We build state-of-the-art peer-to-peer prediction marketplaces, backed by more than a decade of experience in app development and P2P protocols. You own the platform, the code and the market.
Market types & systems we build against
Peer-to-peer went from a niche alternative to the sportsbook into a category with billion-dollar monthly volume in roughly eighteen months. The infrastructure to compete is no longer the hard part to source, which means the operators winning now are the ones whose matching, liquidity, and settlement systems hold up when a million people trade the same final at once.
$29.2B
Kalshi's monthly trading volume, up from $6.6B in December 2025 and $226M in December 2024.
80%
Sports accounted for roughly 80% of Kalshi's fee-generating volume in June 2026. This category is the monetization engine.
1.2M
Kalshi grew from 240,000 to 1.2 million active traders across 2025, a fivefold increase in a single year.
$871M
Volume traded on Super Bowl Sunday alone, the clearest picture of the load your engine has to survive.
Sources: Sacra company data on Kalshi (2026); public reporting on prediction market volumes. Figures are third-party estimates for a single operator and are included to illustrate category momentum, not as a forecast of any particular platform's results.
Exchanges do not usually fail on features. They fail on an empty order book, a matching engine that buckles on a Sunday afternoon, or a settlement dispute nobody designed an answer for. We have scoped against each of these, so they shape the architecture instead of surfacing in month five.
An exchange with no depth is unusable, and users who hit an empty book once rarely come back. This is the number one killer in the category, and it is an engineering and incentive-design problem long before it is a marketing one.
Volume in this category is spiky, not steady. A single Super Bowl has cleared hundreds of millions in a day. Engines built for average load produce stale prices, rejected orders, and mismatched fills exactly when the most money is watching.
State-licensed operator and CFTC-regulated event contract market are different products underneath: different custody, reporting, geofencing, and eligibility logic. Choosing after the build starts means re-architecting, not reconfiguring.
Who decides the result, what happens on a postponement, an abandonment, or a corrected stat line hours later? Without a deterministic settlement source and a documented void policy in the system, every edge case becomes a manual support ticket and a trust problem.
This sector sits in a high-risk payments category. Card declines, slow payouts, and chargeback exposure quietly kill retention, and the fix belongs in the wallet and ledger design rather than in a support macro written after launch.
KYC, AML monitoring, geolocation, self-exclusion, deposit limits and audit trails all touch the account model and the transaction ledger. Retrofitting them means rebuilding core flows while real money is already in the system.
A peer-to-peer sports prediction platform matches users against each other instead of against a house. There is no bookmaker setting a line and carrying exposure. Users post orders, the platform matches them, holds both sides' collateral in escrow, and pays out against a verified result.
Mechanically it is a financial exchange wearing sports clothing. Outcomes trade as contracts priced between one cent and ninety-nine cents, where the price is the market's live probability estimate: a contract at sixty-two cents implies roughly a sixty-two percent chance. Users can exit before the event ends by selling into the book, which is something a traditional sportsbook fundamentally cannot offer.
Because there is no built-in margin, revenue comes from explicit fees rather than a vig, most often a maker-taker structure that charges the user taking liquidity and rebates the user providing it. Kalshi, Polymarket US, Novig and ProphetX all operate variations of this in the United States, and Betfair has run a commission model internationally for two decades. None of them sell a sportsbook. They run an exchange, and the exchange is the software we build.
Everything else on this page is detail. These five are what we are actually hired to get right.
These are not skins on one codebase. The regulatory route and the settlement model change what sits underneath, so we settle which one you are running before development starts rather than rewriting the engine halfway through.
Outcomes trade as contracts between one and ninety-nine cents on a central limit order book, listed under a federally regulated designated contract market rather than a state gaming licence. The Kalshi and Polymarket US structure.
Back-and-lay markets operated under state gaming licences, with commission taken on net winnings rather than a spread. The Betfair model, adapted to U.S. state-by-state licensing and per-state geofencing.
