ONLINE BETTING EXCHANGE SMARKETS IS ON A ROLL
Malta and UK-licensed online betting exchange reports significant rise in profit.
The relatively new Malta and UK-licensed online betting exchange company Smarkets has reported a more than 1,500 percent profit rise in 2015, despite its late entry into a very competitive space.
According to reports in the UK business media, Smarkets reported in its first audited annual results that more than GBP 1 billion in trades took place on the website during the year ended December 31 2015.
Operating profit at the racing, sports and politics betting platform grew by 1,568 percent to GBP 5.2 million, rising from GBP 316,000 in the preceding year, and group revenue grew by 429 percent to GBP 10.4 million, up from GBP 1.97 million in 2014.
Buoyed by its success, Smarkets is now eyeing the US market with an office in the region.
Management has boasted that the companys business model is market-disruptive in that it offers a competitive 2 percent commission on bets placed on its exchange.
The group comprises 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.