An open market
for sports.
Player-versus-player pools. No limits. No bans. Ever.
Pitch Exchange · Investor presentation · 2026
The problem
Win, and the sportsbook shows you the door.
A sportsbook is on the other side of every bet you place. When you win, it loses — so it manages you out.
- Stake limitsYour maximum bet shrinks as you win.
- Restricted marketsProps and live betting switched off.
- Closed accountsBalance returned. Access gone.
BET SLIPACCOUNT RESTRICTED
Lakers −3.5−110
Requested stake$500.00
Your maximum stake on this market is $4.17Limits applied to your account. Contact support.
Illustrative
Regulation is adding to the friction: identity and affordability checks, mandated limits and stake caps.
The alternative
Prediction markets are booming. They are not simple.
They look like “Buy YES at 54¢”. Underneath, you are trading on an order book.
- Limit orders, market orders and partial fills
- Bids, asks and the spread between them
- Maker and taker fees
- Someone has to take the other side of your trade
Chelsea to beat Aston Villa · YESORDER BOOK
PriceSizeTotal
58¢1,200$696
57¢640$365
56¢310$174
SPREAD 2¢
54¢480$259
53¢900$477
52¢1,500$780
Will my order fill?
Who is the other side?
Limit or market?
Our answer
Pools. One pot. Pick a side. Winners split it.
- Everyone stakes into one pot. No order book, no limit price, no counterparty to find.
- The event settles. One side wins.
- Winners share the pot in proportion to their stake, less one fixed commission.
Will Chelsea beat Aston Villa?POOL OPEN
YES
NO
$600 · 43%$800 · 57%
If Yes wins:
($1,400 pot − $48 commission) ÷ $600 on Yes
$2.25back per $1
Illustrative · payout moves as stakes arrive
The promise
NO LIMITSNO LIMITSNO LIMITS
No bans. Ever.
An account is never limited or closed because it wins.
In pools, we are not the other side.
Every dollar a winner collects was staked by another player. The pool pays out. We do not.
Winning costs us nothing.
Our commission is the same whether you win or lose. There is no account to manage out.
One market, same terms.
Every player gets the same pools, the same commission and the same payout rules. No tiers. No throttling.
Pools, jackpots, match rooms and player offers are player versus player. Pick’em and the originals are house-banked.
Open market integrity
Integrity is structural, not a promise.
One fixed, published commission
Taken from the losing side before the pot is divided. It is the only thing the house earns.
No winner, no commission
If nobody backs the winning side, or every selection is void, every stake goes back in full.
Every unit accounted for
Stakes, payouts, commission and rounding reconcile to the smallest unit on a single wallet ledger.
Results come from the source
Pools settle on the market owner’s authoritative result. A disputed result holds the pool. It never guesses.
How we compare
Simple like a sportsbook. Open like a market.
Sportsbooks
Prediction markets
Pitch pools
Who is on the other side
The house
Another trader or a market maker
Everyone else in the pool
What you need to understand
Odds, limits, bonus rules
Order books, limit prices, spreads, fees
Pick a side
When you win, the operator…
Loses money, so it has a reason to limit you
Earns the same fee
Earns the same commission
Limits and bans
Routine for winners
Venue and account rules
None. Ever.
The product
Every way to play, one platform.
Core
Pools
Player vs playerSports, culture and finance. Pick a side, share the pot.
Peer to peer
Player offers
Player vs playerPost your price. Another player takes the other side.
Marketing
Rollover jackpots
Player vs playerA sports lotto from $1. Perfect tickets split the pot, or it rolls.
Live
Match rooms
Player vs playerShort live pools on one match. Top scorers split the entry.
Margin
Pick’em
House-pricedOver or under on player props. Five or more picks, all must land.
Base
Originals
House-bankedTen provably fair games, from Dice and Plinko to Mines and Blackjack.
Marketing engine
A sports lotto for $1.
Pick the winner of every leg. Perfect tickets split the prize. Nobody perfect, and it all rolls into the next round.
- $1 a ticket. The price is set per series, so the entry point stays low.
- Small cards to Pick 24 and up. Quick wins and headline pots, side by side.
- 6% rake on new entries only. Carryover is never taxed.
JackpotsAll draws close Sat 15:00
Pick 4$1,820
Pick 6$12,400
Pick 10$86,300
Pick 24$1,222,000
Get all 24 right to share
$1,222,000$1,222,000$1,222,000
- Leg 1 · SoccerChelsea v Aston Villa
- Leg 2 · EconomicsFed cuts rates in December?
- Leg 3 · CryptoBTC above $65,000 at Friday’s close?
Play Pick 24 · $1
Illustrative figures
Why jackpots
No winner? The pot rolls.