Private leagues where friends predict against each other for points, prizes or small stakes, with leaderboards and season-long standings. Far lighter compliance surface, and a common first product before a money exchange.
Settlement handled by smart contracts with an oracle resolving outcomes, giving transparent resolution and global reach. Adds oracle design, wallet recovery, gas handling and a materially different compliance posture.
Users create and accept direct challenges at agreed stakes rather than trading into a shared book. Simpler than a full exchange, no liquidity problem to solve, and a strong fit for prop-heavy and creator-led audiences.
You build the engine once and license it to operators who bring their own brand, audience and licence. Adds tenant isolation, per-brand configuration, and consolidated liquidity shared across every deployment.
An order arrives, gets matched, collateral is locked, the event resolves, and money moves. Every layer below has to be correct under peak load, because in an exchange a bug is not a bad user experience, it is somebody's balance.
An in-memory central limit order book per market, enforcing price-time priority with deterministic handling of partial fills, cancels, and replaces. Built to be event-sourced so every state change is replayable and auditable after the fact.
The system that keeps the book from being empty: an internal maker quoting two-sided prices off a pricing feed, configurable maker rebate and incentive programs, spread monitoring with alerting, and optional routing to external liquidity partners.
A double-entry ledger where every cent is accounted for, collateral locked at match time so neither side carries counterparty risk, and balances that reconcile against the payment processor daily rather than at month end.
Automated resolution against a trusted result feed, with an explicit rules engine for postponements, abandonments, corrected stat lines and voids. Manual override exists but is logged, dual-authorized, and visible in the audit trail.
KYC and age verification, geolocation gating at session and transaction level, AML monitoring, responsible-gaming controls, and the trader apps on top. Nothing reaches the book until the account passes every gate the jurisdiction requires.
Platform Models above cover your regulatory and settlement structure. This is the other axis: the sport and market surface you are actually trading, because a single-sport pregame product and a live in-play micro-markets platform need a different engine underneath, even on the same settlement model.
We build the engine around one sport's full market surface, moneyline, spreads, totals and player props, so depth concentrates in a handful of games instead of spreading thin across everything at once.
We architect one matching engine and wallet that serves every sport you list, with market creation and settlement rules configured per sport rather than hardcoded, so adding a new league is configuration, not a rebuild.
We build markets that open, reprice and settle inside a single game, next score, next play, next possession, which means the matching engine and result feed run on a sub-second clock, not a pregame one.
We build markets that stay open for weeks or months, championship winners, MVP, win totals, where the engineering problem is capital efficiency and long-dated collateral, not speed.
We wire the engine to esports-specific data feeds and tournament brackets, map, round and series-level markets, built around a match schedule that runs on a completely different cadence than traditional sports.
We layer a prediction exchange onto an existing fantasy product's user base and player-performance data, so trading feels like a natural extension of a roster someone already built, not a separate app.
We build for the tighter compliance surface college and amateur sports require, athlete-eligibility-aware market rules, roster-change monitoring, and jurisdiction logic that accounts for state-by-state restrictions on collegiate markets.
We build the engine to price and settle combined positions across multiple games and sports at once, which means correlated-risk pricing and atomic settlement across every leg, not single-outcome markets bundled together.
We build one platform that pools every league and sport you offer into shared liquidity and a single order book per market, so a user's balance, positions and history live in one place instead of fragmenting by league.
An exchange is four products sharing one engine. Teams that scope only the trader app end up running market operations, risk and compliance out of database queries within a month of launch, so we plan all four into the same delivery.
The surface we design and build for the people actually placing orders. Every feature below exists to get an order placed confidently in the seconds before a snap, and to make the position legible afterwards.
What we build into it
We stream bid/ask levels straight from the matching engine over WebSockets, so users see real size at every price tier, not one top-of-book number.
We build both order types against the same book: market orders fill at the best available price, limit orders rest until matched, with clear pending vs. filled states.
