Smarkets is a UK-based betting exchange which enables users to facilitate their own bets on everything from sports to politics to game shows, according to The Next Web. T-Ventures and Passion Capital have both seeded the firm with $2.3 million – adding to the $1 million funding from Passion in 2011. The company expects to soon release a mobile app, add in price history features, and enable more markets for betting.
The system lets users set their own odds, and currently takes a 2% commission of all winnings.
The funding is accompanied by Randeep Wilkhu – Senior Investment Manager at T-Venture – and Passion Capital partner Robert Dighero joining Smarkets’ board.
Smarkets was founded by two Americans – former equity trader Jason Trost and Hunter Morris – and as of 2012, was growing at roughly 15% per month.