pool should give Betdaq customers "better prices and deeper liquidity than either exchange could offer alone." A Matchbook spokesperson said customer funds remain protected under both operators' regulatory obligations.

The Betdaq notice names Triplebet Limited, the company that runs Matchbook, as the buyer of the Betdaq brand.

Racecourse Bookmakers Face a Switch

The deal is also understood to include Racecourse Data Technologies (RDT), the Racing Post reported. RDT supplies the hardware and software that on-course bookmakers use to hedge their positions into the Betdaq exchange.

In a message published by the United Council of Racecourse Bookmakers, McDonagh acknowledged their concerns about disruption to trading and hedging, according to the Racing Post. He promised "a fast and seamless transition to the Matchbook exchange."

Betdaq customers with open balances face two dates: trading ends Oct. 21, and withdrawals close on Nov. 4.

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