We price an exit from the opposing side of the live book and let a user close a position in one tap, something a fixed-odds sportsbook structurally cannot offer.
We compute unrealized P&L on every open position as the market price moves, reconciled against the ledger so the number on screen never drifts from the real balance.
We build charts off the same tick data that drives settlement, so what a trader sees on the chart is exactly what the matching engine recorded, not a smoothed approximation.
We wire a kill switch into the matching engine that halts new orders the instant a scoring event fires, then reopens the book once the price is re-set.
We build funding flows against a double-entry ledger, holding spendable balance separate from collateral in escrow so a user's available balance is always accurate.
We hook alerts into the same event stream the matching engine emits, so a fill or settlement notification fires the moment it happens, not on a polling delay.
We build the retention layer on top of real trading data: ranked leaderboards and league standings computed from actual positions, not a gamification layer bolted on separately.
We build this as the console your trading team runs the book from. Without it, opening a market, suspending it mid-game or fixing a bad settlement becomes a developer ticket at the worst possible moment.
What we build into it
We build an admin console where your team sets a market's terms, schedules when it opens, and ties it to a specific result source before it ever goes live.
We give ops a control to freeze a market instantly, resume it once a trigger clears, or void it with a documented reason that flows straight into the audit trail.
We build a real-time view of book depth and spread across every open market, so a thinning book gets flagged before it becomes an unfillable order for a user.
We expose the internal market-making service's quote width and size as adjustable controls, so ops can tighten or widen spreads without waiting on a code deploy.
We build the fee engine so maker/taker rates, rebate tiers and promotional overrides are configuration your team edits, not a value hardcoded into the matching engine.
We route every automated settlement through a review queue with an override path and a mandatory reason log, for the rare case a result feed gets it wrong.
We build health checks on every result feed integration, alerting ops the moment a feed goes stale or disagrees with a second source, before it can mis-settle a market.
We index every order and trade so support and ops can search by user, market or time range, and replay the exact sequence of events around a disputed trade.
We instrument the matching engine itself, not just the API layer, so ops can see match latency and fill rate under real load, especially at kickoff when volume spikes.
Not a launch checklist we bolt on later. We engineer these into the account model and transaction ledger directly, which is why they belong in the first sprint rather than the last one.
What we build into it
We integrate identity and age verification at signup and re-verify before first withdrawal, gating every account action until a user has cleared the checks.
We check location at login and again at the moment an order is placed, reading device and network signals to catch VPNs and spoofing, not just an IP lookup.
We build rules-based transaction monitoring that flags suspicious patterns and routes them into a case queue, producing the paperwork your compliance team needs to file a SAR.
We enforce limits at the ledger level, not the interface, so a user cannot bypass a deposit or loss cap by switching devices or clearing local storage.
We build self-exclusion that holds across every account tied to the same identity and device fingerprint, with a cool-off timer the system enforces, not the user.
We build heuristics that flag linked accounts repeatedly trading opposite sides of the same market, a pattern peer-to-peer exchanges have to watch for that sportsbooks never see.
We log every order, match and admin action to an append-only ledger, so any balance or settlement can be reconstructed and defended after the fact.
We build export formats matching what your regulator or licensing body actually requests, pulled from the same ledger rather than a separate report database that can drift out of sync.
We scope every admin action, from suspending a market to overriding a settlement, to specific roles, with every permission change itself written to the audit trail.
We build this so your team can run promotions, support users and read the business without opening a database client or shipping a release.
What we build into it
We build attribution that ties a referred user's funded deposit and trading activity back to the referrer, with a payout ledger kept separate from the trading ledger.
We build a credit ledger that tracks promotional balance separately from real funds, with rules governing how and when a credit converts into withdrawable cash.
We build tiered incentive logic that reads directly off trading volume and fee data, so a rebate or reward program runs automatically instead of off a manual spreadsheet.
We give support a console showing a user's full position, balance and verification history in one place, so resolving a ticket doesn't require a database query.
