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Smarkets revenue and profit fall significantly for 2018

Betting exchange operator Smarkets has published its 2018 financial report in late September, despite the trading period coinciding with the calendar year.

Smarkets

Revenue fell 42% year-on-year to £11.9m ($14.6m), with Smarkets generating £20.6m in 2017 and £24.9m in 2016.

Gross profit also fell 58% to £7.3m, with cost of sales up 35% to £4.6m. Overall, the company recorded an £8.9m loss for the financial year.

That said, the number of customer deposits held rose 71% to £28.8m and trading volume increased 46%.

Smarkets CEO Jason R. Trost said: "I'm incredibly excited about 2019 and I want to thank everyone for their contribution and commitment to getting the company into such a great position during the last year.

"Smarkets can push ahead with expanding our activities; focusing on the more profit-generating areas of our business and more efficiently monetising our growing trading volume, as well as taking the company out into the huge sportsbook sector and new international markets."

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