- Cheap to try. A $1 ticket is an impulse buy, not a commitment.
- The pot is the ad. A Pick 24 can roll past $1 million.
- Always a next draw. A card closes on a set day and the next one opens.
- A door to the rest. Players who come for $1 meet pools, Pick’em and rooms.
Pick 24 prize by round, no winner until round 13100,000 $1 tickets a round, 6% rake on new entries only
Round 13: $1,128,000 carried + $100,000 new − $6,000 rake = $1,222,000. One perfect ticket takes it.
Illustrative, at scale
On two-way legs a perfect 24-leg ticket is a 1 in 16.8 million shot by luck alone, so a Pick 24 pot can roll for a long time. Carryover is never charged rake. With winners, rounding residue carries too. Tickets expire with their round.
Props betting
Pick’em: the props players love.
Over or under on a player stat. Pick at least five, one per game. Every pick has to land.
- Priced by the house. Each leg pays 94% of fair profit.
- Legs multiply, so the margin compounds with every pick.
House margin at balanced lines
14.1%5 picks
16.7%6 picks
21.6%8 picks
Pick’em slip5 OF 5 PICKS
Player A · PointsOver 24.5
1.94×Player B · ReboundsUnder 9.5
1.94×Player C · AssistsOver 6.5
1.94×Player D · ThreesOver 2.5
1.94×Player E · PointsUnder 21.5
1.94×$10 stake pays$274.79
27.48×
Illustrative · balanced lines
Each leg pays 1.94× against a fair 2×, so five legs pay 27.5× against a fair 32×. Real lines vary, and the house has a payout ceiling on every slip.
Live betting
Match rooms: our live betting home.
- Pay for a seat and pick a side. One entry fee, one entry pick.
- Play the room’s short pools as the match runs. Splits stay hidden until close.
- Rare right picks score most. A correct pick scores its pool’s dividend.
- Top scorers split the entry fees, less the rake.
Napoli v OlympiacosLIVE 67′
40 SEATS · $10 ENTRY · $360 PRIZE
1kestrel842 pts$180.00
2marlowe713 pts$108.00
3You655 pts$72.00
4tin590 pts—
Next cornerCLOSES 0:24
NAP
OLY
Illustrative
Example room: 40 seats × $10 = $400. A 10% rake leaves $360, split 50 / 30 / 20 as $180, $108 and $72. Cancelled before entries close, every fee is refunded.
House games
The staples every player expects.
Ten provably fair originals give every user something to play between events: a steady base of play and a filler for the quiet hours.
Business model
We earn win or lose. Commission is a dial.
Pools6% commission on the losing side
Jackpots6% rake on new entries, set per series
Match roomsRake on entry fees, set per room
Player offers1% commission on what the winner takes
Pick’emHouse margin that compounds with every pick
OriginalsBuilt-in house edge on each game
Unit economics · one pool
Staked, split 50 / 50$1,000,000
Losing side$500,000
Commission at 6%$30,000
Share of turnover3%
The same $30,000 whichever side wins. Prediction venues earn an estimated 2.4% of sports volume.
The commission dial
End goal: 6% of the losing side~3% of turnover
Free commission, for promotions0%
Illustrative · set per product, series and room
The market
Over half of prediction markets is sports.
$52.4B traded on sports across prediction markets between 29 June and 13 November 2026, and weekly volume is still climbing.
Weekly sports volumeLast 4 weeks averaged $3.05B, 25% above the first 4
55%of all prediction-market trading is sports: $52.4B of $95.2B.
$13.5Btraded on sports in October 2026. US sportsbooks averaged about $14B a month in 2025.
2.4%estimated fee rate on sports volume: $1.27B in fees since 29 June.
Sources: Prediction.com Industry Data, from each venue’s own trade records (volume is price × contracts, one side; parlays excluded; fees estimated; last day partial, chart shows full weeks). US sportsbook handle: Pew Research Center, 27 May 2026, 2025 monthly average. Definitions and periods differ, so the comparison is indicative.
The numbers · where we sit
Mid-sized venues turn over $1B to $5B a year.
Prediction markets: Prediction.com Industry Data, sports volume 29 Jun to 13 Nov 2026, annualised; it includes the football season, so it is a run-rate. US sportsbooks: New York handle for October 2026 × 12 (New York Gaming Commission figures via The Lines), so national totals are larger. Crypto: one-year deposit volume to 5 Nov 2026 (Tanzanite.xyz via Business of iGaming); deposits are a floor on turnover, not turnover. Shaded band: $1B to $5B.
The numbers · what the middle is worth
We do not need to be the biggest.
