Reorientation of Smarkets towards professional sports traders
Smarkets has rebranded and announced a switch in its focus from social to professional sports traders following a $2.3m (€1.8m) investment in the online betting exchange.
T-Venture, the venture capital company of German telecommunications firm Deutsche Telekom, led the investment, which has brought a number of new elements to the exchange, according to Smarkets.
One such enhancement will be a ‘best price execution’ feature, meaning that if a more favourable price becomes available between a user placing a bet and the wager being taken, the user’s order will automatically be matched at the better price as opposed to the price requested by the user.
Users can now also access golf and motorsports markets for the first time while international customers can place transactions in American dollars alongside the existing Euro and Sterling options.
Smarkets also said that it can now accept additional new market-makers onto the platform and will have more liquidity in less active markets such as baseball, volleyball and ice hockey while improved back-end technology will mean faster order processing and better platform stability.
“Smarkets is a betting exchange built for professional traders that need the latest technology, fastest executions and lowest transaction costs,” Smarkets chief executive officer and co-founder Jason Trost said.
“Traditional betting operators have an entertainment-first approach. We see betting as a place for people to trade risk. The new brand and features are the next step in our evolution but we’re not looking to stop here. We’re working on further features such as analytics and different order types and I want to keep lowering transaction costs well below our current commission of two percent.
“The features we have just launched respond to this and mark the next step in Smarkets’ evolution to a professional exchange platform. The new brand reflects this positioning and there are other new features to come in the coming months ahead.”