The next decade of Smarkets
The recent beginning of a new decade has been overblown a bit by some, but 2010 was the year that the Smarkets exchange launched to the public so now does seem the right time to quickly reflect on the teenies — is that the right term for last decade? — and look ahead to this year and beyond.
From a small Kentish Town flat to three offices
I remember those early days when I first moved to London thinking how easy it would be to bring a financial, price-sensitive mindset to the world of sports betting. How hard could it be to bring down margins and make the odds fairer for users, build an in-house platform from the ground up, and improve the experience for casual bettors and savvy traders alike?
It turns out, very.
Some things may have taken longer than expected, but I’m also incredibly proud of the company we have built. To be able to say that we have had hundreds of thousands of sign-ups and that billions of pounds are traded each year is cool. These are the sort of numbers that tech entrepreneurs dream of.
That doesn’t mean we’re slowing down, though. Not one bit. The 2010s was Smarkets’ growth decade, but the 2020s will be when we truly stamp our authority on sports betting and political prediction markets globally.
We now have a license to take our world-leading technology to the burgeoning US market, something that — as an American myself — I’m incredibly excited about. First, we’ll showcase our newly launched SBK sportsbook to the American audience in Indiana and Colorado. I’d love to take the exchange Stateside as well. Let’s see if the restrictions of the Wire Act change in the next few years!
As well as US expansion, we will take Smarkets to Sweden, Denmark and Italy in the near future to further increase our global reach.
5-star platforms built with the user in mind
In 2020 we will reap the benefits of recent technical groundwork by creating and managing a greater depth of markets, giving users more ways to express and trade their views. Improved statistics and visualisations will be rolled out to more sports to enhance the in-play experience.
This will benefit both Smarkets and SBK users. Those favouring our sportsbook can also expect: an instant cash-out feature, a more complete and lower latency price comparison via Price+, and an enhanced multiples offering.
Meanwhile, users who garner insight from price action on the exchange will be given the tools to apply fintech-style quantitative methods to trading and order book analysis. And we will bolster our reputation as a source of information by surfacing historical as well as live markets of note for those seeking insight into politics and beyond.
2019 was also an exciting year. We are one of the first betting operators to implement an Open Banking payment method, which is hugely beneficial for the user with its swift withdrawal times. We also enhanced our class-leading live charts on the exchange, and there is no higher-rated betting app than Smarkets in the App Store nor the Play Store (both 4.8/5*).
Community has always been a big part of the internal DNA of Smarkets, but 2019 was the year in which we really showcased community in a product for our users. Our new sportsbook app, SBK, brings a unique social aspect to the betting world like no other product. Couple that with the superior pricing of an exchange, and I believe that we can attract both the professional and recreational bettor with our two core products.
Our development team in Los Angeles should be proud to have built a sportsbook from the ground up, true to this company’s in-house principles. It means we can be different, interesting, and move faster than anyone else. I believe it is a product that will continue to grow in the established UK market and be well received by American bettors.
Looking forward
As move into the 2020s, our mission remains the same as always.
We are challenging the status quo of an industry by showing that you can bring customers an unrivalled experience and the world’s best prices.
Each year brings with it new challenges, and I am invigorated by what we are doing now as much as ever. We can be the change required in an industry that is crying out for unconventional thinking and innovative products.
I’d like to thank each and every one of our users on Smarkets and SBK, and all the staff that have helped us get where we are today.
Jason
P.S. If you’ve got any questions, leave a response below and I’ll get back to you 😃