We pipe trading events into cohort and retention dashboards, so you can see which acquisition channel and which first-market experience actually keeps traders active.
We wire lifecycle messaging to real trading events, like a first deposit, an expiring position or a settled market, instead of a generic time-based drip campaign.
We build fee and revenue reporting straight off the ledger, broken out by market, fee type and time period, and reconciled to the cent against settled trades.
We build feature flags into the app from day one, so pricing changes, new order types or UI experiments can ship to a subset of users before a full rollout.
We build multi-tenancy so each licensed operator gets their own branding, fee schedule and market configuration on shared infrastructure, without forking the codebase per client.
Six stages from account to payout, each a distinct piece of engineering we deliver. The two your users never think about, matching and settlement, are the ones that decide whether they trust you with a second deposit.
The user signs up, passes identity and age verification, and is checked against the jurisdiction rules for where they actually are. Nothing funds or trades until every gate clears.
A deposit lands through card, ACH, bank or crypto rails and is written to a double-entry ledger. Available balance and locked collateral are tracked separately from the first cent.
The user takes an offer at the current price or posts a limit order that rests on the book. Collateral is reserved the moment the order is accepted, not when it fills.
The engine pairs the order under price-time priority, handles partial fills, and locks both sides' funds in escrow so neither user carries counterparty risk.
As the game moves, the price moves. Users can sell their position back into the book before the final whistle, which is the capability a traditional sportsbook structurally cannot match.
The result feed resolves the market, the rules engine applies any void or correction policy, fees are taken, and winnings are credited automatically with a full audit trail behind them.
Real engagement ranges, not a "contact us for pricing" wall. What moves the number is latency requirements, how many jurisdictions you operate in, and whether you need market-making infrastructure to seed liquidity at launch. Licensing fees and capital requirements sit outside these figures.
$100K – $220K*
The narrowest scope that can take real users, match real orders and settle real money in one sport.
$250K – $500K*
The complete product, including the liquidity infrastructure and in-play markets that retention actually depends on.
????*
For operators launching across several jurisdictions at once, or licensing the engine to other brands.
Scope bigger than these tiers, or need a number specific to your jurisdictions? Tell us what you're building.
Custom Request — Get a Quote NowCost and timeline above are estimates only, not fixed quotes — your exact number is scoped on a free call.
These are honest planning ranges based on comparable exchange and fintech builds, not fixed quotes, and they cover software only. Licensing, legal counsel, regulatory capital, data feed subscriptions and payment processing costs are separate and vary enormously by route and jurisdiction. You get a fixed, itemized estimate after the first scoping session, before any contract is signed.
Bring us your model and target markets and we will map the engine, the liquidity plan, and the compliance surface it needs, then hand you a scoped estimate with a realistic timeline. The scoping document is yours to keep whether or not you build with us.
Book a Free Strategy CallThis is the most actively contested regulatory area in consumer fintech right now, and the route you choose changes the software underneath. Each requirement below is paired with what we actually implement, so your counsel's decisions have somewhere concrete to land.
Two very different products. A CFTC-regulated designated contract market lists event contracts under federal oversight; a state-licensed exchange operates under each state's gaming regulator with its own licence, bond and reporting duties.
On April 4, 2026 the Third Circuit held that sports event contracts on CFTC-regulated exchanges are swaps under the Commodity Exchange Act and that the CEA preempts New Jersey's gaming laws. It was a split decision, the first federal appellate ruling on the question, and parallel cases remain pending in other circuits.
Location must be verified at login and re-verified at transaction time, with VPN, proxy and spoofing detection. Regulators treat a single out-of-bounds wager as an enforcement matter, not a bug report.
Identity and age proofing before first deposit, sanctions and PEP screening, ongoing transaction monitoring, and suspicious activity workflows that produce something a regulator can actually read.
Deposit, loss and session limits, cool-off periods, self-exclusion that actually holds across accounts and devices, reality checks, and clear activity statements on demand.
