Betting exchange Smarkets has announced a year-on-year increase in profit of over 1500% after filing its first audited annual report for the year ending 31 December 2015.
Over £1bn worth of trades were executed on the Smarkets exchange last year alone as operating profit grew by 1568% to £5.2m (2014: £316,000). Group revenue grew by 429% to £10.4m (2014: £1.965m).
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.
Its main arm, the betting exchange based at St. Katharine Docks, facilitates peer-to-peer betting where users set their own odds and bet against each other not only before an event starts but right up until the end of any event.
CEO 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.
"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."
With offices in London, Malta and plans to open a US office, Smarkets continues to expand its team while cementing its position as disruptor in the betting industry.
The company was founded in 2008 by a team of finance and software engineering professionals and is backed by T-Venture and Passion Capital.
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement