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Smarkets raises Series B funding round to supercharge international and domestic growth
Smarkets, one of the world’s largest betting exchange and prediction market platforms, has announced the closing of a significant minority investment from Susquehanna Growth Equity (SGE).
Having raised just £3.8m ($5.4m) since its inception in 2008, with its Series A round coming back in 2013, Smarkets has built a leading exchange platform that processes billions of pounds in traded volume each year. The company has offices in London, Los Angeles, and Malta, licensed customer-focused operations in five countries, and in 2019 released innovative sportsbook app SBK.
Smarkets is delighted to welcome SGE, which joins existing investors Passion Capital and Deutsche Telekom in supporting the company’s mission to fix betting with the fairest odds in the industry.
This new investment will allow Smarkets to accelerate its rollout in the US, where it is already live in Colorado with sportsbook app SBK and set to go live in Indiana soon. The funding will also bolster SBK’s position in the UK mainstream betting market after its successful launch in August 2019.
The new investment will contribute to:
Furthering the company’s US presence, including market-access deals in new, regulated states
Capturing an even greater share of the UK betting exchange market and accelerating SBK’s growth in the UK’s mainstream sportsbook market
Expanding Smarkets’ development of new products for customers and focus on industry-leading prices on sports, politics, and current affairs
Continuing to capture the best and brightest worldwide engineering talent with a view to doubling headcount by the end of 2022
Further expansion into new and recently entered markets such as Denmark and Sweden
Jason Trost, founder and CEO of Smarkets, said:
“This is an incredibly exciting day. I’ve always been amazed what the passion and energy of a comparatively small group of committed people can accomplish against much bigger rivals; Smarkets and SBK are the product of exactly that. 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. 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.
“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. I’d like to thank the women and men that work and have worked at Smarkets for getting us to where we are.
“I truly believe the best is yet to come. This investment will allow us to fight with greater resources, move faster, and be bolder in our mission. We’re so excited about the opportunities this investment unlocks.”
Scott Feldman, Managing Director with Susquehanna Growth Equity, said:
“We are delighted to be able to join Smarkets on their upward journey. We immediately identified with their vision of using technology to take on the betting industry’s big operators by providing the fairest odds in the world and maintaining a clear focus on product excellence.
“Smarkets have achieved a huge amount with little investment to date and we can’t wait to see them go from strength to strength as they expand further into both the US and UK mainstream market.”
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Latest News
Red Papaya launches Pirate’s Fight for Fortune slot with 20,000x max win
Microgaming-powered studio ships a medium-volatility title with a three-tier bonus system and 96.37% RTP.
Red Papaya has released a new slot, Pirate’s Fight for Fortune, the studio announced on 15 April 2026. The Microgaming-powered title launches with a stated maximum win of 20,000x and targets mid-range risk players with medium volatility.
The game runs a 5×4 reel layout with 40 fixed paylines, an RTP of 96.37%, and a hit frequency of 27.19%, according to the studio. The bet range is 0.20 to 12.50.
Gameplay is built around a multi-tiered bonus system with Bronze, Silver and Gold bonus levels. The base game also uses a Collect mechanic, where Pirate Coins appearing on reels 1-4 can be collected when a Collect symbol lands on reel 5, with a multiplier of 1x to 5x applied to the total value of coins collected on that spin.
An optional Boost feature increases the total bet by 50% to improve the frequency of Silver/Gold Pirate Coins and increase the chance of triggering bonus games, Red Papaya said. Bonus play uses a “Hold & Win” style format with persistent coin collection into colour-coded treasure chests above the reels.
Madelein Ozok, Head of Studio at Red Papaya, said: “With Pirate’s Fight for Fortune, we wanted to combine a classic high-seas theme with a sophisticated multi-tiered bonus structure. This game’s high quality art and engaging audio also lends to an exciting storyline which we know players love.
