Smarkets secures new investment to fund US and international growth11th June 2021 7:37 am GMT
Betting exchange operator Smarkets has secured a minority investment from private equity firm Susquehanna Growth Equity (SGE) to accelerate its US expansion.
The Series B funding from Pennsylvania-based SGE will allow Smarkets to accelerate its rollout in the United States, where it is already live in Colorado with its SBK sportsbook app and set to go live in Indiana in the near future.
The funding will also bolster SBK's position in the UK betting market after its successful launch in August 2019, as well as fund expansion into new and recently entered markets such as Denmark and Sweden.
“This is an incredibly exciting day,” said Smarkets founder and CEO Jason Trost. “I've always been amazed what the passion and energy of a comparatively small group of committed people can accomplish against much bigger rivals; Smarkets and SBK are the product of exactly that.
“At Smarkets we have always been guided by our vision of fixing betting with the best prices and products, and SGE is just as excited as us to challenge the status quo. This is a huge endorsement of our technology and will allow us to further upend the industry by offering bets as close to fair value as possible.”
Susquehanna Growth Equity managing director Scott Feldman said: “We are delighted to be able to join Smarkets on their upward journey. We immediately identified with their vision of using technology to take on the betting industry's big operators by providing the fairest odds in the world and maintaining a clear focus on product excellence.
“Smarkets have achieved a huge amount with little investment to date and we can't wait to see them go from strength to strength as they expand further into both the US and UK mainstream market.”