Peer-to-peer creates integrity risks a sportsbook does not have: collusion between accounts, wash trading to farm rebates, and coordinated moves around insider information.
Idea Usher is a software development partner, not a law firm, licensing consultancy or regulatory adviser, and nothing on this page is legal advice. Whether and how you may operate a peer-to-peer sports prediction product depends on your jurisdiction, your licensing route and facts specific to your business. This area is also changing quickly, including the 2026 appellate ruling referenced above. Engage qualified gaming and securities counsel in every market you intend to serve, and we will build to the requirements they define.
Reference points for scoping your own product, not clone scripts. Every description below is based on publicly available information about how each operator approaches the category.
A CFTC-regulated event contract exchange with the widest sports coverage in the U.S. market. Ran roughly $29.2B in monthly volume by June 2026, with sports accounting for around 80% of fee-generating volume, on a maker-taker model where taker fees vary with contract probability.
A CFTC-regulated prediction market known for aggressive liquidity incentives, paying maker rebates rather than charging makers and running substantial monthly liquidity reward programs to keep books deep.
A sports-focused, CFTC-regulated exchange that competes on a zero-fee proposition, shifting monetization away from per-trade fees and toward other parts of the model.
A peer-to-peer sports exchange positioning on better effective pricing than traditional sportsbooks, with a trader-oriented interface and a focus on letting users set their own prices.
The original betting exchange, running back-and-lay markets internationally for over two decades on a commission-on-net-winnings model rather than per-contract fees.
A state-licensed exchange presenting sports positions in a stock-trading metaphor, with prices on a 0 to 100 scale and an interface deliberately borrowed from retail brokerage apps.
Idea Usher is not affiliated with, endorsed by, or partnered with Kalshi, Polymarket, Novig, ProphetX, Betfair, or Sporttrade. Company descriptions are drawn from publicly available information and are included for reference and benchmarking purposes only. Figures cited are third-party estimates and may have changed since publication.
Without a vig, revenue has to be explicit, and each of these needs different accounting underneath. Tell us which you are running and we build the fee engine to support switching between them without touching the matching layer.
The user removing liquidity pays a fee; the user posting a resting order pays less or earns a rebate. Rates can be flat or tied to contract probability, and the structure directly shapes how deep your book gets.
Nothing is charged to enter a position and a percentage is taken from net winnings at settlement instead. The Betfair model, and often easier to explain to users coming from a traditional sportsbook.
A monthly tier for reduced fees, advanced order types, deeper historical data or priority support. Adds predictable revenue on top of volume-linked income that swings hard with the sporting calendar.
License your engine to operators who bring their own brand and licence, charging a platform fee plus revenue share. Requires multi-tenancy and shared liquidity, which is a build decision made early or not at all.
Your order book is a real-time probability feed that media, modelers and institutional traders will pay for. Needs rate limiting, entitlements and billing, but the marginal cost of serving it is close to zero.
Interest earned on undeployed user balances, which some operators share back with users as a retention feature. Depends entirely on your custody model and licensing route, so it is scoped with counsel rather than assumed.
We start by writing down everything you need, then build the engine, the compliance layer and the apps one feature at a time, not as one large reveal at the end. You see and sign off on working software at every stage, not just a plan.
We document your model, target jurisdictions, sports and market types, fee structure, and the full feature list for the trader app, ops console and admin tools. This becomes a written spec and a feature-by-feature roadmap you sign off on before we write a line of code.
We design the system architecture (order book, ledger and service boundaries) alongside the actual screens (order entry, positions, ops dashboards) as clickable prototypes. You approve the design before development starts, so nothing gets rebuilt later over a layout disagreement.
We build price-time priority matching, then partial fills and cancels, then collateral locking, then settlement logic, in that order. Each piece ships to staging with its own automated tests as it's finished, instead of arriving bundled into one release at the end.