At our blended yield of 4.95% of turnover, revenue is simply annual turnover × 4.95%. Here is what three real scales would be worth.
A small sportsbook$8.6M
Bally Bet, the smallest operator in New York: about $174M of handle a year.
A small prediction venue$48.5M
ProphetX: about $1.0B of sports volume a year.
A mid-sized venue$253M
Crypto.com: about $5.1B of sports volume a year, fourth largest in the data.
Revenue = annual turnover × 4.95% blended yield (see the yield slide). Bars are to scale with each other. These are scale comparisons, not forecasts: year one is far smaller (see the year 1 slide).
The competition · peer to peer
Betfair and BetOpenly: the incumbents.
One is old and hard to read, the other thin and glitchy. Our player offers charge the same 1% as BetOpenly, with no order book.
Betfair Exchange
BetOpenly
Pitch
Fills
Order book: back and lay at queued prices
Waits for another user to take the other side
You set the price; one player takes the whole offer. No order book
Fee
5% to 6% of net winnings, plus a 20% to 40% Premium Charge on big winners
1% of winnings
1% of winnings
Feel
Reviewers call it dated; the order book takes weeks to learn
Slow loads, downtime, stale live data
Post a price or take one: singles or 10-leg combos, shared by link
Size
UK commission £92.7M in 2025–26, down 8.6%
Not public; traffic rank about 1.29M
Building
Betfair: Premium Charge of 20% on 52-week gross profit of £25k to £100k and 40% above (Betfair’s charges page, Australian terms v. Nov 2025; its example uses a 6% base rate, third-party sources say 5%). Reviews call the UI dated and the order book hard for beginners; opinion is split. UK commission: Gambling Commission via SBC News, not opened. BetOpenly: BetSmart and OpenMarkets reviews, Trustpilot (4.2, 158 reviews), Similarweb, Oct 2026; no volume published.
The competition · other exchanges
One at scale, the rest small or pivoting.
Only Novig has real volume. Sporttrade left state-licensed betting this year.
Exchange
Fee
Size and status
Novig
Reported commission-free; some sources say about 2%
$4.7B a year of sports volume; CFTC-designated
ProphetX
About 2% of net winnings
$1.0B a year of sports volume; CFTC-designated June 2026
Smarkets
2% flat
Size not found; UK exchange
Matchbook
2% in the UK
Size not found
BettorEdge
Not found
Claims $100M+ matched and 35,000+ bettors (its own figures)
Sporttrade
Not found
Left state-licensed betting by June 2026; CFTC exchange from Oct 2026
Novig and ProphetX volume: Prediction.com Industry Data, sports volume 29 Jun to 13 Nov 2026, annualised. Fees, Smarkets and Matchbook rates, and Sporttrade’s exit and CFTC dates come from comparison and trade-news pages found by search and not opened, so treat them as unverified; Novig’s fee is reported inconsistently. Check each operator’s current terms.
The numbers · crypto casino originals
Originals are the crypto casino staple.
In-house, provably fair games at a thin 1% to 4% edge: a high-volume, low-variance base. We already have ten.
1–4%house edge on Stake Originals.
98.5%our return to player on originals, at most: a 1.5% edge, the thinnest in our mix.
$24.0Bdeposited at Stake in a year, the largest.
$4B+estimated Stake gross revenue, 2025.
Product at a crypto casino
House edge or margin
Originals
1% to 4%
Licensed slots
3% to 5%
Sports betting
4% to 6%
Racing
8% to 10%
Pitch blended
4.95%
Edge by product, Track360 review of Stake
Edges: Track360 review of Stake.com, May 2026 (vendor analysis, not audited). Stake is private: its $4B+ revenue is a third-party estimate with no stated method, and no split by product was found. Deposits: Tanzanite.xyz via Business of iGaming, one year to 5 Nov 2026; deposits are not revenue.
The numbers · yield
Between prediction markets and sportsbooks.
Prediction venues keep 2.4% of sports volume. US sportsbooks keep 5.6% net, and crypto casino books aim higher.
Product
Share of turnover
Yield
Adds
Pools
50%
3.0%
1.50%
Jackpots
15%
6.0%
0.90%
Match rooms
10%
9.0%
0.90%
Pick’em
15%
10.0%
1.50%
Originals
10%
1.5%
0.15%
Blended
100%
4.95%
Our assumed mix, not a forecast
Prediction fee rate: Prediction.com, estimated. DraftKings net revenue margin 5.6%, Q3 2026 (Covers, partly summarised); US gross hold 10.2% in 2025 (AGA via trackers). The ~8% crypto casino book margin is a team-reported figure we could not verify; third-party tests of Stake’s football odds show about 4% to 4.5%. Our yields: pools 6% of the losing side (about 3% at an even split); jackpots 6% rake; rooms 10% rake on entry fees; Pick’em planned at 10%; originals 1.5%. The mix and the Pick’em yield are our assumptions.
