With a focus on price and technology, one company is shaking up the betting industry
“Betting should be priced like a commodity – because it is one,”
says Jason Trost, CEO and founder of Smarkets. “Betting on the outcomes of sports matches, elections or current affairs is no different from trading shares and stocks. The only difference has been that the margins are higher and the technology isn’t as good – until now.”
Right now, the world of betting is ripe for disruption and digital peer-to-peer betting exchange Smarkets says it has the agility to make a big impact on the industry. The company has a highly innovative structure with empowered staff in a self-managed organisation, which it says helps it move faster and with greater intent than its many competitors.
“We wanted to get away from the legacy offer, because we’re living in a very different space,” says Trost. “We’re a technology business, and that informs everything we do. For example, a traditional gambling website will be overloaded with high-margin games to fleece customers – we don’t have those, because we’re offering a platform for people to trade on their positions.
“People who take calculated risks with other people’s money on the stock market demand a good trading rate. Why shouldn’t people who put their own money on Manchester United winning their next game get a good deal as well? The only way to deliver this is through technology – and technology is at last being used for the benefit of the person laying down their money, rather than the bookmaker.”