Member Article

Smarkets announces Ireland expansion and creates 75 London jobs

Smarkets has gained its first international expansion license in the Republic of Ireland.

The London-headquartered online betting exchange, which is backed by Deutsche Telekom’s venture capital arm T-Venture and Passion Capital, has also announced plans to expand its London presence with the creation of 75 jobs.

The company plans to establish a core market of Irish bettors that have previously been unable to take advantage of the firm’s market-beating commission rates. Smarkets offers clients only 2% commission on profits from betting, instead of the 3-5% other market incumbents charge.

Jason Trost commented: “We are committed to offering the best value and transparency to our customers. Our expansion into the Republic of Ireland enables us to offer more customers better odds and a market low commission of 2%, which is drastically lower than other online competitors. We’re looking forward to working with and getting to know this new customer base.”

Smarkets has experienced phenomenal growth this year, reporting over 400% YOY with plans to add 75 additional staff to the company’s London operations.

In order to facilitate the expansion, the company is to relocate to a new headquarters in the St Katharine Docks area of London. The space encompasses a top-floor 10,000 square foot bespoke space designed by leading London design firm, ThirdWay Interiors.

“Our new headquarters serves as a cornerstone of our commitment to innovate the betting industry as a whole, and reaffirms our promise to contribute innovation and jobs to the UK economy,” stated Mr Trost. Smarkets indicated that the company plans to complete the move before the end of Q4 of 2015.

This was posted in Bdaily's Members' News section by Ellen Forster .