UK sports betting operator Smarkets announced via a press release on Wednesday its planned entry into the U.S. market through a multi-million-dollar, long-term partnership with Full House Resorts. Through that signed agreement, Smarkets plans to offer online sports wagering in both Indiana and Colorado.
Smarkets plans to launch its newly developed SBK sportsbook in Indiana by the end of 2019 and hopes to do the same in Colorado by Spring 2020, assuming voters in that state ratify the Colorado sports betting bill that’s on the ballot this November.
"This is a landmark day for Smarkets,” Smarkets CEO & Founder Jason Trost said in the release. “As an American myself, I'm thrilled to bring our world-leading technology to Indiana and Colorado, as well as more states across the country.”
While Smarkets will initially launch in the U.S. as a traditional sportsbook through its SBK app, it might also one day help introduce the concept of betting exchanges to the U.S. as more states move forward with adopting legal sports betting.
The company is already an industry leader in that space over in the U.K., where it has processed over $15.6 billion in trading volume since being founded in 2008.
Betting exchanges offer bettors the chance to bet against each other on an open market rather than against a sportsbook. Bettors offer odds through the exchange for bets they would like to place and other bettors can accept those bets as offered.
The betting exchange then makes a commission off the winning bets in the same way eBay takes a commission off of products sold.
Full House Resorts, which also runs casinos in two other states, Mississippi and Nevada, might be getting a leg up on its competition in Indiana and Colorado because of the Smarkets SBK sportsbook app.
"This is a very exciting time for sports betting in Indiana and Colorado, and we are delighted to partner with Smarkets,” Full House Resorts SVP & Chief Development Officer Alex Stolyar said in the press release. “The SBK sportsbook platform that Jason and his team have built brings many new innovations to the industry, including a unique social network to heighten the customer experience."
The SBK app was just recently released by Smarkets and served as their official entry into the sportsbook market. It features a sleek and social-focused interface, and Smarkets promises to deliver bettors in both states the best odds in those markets.