Smarkets announced their entrance into the Colorado sports betting market on Thursday, June 4 with the release of a mobile app in partnership with Full House Resorts, owners of Bronco Billy’s Casino in Cripple Creek. Colorado SBK Sportsbook is the seventh licensed app the state has approved since launching sports betting on May 1.
“Ten years after the Smarkets exchange went live in the UK, this is another massive landmark for us as a business,” said Smarkets CEO/Founder Jason Trost.
“It is our mission to upend this old-fashioned industry so I’m excited for Americans to enjoy some of the best odds in the world, as well as the carefully crafted customer experience we provide compared to the big sportsbooks.”
Smarkets, located in London, has made its mark in the UK by offering bets on sports and politics. And while they won’t offer odds on the upcoming U.S. Presidential election, the company has plans to offer a wide variety of traditional and prop bets on sporting events via the app from around the world.
Smarkets Uses Their Own Odds to Set Lines
Grabbing the bettor’s attention is one of the reasons why Smarkets has succeeded in England. Smarkets’ app offers a social networking element that allows bettors to interact and share their picks. The company touts on their website that their betting platform offers a “sleek social experience.”
What makes Smarkets stand out from other Colorado betting apps is that the company sets their own lines. The ability to adjust odds on the fly, allows the company to offer faster in-game bets.
Smarkets believes their proprietary in-house technology gives bettors a more customized experience that creates market awareness.
How Smarkets’ Exchange Betting Could Revolutionize the Market
Smarkets also offers exchange market betting for customers. This unique style of betting gives bettors the opportunity to take the other side of a wager. Let’s say one bettor wants to take the Denver Nuggets to win the NBA title. But there is another bettor who wants action on the opposite side of the wager.
The company’s exchange will allow the bettors to match and place the wager between the two parties. Smarkets handles the money of the bet, working as an intermediary that awards the winners once the wager is decided.
For now, Smarkets plans to only offer online sports betting to customers. It’s not yet known if the will operate a retail sportsbook in Cripple Creek.