We build and wire each compliance feature to its vendor one at a time: deposits and withdrawals, then KYC and age verification, then geolocation gating, then AML monitoring. Each one is verified against that vendor's sandbox before we move to the next, because a compliance feature is the wrong place to find a bug in production.
On the trader side: live order book, positions, cash-out and alerts. On the ops side: market creation, suspend, void and settlement review. Each feature is built against the engine that's already running, with a working demo at the end of every sprint so you watch the product take shape.
Every feature gets retested together: full regression across the app, simulated peak-event order flow on the matching engine, penetration testing, and a ledger reconciliation audit. Testing everything as a whole catches interactions between features that testing each one alone can't.
You and your team trade on the platform yourselves, checked line by line against the requirements list from step one. Anything that doesn't match gets fixed and re-verified before a launch date is on the table.
A limited-user pilot trading real markets end to end, then public launch with on-call coverage through your first major sporting event, when load and edge cases arrive together for the first time.
We stay on for monitoring and bug fixes, then the next round of growth: new sports, new markets, new jurisdictions. The roadmap keeps moving instead of stalling the day the contract ends.
Chosen for money-moving systems under spiky load rather than for novelty. Every item here has a production track record in trading or payments, and a hiring pool deep enough that you are never locked to us.
Compiled, memory-predictable languages for the hot path, because garbage-collection pauses are unacceptable mid-match.
Pushing book updates to thousands of concurrent users without polling, and surviving reconnect storms at kickoff.
Strict transactional guarantees for money, time-series storage for market data, and a cache layer for read-heavy surfaces.
Real-time UI that stays smooth while the book updates many times a second, on web and both mobile platforms.
For operators settling on-chain, with oracle design and contract audits treated as first-class deliverables.
Regionally deployed for latency, infrastructure as code so compliance configuration is reviewable, and observability built in.
An exchange lives or dies on the quality of what it plugs into: the data that opens and settles markets, the checks that gate accounts, and the rails that move money. These are the categories we connect.
Fixtures, live scores, player stats and official results, which drive market creation, in-play suspension and settlement.
Verification, location enforcement and screening, all gating account actions before any money can move.
Deposits and fast withdrawals on rails that will actually serve this sector, including the gaming-specific processors.
Analytics, lifecycle messaging, affiliate tracking and support tooling wired into the same event stream as the exchange.
Already committed to a data, KYC or payments vendor? We build to it. If it exposes an API, we can integrate it.
The usual alternatives both have a specific failure mode here. Freelancers rarely have exchange experience, and white-label sportsbook platforms are architecturally the wrong shape, because a house-banked odds engine is not an order book with the house removed.
| Capability | Freelancers | Sportsbook White-Label | Idea UsherCustom exchange build |
|---|---|---|---|
| True P2P order book | Basic at best | House-banked by design | Purpose-built matching engine |
| Liquidity & market making | Not addressed | Not applicable | Maker engine and rebate programs |
| You own the source code | Usually | Licensed, never owned | Full ownership and handover |
| Peak-load engineering | Rarely tested | Proven at scale | Load-tested to peak-event traffic |
| Compliance in the data model | Retrofitted | Their route, not yours | Built to your licensing route |
| Differentiated product | Depends entirely | Same as every tenant | Yours alone, by definition |
| Continuity if someone leaves | Project stops | Vendor-managed | 250+ team, documented handover |
| Verifiable track record | Portfolio only | Usually strong | 4.9/5 on Clutch, 1,000+ projects |
Different starting points, same engine underneath. What changes is which layer you need first and how wide the compliance surface has to be on day one.
Entering the category with a differentiated angle and needing a compliant exchange fast enough to matter.
Already holding licences and adding an exchange product their current platform structurally cannot deliver.
Sitting on an engaged user base and moving into peer-to-peer markets adjacent to their existing contests.
Building on-chain prediction markets and needing serious matching, oracle and wallet engineering.
Converting a large sports audience into a product, usually starting social and free-to-play before real money.
Licensing exchange infrastructure to operators, which needs multi-tenancy and shared liquidity from day one.
