Jason Trost the CEO & Founder of online betting exchange Smarkets, has revealed that his firm will move to launch a traditional sportsbook platform supporting its existing operations.
Speaking to Bloomberg Business, Trost detailed that Smarkets had spent circa $5 million developing its sportsbook extension which will attached to the Smarkets exchange.
Focusing on the in-house development of its proprietary technology platform, Trost has established Smarkets as one of the fastest growing UK tech enterprises, listing within the top 10 of ‘The Sunday Times Tech Track100’ and ‘Deloitte Fast50’.
Smarkets will seek to deliver a sportsbook product, with best market prices generated by its existing online betting exchange.
“There’s a huge opportunity in terms of people wanting the best prices, but not wanting to go to the exchanges,” Trost detailed to Bloomberg.
Further to Smarkets upcoming sportsbook roll-out, Trost details that he is keeping a close eye on US movements, should betting be legalised by the US Supreme Court.
Trost believes that the US market could be worth between $10 to $20 billion should it to be fully liberalized, allowing Smarkets to expand internationally.
However, for the time being Trost is fully focused on growing Smarkets within the saturated UK betting market, which faces significant regulatory change and FIFA World Cup this 2018.