Smarkets raises second round for launch of social betting service

Next Story

Ooots ooots ooots: Seiko with a built-in drum machine

Fresh from their pitch at the TechCrunch Europe Geek ‘n Rolla event last week, UK social gambling startup Smarkets has completed a second round fund raising of £145k ($210k), exceeding the first round fund raising total of £100k in May 2008.

Despite what are clearly tough economic conditions, six private angel investors (details undisclosed) have participated this time and the funds will be used for the upcoming Smarkets launch.

In addition, Smarkets has completed its open RESTful API, in what appears to be a first for the betting industry. This is a betting exchange platform built with Erlang, a programming language enabling Smarkets to process thousands of bets per second.

Last week CEO and co-founder Jason Trost pitched Smarkets at Geek’n Rolla, a TechCrunch Europe for startups and investors. Here’s their pitch, recorded by Smarkets themselves:

  • http://blog.smarkets.com/2009/04/27/smarkets-raises-additional-145k-of-angel-funding/ Smarkets Raises Additional £145k of Angel Funding « Smarkets Blog
  • http://crenk.com Steven Finch

    This isnt too much money to launch a betting service.

    • http://www.direct-football.net mercato

      It’s also probably cash to cover the huge marketing cost in this business….

  • http://www.sportytrader.com/ paris sportif

    It’s also probably not enough money to cover the huge marketing cost in this business….

  • http://www.wincomparator.com/ betting

    Is it a competitor of Betfair ? Nevertheless, betting exchange is still a great product.

  • http://www.sportytrader.com/ paris sportif

    Betting Exchange is a great product but liquidity is the key. So difficult to go from nowhere to beat the leader….

  • http://www.bonus-casino-en-ligne.info/ bonus casino en ligne

    thanks for this interesting post!

  • http://www.bonus-poker-en-ligne.info Bonus poker en ligne

    thanks! you’re talented!

  • http://aspirinc.co.cc aspirinc

    Betting Exchange is a great product but liquidity is the key. So difficult to go from nowhere to beat the leader

  • Rüdiger

    The claim that Erlang “enabl[es] Smarkets to process thousands of bets per second” hasn’t really been tested in real life.

    Their 1000th user to deposit only came on May 4, 2010, more than a year after this article was published. So unless ALL of their users are betting EVERY second, they probably see less load on their servers… Good luck to them, though!

    http://blog.smarkets.com/2010/05/04/smarkets-1000th-user-to-deposit/

  • http://www.betabondieu.com/ canalwin

    This isn’t very much money but it can be enough for the beginning if it is managed properly.

  • http://www.gamblerstip.com tips for gamblers

    anybody knows if they have an API to let 3rd parties use their platform fo a different marketing approach?

  • http://www.betabondieu.com/canalwin canal+

    I don’t know very much about their service but it seems it is quite innovating into the betting industry. But i am not sure if their is an API at your disposal.

  • http://blog-dir.blogspot.com/ blog directoy reviews

    They do show an API on their website http://smarkets.com/api/documentation/

  • http://www.gamblersnation.com/ Gamblers Nation

    That API on their site is a bit hard to understand…

  • http://www.betabondieu.com/chilipari chiliparis

    Often the problem with that kind of API and i don’t know how it can be useful.

  • http://www.coteur.com Paris Sportifs

    startup is not dead ?

  • http://www.kaancan.co.cc filicirke

    thank you very much indeed for that ;)

  • http://www.carpictures.co.cc omia1

    thanks :) saolun
    ;)

  • http://www.bettingmad.co.uk Betting Mad

    I like the idea, but I’m sure Betfair could integrate social features and blow this out the water

  • http://www.twitter.com/JoannieClaxton Joannie Claxton

    Detailed post would it be OK if i translate into Dutch for my sites visitors? Thanks

  • http://www.pirates-of-caribbean-4.com Pirates 4

    thank you very much indeed for that ;)

    • http://datememateme.com/ free online dating site

      What an excellent blog! I don’t know very much about their service but it seems it is
      quite innovating into the betting industry. But i am not sure if their
      is an API at your disposal.

  • http://www.datingafter40.com/ dating after 40

    Thanks for this post! Betting Exchange is a great product but liquidity is the key. So difficult to go from nowhere to beat the leade.

blog comments powered by Disqus