Extending an existing gaming footprint into peer-to-peer under licences they already hold.
Launching outside the U.S., where licensing, payment rails and data residency shape the architecture.
Exchanges fail on the unglamorous parts: an empty book, a fill that should not have happened, a settlement nobody can defend. Those are engineering problems, and they are the part we are good at.
Tell us your model, your target markets and your licensing route. You will leave the call with a clear picture of the engine, liquidity plan and compliance surface your build needs, plus a realistic timeline and cost range.
Book a Free Strategy CallA launch-ready MVP with a working order book, matching engine, wallet, KYC and one sport typically runs $120,000 to $220,000. A full multi-sport exchange with live in-play markets, market-making tooling, native apps and a wider compliance footprint ranges from $250,000 to $500,000 and up. What moves the number most is latency requirements, how many jurisdictions you operate in, and whether you need market-making infrastructure to seed liquidity at launch.
A production-ready MVP typically takes five to seven months. A full exchange with in-play markets, native iOS and Android apps, and multi-jurisdiction compliance runs nine to twelve months. The matching engine and settlement logic are usually built and load-tested first, because everything else depends on them behaving correctly under peak load such as a Super Bowl or a World Cup final.
This is the single biggest reason exchanges fail, because an order book with no depth is unusable no matter how good the app looks. We build for it directly: an internal market-making service that quotes two-sided prices from a pricing feed, maker rebate and incentive programs that pay users to post resting orders, tight spread monitoring with automated alerts, and the option to route unmatched interest to a liquidity partner. The engineering goal is that a user's first order always finds a counterparty.
Both routes exist in the United States and they lead to very different builds. The state-licensed route means obtaining a gaming licence in each state and operating under that regulator. The federal route means listing event contracts on a CFTC-regulated designated contract market. On April 4, 2026, the Third Circuit held that sports event contracts traded on CFTC-regulated exchanges are swaps under the Commodity Exchange Act, and that the CEA preempts New Jersey's gaming laws. It was the first federal appellate ruling on the question, a split decision, with similar cases still pending in other circuits. The route you pick changes your licensing, custody, reporting and geofencing architecture, so it should be settled with qualified gaming and securities counsel before development starts.
A sportsbook sets prices unilaterally and takes the other side of every bet, so its core system is a pricing and risk engine managing house exposure. An exchange never takes a position. Its core system is a central limit order book that matches user orders against each other, enforces price-time priority, handles partial fills and cancellations, and holds collateral in escrow until the event resolves. The two are fundamentally different pieces of software, which is why sportsbook white-label platforms cannot simply be reconfigured into an exchange.
Instead of building a margin into the odds, exchanges charge explicit fees. The most common model is maker-taker, where the user who removes liquidity pays a fee and the user who posts a resting order pays less or earns a rebate. Kalshi runs a variable taker fee tied to contract probability, Polymarket US pays maker rebates, and traditional exchanges such as Betfair take a commission on net winnings instead. Others layer on subscriptions, premium data, or B2B white-label licensing. We build the fee engine so you can change models without touching the matching layer.
Yes, and we build both custodial fiat and on-chain variants. On-chain settlement gives you transparent resolution and global reach but adds oracle design, gas handling, wallet recovery and a materially different compliance posture. Custodial fiat is simpler for regulated U.S. operation and integrates with card, ACH and bank rails. Many operators run a hybrid, with fiat rails at the front and an on-chain settlement layer behind. The choice should follow your licensing route rather than the other way around.
At minimum: identity verification and geolocation gating, a funded wallet with deposits and withdrawals, a central limit order book with market and limit orders, a matching engine that handles partial fills and cancels correctly, automated settlement against a trusted result source, and a trader app that shows live depth and open positions. One sport done properly beats five done thinly, because liquidity concentrates rather than fragments and your first markets actually fill.
Whether you are entering the category fresh or already licensed and adding an exchange product, the scoping conversation is free and the output is yours to keep either way.
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