Smarkets lines-up US play as full-year revenues soar
Betting exchange plans to open its first office in the States in 2017 following triple-digit revenue growth
Online betting exchange Smarkets says it will open a new office in the US next year after the operator this week reported a triple-digit rise in full-year revenues.
The move into the US will see the company expand outside of Europe for the first time, and will make a final decision on the office location before the end of 2016.
Smarkets told EGR the US expansion was part of its long-term strategy to become a âtop-tier technology companyâ and to have a US hub ahead of any changes to sports betting regulation.
The operator is now looking at locations on both the east and west coasts of the US as it looks to tap into pools of engineering talent found in a number of American cities.
It currently has office locations in Malta and London, which will continue to serve as its headquarters for software development.
According to its 2016 annual report released yesterday, Smarketsâ revenues for the 12 months ended 31 December increased 429% year-on-year to £10.4m after more than £1bn was traded on the exchange.
The strong revenue growth also led to profits soaring 1568% to £5.2m during 2015.
“Smarkets is going from strength to strength with a momentum that is undeniable and I am confident of the success of our journey to deliver the unique customer experience that we strive for, and to establish ourselves in the top tier of technology companies,â CEO Jason Trost said.
“Our advanced trading platform has now handled over £3bn worth of bets, and an increasing number of customers are benefiting from our best prices and industry-leading 2% flat commission.”
Smarkets was founded in 2008 by a team of finance and software engineering professionals and is backed by T-Venture and Passion Capital.