The CEO and founder of sportsbook Matchbets is Mark Krause, who founded the company with the mission to create a sports gaming community where people could interact, socialize and bet against each other. Mark Krause had always been a fan of the idea of sports betting. In an interview with The Click, he said:
There’s just always something missing with sports betting. Bettors are always playing against the house and not playing against each other. But that traditional method lacked a social aspect to it, which Matchbets seeks to fulfill. I think that’s what’s really needed in the marketplace.
It became his mission to fill the gap by getting bettors to bet against each other and not the house. This way, it’s not an issue whether Matchbets wins the bet. Matchbets takes a two percent fee for each bet on its platform for this reason. According to Krause, this is much lower than the majority of competitors’ house fees.
Matchbets didn’t provide any details surrounding its revenue, but it is currently undergoing an additional funding round according to its founder and CEO. In the spring of this year, he confirmed his business had raised $650,000. He concluded:
Sports betting is exciting, but it can be so much more. It gives you a little bit more bang for your buck when you’re playing against other people as opposed to the house.