Smarkets is coming to a new state in the U.S.
The worldwide betting exchange platform announced a partnership with Affinity Interactive to bring a sports betting app to Iowa.
Jason Trost, Smarkets’ CEO and founder, said he is “incredibly excited” about entering another U.S. market.
Iowa will be the second state Smarkets enters following its launch in Colorado in June 2020.
The company also plans a release in Indiana.
“The potential for SBK is huge in America, so adding our third licensed state is key as we move to our next stage of growth,” he said in a news release.
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Iowa SKB App To Launch This Year
Smarkets will launch in Iowa with its SBK Sportsbook app, which draws prices from the Smarkets betting exchange. The betting exchange platform is utilized for wagering and trading on sports, politics and current affairs.
Smarkets gained market access to Iowa through an agreement with Full House Resorts. It expects to launch in Iowa later this year. In Iowa, bettors are allowed to wager on collegiate sports, including major fall sports such as football and basketball, pictured.
“It is particularly meaningful for me as my family is from Iowa, and so I have always wanted the opportunity to launch there,” Trost said.
Mary Beth Higgins, CEO of Affinity Interactive, said the company looks forward to welcoming Smarkets to Iowa.
“We are pleased to help Smarkets add SBK to another U.S. marketplace,” she said.
Iowa legalized sports betting in May 2019. In 2021, the state eclipsed $2 billion in handle.
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Smarkets Maintains Global Reach
Smarkets was founded in 2008 by a team of finance and software engineering professionals. It is backed by Passion Capital, Deutschmark Telekom and Susquehanna Growth Equity.
The award-winning company is headquartered in London, with offices in Los Angeles and Malta.
Smarkets operates the Smarkets exchange, a betting exchange and betting market platform. Its second product, SBK, is an app that delivers odds and draws prices from the exchanges and presents them in a sportsbook interface.
The Smarkets platform processes billions of pounds of traded volume each year for customers across the company’s licensed and regulated markets.
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