Profitable, growing, and privately held

Key financials, governance, and information for existing and prospective investors.

Performance

$60B

Lifetime traded volume

$31.4M

2024 revenue

$10.2M

2024 EBITDA

79%

Gross margin

82%

year-on-year SBK revenue growth

Figures as of February 2026 based on FY 2024 audited results. SBK growth rate is year-on-year revenue growth.

Why Smarkets

Profitable

The business is profitable on FY2024 audited results.

18 years of execution

Founded in 2008, we've learned what works for our customers.

Two consumer apps, one pricing engine

SBK captures retail demand through a simple sports trading experience. The Smarkets exchange serves more active traders. Our proprietary market maker prices markets across both, generating revenue with a specialised team.

Engineering-led

45% of the team are in engineering and technical roles. We build everything ourselves: exchange infrastructure in Rust, real-time frontends in React, and proprietary market-making algorithms.

Regulated in five jurisdictions

Licensed by the UK Gambling Commission (opens in new tab), Malta Gaming Authority (opens in new tab), and in the US (Indiana), Ireland, and Sweden. CFTC application currently in review for US market access.

Capital efficient growth

$60B traded on $35M of equity raised. Growth is funded by profits.

How we make money

Market making

Our proprietary market maker quotes prices on both sides of thousands of markets simultaneously. It earns the spread between buy and sell prices, generating margins with a specialised team.

SBK (sportsbook)

SBK is our consumer sportsbook, offering better odds than traditional bookmakers by passing on the exchange's sharper pricing. Revenue comes from the edge built into each price. The model has supported efficient customer acquisition relative to many sportsbook operators.

Exchange fees

We charge a transaction fee of 2% of net profit per market. Professional traders and API users pay transaction fees on executed volume.

Where we're headed

The exchange relaunched in 2026, rebuilt for a broader audience. As we expand into new geographies and asset classes, the model scales: SBK's format replicates into new jurisdictions, and the exchange infrastructure supports additional products without rebuilding.

Our margin advantage

Traditional sports betting products often include materially higher margins. Our model is designed to offer more competitive pricing.

Our investors

$35M in equity capital from institutional investors.

Growth arm of Susquehanna International Group, one of the world's largest quantitative trading firms. Expertise in market structure and exchange economics.