Split Smarkets focus drives pleasing trading volumes in 2017

Split Smarkets focus drives pleasing trading volumes in 2017

Tuesday, July 18, 2017 Posted by Luke Massey
The betting exchange announced a third consecutive year of growth

Online betting exchange Smarkets expects to build on its best year in business last year, despite the absence of a major global football tournament in 2017.

The company, founded in 2008 by Americans Jason Trost and Hunter Morris, recently released its annual report for 2016, showing “significant profitable growth” including a year-on-year increase in group business profit of 160% (£5.2 million to £13.7 million).

The third consecutive year of growth also saw group revenue climb 144% from £10.4 million in 2015 to £25.4 million in 2016, while trading volume saw a 141% increase to more than £2.6 billion.

Jason Trost told TotallyGaming.com: "2016 was a bumper year for Smarkets, as we saw record volumes on many big events like Cheltenham, Euro 2016 and the US presidential election.

"Although there is no World Cup or European Championships in 2017, we're still pleased with the growth and volumes on sports like horse racing and tennis, as well as political events like the UK General Election."

The strong trading performance was supported by Smarkets’ ongoing product investment. Towards the end of 2016, Smarkets opened its first office in the US to access engineering talent and now holds bases in London, Los Angeles and Malta to tackle other inefficient verticals.

Totally Gaming says: Jason Trost is confident that Smarkets will be able to sustain momentum in 2017 through its split focus on politics, current affairs and sport. The company, which plans to increase its customer base by exploring new regulated markets, has already seen its 200,000 users trade heavily on the EU referendum and US presidential election, as well as popular sporting events such as Cheltenham.

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