Betting exchange provider Smarkets released its annual report for 2016 posting an impressive year-on-year increase in group business profit of 160% for the year ending 31 December, 2016.
The figures for 2016 represent a third consecutive year of profitable growth for Smarkets, which saw group revenue climb 144% to £25.4m (£10.4m in 2015) and overall business profit jump 160% to £13.7m (£5.2m in 2015).
There was more than £2.6 billion of trading volume on the Smarkets exchange in 2016 (up 141%), as the company’s near-200,000 users traded popular sporting events like the Cheltenham Festival and Euro 2016, as well as political outcomes such as the EU referendum and US presidential election.
Smarkets CEO Jason Trost said: “Our mission is clear; we are striving to establish ourselves as a top-tier technology company. I strongly believe that the results of the past two years show the positive trajectory of the business, demonstrate our significant growth opportunities and confirm our ability to challenge an industry ripe for disruption.
“We will continue to further develop our product to deliver a unique and fair trading experience by offering superior technology and industry-leading commission rates and will explore moving into new regulated markets to increase our customer base.”
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