Smarkets betting exchange more than doubles profits in year of political betting

 
Alys Key
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Smarkets has grown rapidly since it was founded (Source: Smarkets)

Betting exchange Smarkets more than doubled its profits last year.

The figures

Group business profit jumped 160 per cent to £13.7m in 2016, while revenue climbed 144 per cent to £25.4m.

Almost £2.7bn worth of bets were placed.

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Why it's interesting

A turbulent political landscape in the US and UK has boosted betting exchanges, which allow punters to bet against certain outcomes as well as for them.

Smarkets saw bets on the outcome of the US election and EU referendum as well as more traditional sports event gambling.

Founded in 2008, Smarkets has grown quickly, and now has three offices in London, Los Angeles and Malta.

But growth has slowed from last year, when profits grew by a whopping 1,500 per cent.

What Smarkets said

Chief executive Jason Trost said: “Our mission is clear; we are striving to establish ourselves as a top-tier technology company. I strongly believe that the results of the past two years show the positive trajectory of the business, demonstrate our significant growth opportunities and confirm our ability to challenge an industry ripe for disruption."

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