“By utilising a persistent collection mechanic that builds anticipation with every spin, and offering players three distinct levels of bonus gameplay alongside a massive 20,000x Grand Jackpot, we’ve created a high-engagement title that stands out in any operator’s lobby.”
The post Red Papaya launches Pirate’s Fight for Fortune slot with 20,000x max win appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
AGCO
Platipus Secures Ontario Supplier Licence
Platipus Gaming has officially obtained a supplier licence to operate in the province of Ontario, Canada. This licence allows the company to provide gaming content to licensed operators in the province and represents a significant milestone in Platipus’ ongoing focus on regulatory alignment, operational consistency, and responsible product supply.
Importance for Operators
For Ontario-licensed operators, partnering with a licensed supplier like Platipus ensures that content is delivered in line with AGCO requirements. This reduces the need for additional regulatory assessments and supports smoother integration of third-party content into licensed operations. All products are designed and supplied with responsible gambling and player protection in mind, adhering to the technical and operational standards required by the Commission.
Strategic Significance for Platipus Gaming
The Ontario licence is a reflection of Platipus’ compliance-by-design philosophy. Regulatory considerations are integrated early in the development process, rather than being addressed as a final checkpoint. This approach ensures that products, processes, and operational structures are prepared for regulated environments from the outset.
Operating under AGCO also positions Platipus to engage with other regulated markets where Ontario standards are often referenced as benchmarks. The licence supports the company’s long-term goal of maintaining consistent product quality, operational reliability, and responsible content supply across multiple jurisdictions.
Company Perspectives
A spokesperson from the Legal Department commented: “We are pleased to receive our supplier licence in Ontario and to make our gaming content and solutions available. Following a comprehensive application process, we can now formally present this achievement as part of our regulated market presence.”
Viktoriia Andreasen, Head of Marketing, added: “Ontario stands out as a well-structured and highly organised jurisdiction. It represents an important regulated market with strong operational standards”.
Ontario supplier licence confirms that Platipus can deliver content in one of the world’s most tightly regulated iGaming markets, with all technical, operational, and compliance requirements addressed.
This milestone represents more than a geographic expansion. It signals that Platipus Gaming has structured processes, robust governance, and a compliance-focused development approach, supporting sustainable regulated operations and long-term market participation.
The post Platipus Secures Ontario Supplier Licence appeared first on Americas iGaming & Sports Betting News.
customer acquisition
Media Troopers cites March Madness betting surge across US regulated markets
Media Troopers said March Madness 2026 drove one of its strongest periods for traffic and customer acquisition across US-regulated sports betting markets, following the conclusion of the tournament in which the Michigan Wolverines beat the Connecticut Huskies 69-63 in the national championship game.
The digital marketing and customer acquisition group said final figures were not yet complete, but noted consistent traffic and conversion rates across its network during the multi-week event. Media Troopers also pointed to the American Gaming Association’s estimate of a $3.3 billion handle from licensed US betting operators during this year’s tournament.
“Everyone talks about the Super Bowl as the peak moment, and in terms of a single event, that’s true,” said Media Troopers CEO, Shmulik Segal. “But March Madness betting has always been different, and we can see it by the exponential growth this year. Unlike the Super Bowl which peaks over one night, March Madness delivers scale over time. You’re not looking at one spike, you’re looking at consistent, high-intent engagement for weeks.”
The company said operators benefited from repeated touchpoints, with returning customers using existing accounts to place college basketball bets throughout the tournament. “What made this March Madness so powerful was frequency,” Segal added. “Users are not just placing one bet. The predictions, odds, and results create a new reality every day. So bettors are coming back day after day, round after round. From an acquisition and retention perspective, that’s incredibly valuable.”
Segal also tied the tournament’s impact to continued expansion in the US regulated landscape. “Regulation has changed the game,” he said. “You now have more states, more operators, and more competition. Events like March Madness allow operators to differentiate and build long-term relationships with players, not just capture one-off bets.”
The post Media Troopers cites March Madness betting surge across US regulated markets appeared first on Americas iGaming & Sports Betting News.
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