Smarkets estimates £6 million profit for its 2015 performance

Online betting exchange Smarkets has announced that it has doubled profits for the first two quarters of 2015. Following a successful opening to 2015, Smarkets management estimates it will record £6 million in pre-tax profits for its 2015 performance

The betting exchange stated that growth had been driven a substantial increase in its trading volume, which had seen its number of active traders quadruple since 2014.

Smarkets management detailed that its exchange platform have recorded triple digit growth during major sporting events such as the Cheltenham Festival, Royal Ascot and currently Wimbledon tennis which has been marked a major highlight for the operator.

Jason Trost, Founder and CEO of Smarkets, says: “We believe our growing customer base is a result of our continued efforts to provide transparency, excellent odds and industry low commission. We’re hoping the momentum continues as traction for this year’s Wimbledon has overshadowed the previous year completely. We’re pleased to see that our drive to build on the tennis vertical is resonating with existing and importantly, new customers.”

Earlier this year the business celebrated reaching the one billion pound traded milestone, following an epic response to the Cheltenham Festival and record-breaking interest in the Grand National.  The drive continued into the conclusion of the football calendar and a current record breaking Wimbledon.

Smarkets has proved the potential of applying financial trading principles to the online sports world. Their goal was to make a difference by developing an online platform focused on honest, transparent and user-centred trading. Smarkets offers trading opportunities on all major sports and niche markets such as politics and current affairs. The firm’s commission structure of a flat 2% of net profits is drastically lower than other online competitors.