Smarkets

Last updated

Smarkets
Type Private
Industry Betting and gaming
Founded2008
FounderJason Trost and Hunter Morris
Headquarters London
Number of employees
100
Website smarkets.com

Smarkets is a UK-based betting exchange company founded in 2008. It has offices in London, Los Angeles, and Malta. [1] [2]

Contents

History

Smarkets was founded in 2008 by Jason Trost and Hunter Morris as a peer-to-peer platform that allowed its users to bet on various sports and political markets. [3] [4] [5] [6] [7]

Smarkets became Queens Park Rangers F.C.'s front-of-shirt sponsor in June 2016, [8] and in January 2018, announced that it was working with The Jockey Club to sponsor 35 race days in the 2018 calendar. [9]

Smarkets was named the City A.M. Leap 100 Company of the Year for 2017, [10] and came second on the 2017 Sunday Times Tech Track 100 list. [11]

Salary culture

The company notably initiated a wiki-like salary policy; the employees could view salaries of all of their peers, including the company CEO, on an internal wiki page. The company has a self-set salary policy, which authorises employees to decide their own salary as often as every six months. This process is similar to a peer-review process carried out at designated times during the year. [12] [13] [14] [15]

Political predication markets

During the 2020 US presidential election, Smarkets was one of a number of companies that carried political prediction markets that provided live odds during the campaign and while the vote was still being counted. The company's final Electoral College forecast on election day notably outperformed the leading poll-aggregation models. [16] [17] [18] [19]

Related Research Articles

Prediction markets are open markets where specific outcomes can be predicted using financial incentives. Essentially, they are exchange-traded markets created for the purpose of trading the outcome of events. The market prices can indicate what the crowd thinks the probability of the event is. A prediction market contract trades between 0 and 100%. The most common form of a prediction market is a binary option market, which will expire at the price of 0 or 100%. Prediction markets can be thought of as belonging to the more general concept of crowdsourcing which is specially designed to aggregate information on particular topics of interest. The main purposes of prediction markets are eliciting aggregating beliefs over an unknown future outcome. Traders with different beliefs trade on contracts whose payoffs are related to the unknown future outcome and the market prices of the contracts are considered as the aggregated belief.

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<span class="mw-page-title-main">2020 United States presidential election in Kentucky</span> Election in Kentucky

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<span class="mw-page-title-main">2020 United States presidential election in South Carolina</span> Election in South Carolina

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<span class="mw-page-title-main">2020 United States presidential election in Texas</span> Election in Texas

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<span class="mw-page-title-main">2020 United States presidential election in Wisconsin</span> Election in Wisconsin

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<span class="mw-page-title-main">2020 United States presidential election in Nebraska</span> Election in Nebraska

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<span class="mw-page-title-main">2020 United States presidential election in Michigan</span> Election in Michigan

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<span class="mw-page-title-main">2020 United States presidential election in Minnesota</span> Election in Minnesota

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<span class="mw-page-title-main">2020 United States presidential election in Missouri</span> Election in Missouri

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<span class="mw-page-title-main">2020 United States presidential election in New Mexico</span> Election in New Mexico

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<span class="mw-page-title-main">2020 United States presidential election in North Carolina</span> Election in North Carolina

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<span class="mw-page-title-main">2020 United States presidential election in North Dakota</span> Election in North Dakota

The 2020 United States presidential election in North Dakota was held on Tuesday, November 3, 2020, as part of the 2020 United States presidential election in which all 50 states plus the District of Columbia participated. North Dakota voters chose electors to represent them in the Electoral College via a popular vote, pitting the Republican Party's nominee, incumbent President Donald Trump from Florida, and running mate Vice President Mike Pence from Indiana against Democratic Party nominee, former Vice President Joe Biden from Delaware, and his running mate Senator Kamala Harris of California. North Dakota has three electoral votes in the Electoral College.

References

  1. ↑ "Kamala Harris is top pick for Biden's VP, betting giant predicts". finance.yahoo.com.
  2. ↑ Higgins, Tucker (3 June 2020). "Biden blows past Trump in betting markets as protests over police brutality continue". CNBC.
  3. ↑ Donata Huggins (7 October 2010). "The surest bet for business success". City AM. London. p. 30. Retrieved 14 March 2010.
  4. ↑ "Diary:Ken Backs out of Press gang". The Independent. 28 January 2011. Retrieved 14 March 2011.
  5. ↑ Hasan, Mehdi (21 February 2011). "Gove's reverse Midas touch- everything he touches turns to dust". New Statesman: 16. Retrieved 14 March 2011.
  6. ↑ Francesca Washtell (10 October 2016). "Donald fails to trump Hillary as Clinton storms ahead in betting polls". City AM. London. Retrieved 19 October 2016.
  7. ↑ Stirewalt, Chris (3 June 2020). "Violence abated". Fox News.
  8. ↑ "Smarkets confirmed as new shirt sponsors". 7 June 2016. Archived from the original on 8 June 2016. Retrieved 22 July 2016.
  9. ↑ Chris Wright (5 January 2018). "Smarkets to sponsors 35 racing fixtures including at Aintree and Haydock". The Liverpool Echo.
  10. ↑ "Smarkets wins 'The Leap 100 Company of the Year' at City A.M. Awards 2017". 10 November 2017. Retrieved 29 June 2018.
  11. ↑ "Britain's Fastest-Growing Private Tech Companies Revealed" (PDF) (PDF). The Sunday Times Hiscox Tech Track 100. 10 September 2017. Retrieved 2 December 2020.
  12. ↑ "The London company allowing employees to decide your pay". BBC News. 8 May 2018.
  13. ↑ "Large firms to justify 'fat-cat' pay". Sky News. 10 June 2018.
  14. ↑ Rosie Scammell (1 April 2018). "London firm revamps pay by letting staff set salaries". AFP.
  15. ↑ Sophie Jarvis (18 October 2017). "The founder of Smarkets is turning workplace hierarchies upside down". City A.M.
  16. ↑ Jennifer Shanker (9 April 2020). "Smarkets: Coronavirus crisis boosting Trump's poll numbers, but that may not last". Yahoo News. Retrieved 2 December 2020.
  17. ↑ "Biden back as favorite to win U.S. election: Smarkets". Reuters. 4 November 2020. Retrieved 2 December 2020.
  18. ↑ Rey Mashayekhi (5 November 2020). "Trump and Biden's roller-coaster betting odds tell the tale of an unpredictable election". Fortune. Retrieved 2 December 2020.
  19. ↑ Javier E. David (22 November 2020). "Betting markets emerge as winners in messy aftermath of Election Day 2020, polling failures". Yahoo Finance. Retrieved 2 December 2020.
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