The numbers · lean by design
Built lean, with agents.
Incumbents are cutting staff. We were built by a lean team directing AI agents.
16 weeksfirst commit to today: 270k lines, 408 test files.
567commits: 20 apps, 11 games, 34 packages.
3+ roundsof DraftKings job cuts in 2026, from about 5,500 staff.
1,400Flutter UK and Ireland jobs cut; shares down 56% this year.
Revenue per employee, annualised
Kalshi~$15M
DraftKings~$1.0M
Flutter~$0.6M
Approximate, from secondary sources
Kalshi: Sacra’s $4B annualised revenue estimate (June 2026) over 250 to 278 staff. DraftKings: Q3 2026 revenue × 4 over about 5,500 staff. Flutter: FY2026 revenue projection of $17.6B over 28,518 staff. Our arithmetic on secondary sources. Cuts: Covers, SBC News, Bloomberg; Flutter figures differ across reports. Our counts: this repository, 14 Nov 2026.
The numbers · costs
What running it costs.
No affiliates, and an agent-run team. Variable costs come off revenue; the rest is a small fixed base. Three cases, not one guess.
Our three cases
Lean$60k a year fixed, 5% variable
Mid$150k a year fixed, 10% variable
Heavy$400k a year fixed, 20% variable
Cost line
Range
Basis
Odds and results data
Up to $500 a month
Our cap
Payments on crypto rails
1% to 3% of revenue
Benchmark
Fraud and chargebacks
0.5% to 2% of revenue
Benchmark
Promotions and free commission
0% to 15% of revenue
Benchmark
Affiliates
None: jackpots are the marketing
Our plan
AI agents and tooling
Our own numbers
Ours
Team, hosting, support
Our own numbers; lean and agent-assisted
Ours
Benchmarks: Track360 analysis of operator affiliate programmes, 2026 (vendor figures, not audited): crypto payments 1% to 3%, fraud 0.5% to 2%, sportsbook bonuses 10% to 15% of revenue. Variable cases: lean is payments and fraud only, mid adds about 5% of promotions, heavy about 15%. Data: public vendor plans start at $30 to $150 a month; $500 is our cap. Fixed-cost cases are our assumptions pending actual team, hosting and AI spend.
The numbers · year 1
What $1M of turnover looks like.
At 4.95% blended yield, $1M of turnover is $49.5k of revenue: about break-even for a lean, agent-run team.
Break-even turnover
$1.3MLean case
$3.4MMid case
$10.1MHeavy case
Turnover
Revenue
Lean
Mid
Heavy
$1M
$49.5k
−$13k
−$105k
−$360k
$5M
$248k
+$175k
+$73k
−$202k
$10M
$495k
+$410k
+$296k
−$4k
$50M
$2.48M
+$2.29M
+$2.08M
+$1.58M
Annual profit by case, illustrative
Profit = turnover × 4.95% × (1 − variable share) − fixed costs, with the three cases on the previous slide. No licence, affiliates or launch marketing budget are included. Year-one turnover is the assumption that matters most and is ours to set.
What we have built
Built, not promised.
Pool enginePer-market pools, dividends, voids and full reconciliation.
Wallet ledgerOne balance per player with idempotent, recoverable money movement.
Rollover jackpotsPick 4 to Pick 32 cards with carryover and equal-share payouts.
Pick’em, match rooms & offersHouse-priced props, live social pools and peer-to-peer prices.
Sports, culture & finance marketsSoccer, NBA, UFC, F1, Dota 2, elections, crypto and stocks.
Ten provably fair originalsDice, Plinko, Mines, Blackjack and more, each running as its own service.
Roadmap
From pools to the open market.
BUILT
Pools
- Sports, culture and finance pools
- Rollover jackpots
- Pick’em, match rooms and player offers
- Ten provably fair originals
NEXT
Open rails
- USDC deposits and payouts on Base and Ethereum
- Embedded wallets, no sign-up friction
- Live pools that open during the match
LATER
Open markets
- Player-created pool markets
- Digital options inside the same bet slip
- White-label platform for other operators
The ask
Raising
$ amount
To take the open market to market: launch, license and grow liquidity.
Licensing & complianceOperating where we are permitted to, properly.__%
Liquidity & growthFill pools on day one and bring the first players in.__%
Product & engineeringOpen rails, live pools and player-created markets.__%
Operations & securitySupport, monitoring and independent audits.__%
where Sports feels like home
No limits. No bans. An open market.
name · email · link