Smarkets is a ‘social betting exchange’ which is launching initially with football/soccer bets covering UK football, the Champions League and the World Cup, but has plans to offer bets on the UK general election shortly. The idea is to bring a social and hightech mentality to the traditionally slow-paced industry of gambling. Better late than never I guess. It had planned to launch in late 2008.
At the same time it’s emerged that Stefan Glaenzer (the first investor and former exec chairman at Last.fm) invested in Smarkets as part of an angel round which also included an unnamed MD from Citigroup. The round was undislosed but it believed to be in the low six figures. From what we know, Smarkets has a declared $410,000 in backing.
The team includes Russ Garrett (one of Last.fm’s first employees), Bradley Wright (former front-end development lead for Yahoo! Answers), and Alex Lee (former UX lead at Yahoo!).