Smarkets, a London, UK-based startup that facilitates peer-to-peer betting on sports, TV shows, politics and whatnot, has secured $2.3 million in venture capital from T-Venture, the investment arm of Deutsche Telekom, and prior backer Passion Capital.
Randeep Wilkhu, Senior Investment Manager at T-Venture, and Passion Capital partner Robert Dighero will join the company’s board.
Smarkets offers a social way of betting on, primarily, sports, letting users set their own odds and bet against one another. The company takes a 2 percent cut on winning bets to generate revenue.
The extra capital will be used to ‘accelerate technical and product development by expanding the team of developers and engineers’.
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The company says it’s currently working on a mobile app, more markets for users to trade on, charts and price history features.
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