Betting exchange operator Smarkets has announced a series B investment from Susquehanna Growth Equity, which will help Smarkets to increase its expansion across the US.
The investment is set to fund Smarkets’ market-access deals in regulated US states and develop new customer products. The operator did not reveal how much was raised, however, or the terms offered.
“At Smarkets we have always been guided by our vision of fixing betting with the best prices and products, and SGE is just as excited as us to challenge the status quo,” said Jason Trost, founder and CEO of Smarkets.
“This is a huge endorsement of our technology and will allow us to further upend the industry by offering bets as close to fair value as possible.”
The investment will also help to bolster Smarkets’ presence in the UK sportsbook market and expand in newly entered markets, such as Denmark and Sweden.
Trost added, “We are super proud of what we have achieved so far in the UK betting space, and this new investment will help take us to the next level and beyond in the UK, US, and other international markets.”