2016 ‘Best Year In Business’ For Smarkets
July 13, 2017
Online betting exchange Smarkets has declared 2016 as it’s ‘best year in business’. It follows an annual report which revealed significant growth in the firm’s revenue and profits. After posting pre-tax profits of £316,000 in 2014 and £5.2 million in 2015, Smarkets announced a 160% increase to £13.7 million in 2016. The latest figure includes share based payments in the region of £3.2 million. Revenue also increased by 144% from £10.4 million in 2015 to £25.4 million.
With a user base of more than 200,000, the majority of trading is done on sports markets. However, bets on political outcomes such as the US Presidential Election and EU Referendum are thought to have been key contributors in the company’s growth in 2016.
The peer-to-peer betting exchange was founded in 2008 and has enjoyed a rapid rise to become a genuine challenger to some of the gambling industry’s big-hitters. Company CEO Jason Trost was clearly pleased with the progress when he commented on the 2016 results;
“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.”
Matched Betting With Smarkets
Smarkets is the exchange of choice for many matched bettors, myself included. The main attraction is a comparatively low commission rate of just 2%. Given the sheer volume of lay bets placed when matched betting, a reduced commission rate can help to increase annual profits from the money making technique.
The layout and general user friendly nature of the exchange is another plus-point. It’s great for matched betting on your mobile too. If you’re yet to try it, then you’ll be able to enjoy the Smarkets free bet offer. Just deposit £20 or more to use it as your exchange when matched betting and any loss you make up to £10 will be automatically refunded.