Smarkets secures wagering licence in Sweden

The Swedish Gaming Authority (Spelinspektionen) has issued a new wagering licence to betting exchange operator Smarkets.

The licence will enable Smarkets to legally offer its betting exchange services to consumers in Sweden, via its primary Smarkets.com domain.

Smarkets also holds operating licences in the UK, Malta and Ireland, and the operator recently secured approval to launch in the US state of Colorado.

A total of 95 companies have been issued licences to operate in Sweden since the country opened its regulated market on January 2019.

In August of last year, Smarkets launched its new proprietary sportsbook, which offers odds and a social media-inspired interface for betting on sport and politics.

The launch came in the wake of a difficult 2018 for Smarkets, during which it slipped to a pre-tax loss of £8.9m (€10.2m/$11.0m), despite recording a sharp increase in trading volume for the period.

Revenue for the year totalled £11.9m, down 42.0% on £20.6m in the previous 12 months. In comparison, trading volume, or the total amount of bets placed in the year, increased by 46.3% from £3.1m to £4.6m.

However, higher spending and lower revenue meant gross profit took a heavy hit, with this falling 57.6% year-on-year from £17.2m to £7.3m.