Want to keep the TNW Conference vibe going?? Tickets for TNW2022 are available now >>

The heart of tech

This article was published on February 21, 2013

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

    UK-based betting exchange Smarkets lands $2.3m from Deutsche Telekom’s T-Venture, Passion Capital Image by: Jessie Carbonaro
    Robin Wauters
    Story by

    Robin Wauters

    Robin Wauters is the European Editor of The Next Web. He describes himself as a hopeless cyberflâneur, a lover of startups, his family a Robin Wauters is the European Editor of The Next Web. He describes himself as a hopeless cyberflâneur, a lover of startups, his family and Belgian beer. If you'd like to know more about Robin, head on over to robinwauters.com or follow him on Twitter.

    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 backerPassion 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.

    Image credit: Thinkstock