Smarkets recorded an 18.3% year-on-year (YoY) jump in revenue in 2024 to £24.8m, as revenue from its SBK sportsbook almost doubled.
As per Companies House filings for the 12 months ending 31 December 2024, revenue increased from £20.1m in 2023.
Management noted that while revenue from its betting exchange Smarkets was down 9%, the operator’s sportsbook, SBK, saw revenue nearly double compared to 2023.
Smarkets said this was due to “sustained investment in product development and customer retention initiatives”.
Product developments included a new SBK app homepage, category and event pages to streamline navigation, as well as the rollout of new bet types.
The SBK app went live in Sweden in H2, while a revamped version of the SBK web product, which had initially been released at the start of the 2024, was also delivered.
Smarkets continues to hold a US presence with SBK in Indiana. The business confirmed it was looking to enter the prediction markets space earlier this year.
Customer acquisition on SBK was up 23% YoY, with a little more than 40,000 first time depositors.
The company also noted a 43% jump in user deposits, and active customers were up 11%.
In turn, the privately owned operator reported a 716% YoY surge in pre-tax profit from £2m to £16.3m.
Smarkets did note that that figure included a £9.8m one-off provision reversal. Excluding that, pre-tax profit came in at £6.5m.
The operator ended 2024 with a global headcount of 89 people, with the firm having cut a number of staff in 2023.
Of these employees, 38 were software engineers. Total staff remuneration was down from £8.6m to £7.1m.
CEO Jason Trost was paid £1.2m in 2024, including a £968,000 “executive bonus” to top up his £200,000 base salary.
Trost said: “In 2024, Smarkets had a strong return to growth and profitability. After resetting in 2023, the progress made during 2024 has confirmed the value of returning to our roots as a lean organisation.
“Over the last 12 months, we maintained a relentless focus on bringing product quality and the best price to our customers, which has resulted in an excellent year for the business.
“We are committed to building on the sustainable organic growth the company has seen over the last two years. But we are also looking forward to the future.
“In 2024, we laid the groundwork to explore markets outside of the UK, investing in partnerships in Ireland and Sweden. As we bring our products to new markets, we aim to stay focused on what makes this business unique: excellent technology and bringing the best possible price to our customers.”
The post Smarkets 2024 revenue jumps 18% alongside profit increase first appeared on EGR Intel.
Privately owned operator praises its “lean” structure, with SBK app the main driver for business last year
The post Smarkets 2024 revenue jumps 18% alongside profit increase first appeared on EGR Intel.