UK-based betting exchange Smarkets lands $2.3m from Deutsche Telekom’s T-Venture, Passion Capital

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’.

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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