Betting exchange Smarkets has reported a more than 1,500 per cent profit rise last year, as the Malta and UK-based gambling firm established itself in the competitive online gambling sphere.
More than £1bn worth of trades were executed on the Smarkets exchange last year, the company said today, as it released its first audited annual report for the year ended 31 December.
Operating profit at the races, sports and politics betting platform grew by a whopping 1,568 per cent to £5.2m, after making just £316,000 in 2014.
Group revenue grew by 429 per cent to £10.4m, up from £1.97m in 2014.
Why it's interesting
The company already has offices in London and Malta, but is now planning to open a US office.
It sees itself as a "disruptor" in the betting industry, where it offers an industry-leading two per cent commission on bets placed on its exchange.
The group comprises of Smarkets, a software development company, Smarkets Malta, operator of the Smarkets betting exchange, Hanson Applied Sciences, a liquidity provider, and Green Affiliates, a sports betting affiliate.
What Smarkets said
Chief executive Jason Trost said:
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.