S

Smarkets

Peer-to-peer betting exchange and sportsbook app

Senior Backend Software Engineer

Full-Time
No salary listed
Senior
London, UK
HybridThree days in the office and two days working from home each week.
Software EngineeringBackend Engineering

About the job

Requirements
  • 6+ years of experience in software engineering, with a focus on backend systems.
  • Familiarity with Python or at least one compiled language such as Java, C++, Rust, or Go, and willingness to learn Rust.
  • Proven experience designing and building distributed systems in modern cloud environments such as Amazon Web Services or Google Cloud Platform.
  • Deep knowledge of DevOps practices and tools, including GitLab and Kubernetes.
  • Strong experience with message queuing systems such as Apache Kafka and relational databases such as PostgreSQL or MySQL.
  • Demonstrated leadership in driving complex technical projects to successful completion.
Responsibilities
  • Lead the design, development, and optimisation of backend services written in Python and Rust.
  • Architect and build scalable, distributed systems to meet the evolving needs of the platform.
  • Enhance system reliability through robust monitoring and alerting systems.
  • Drive and enforce best practices in code quality, testing, and continuous integration and delivery.
  • Collaborate with product managers and engineering teams to define and deliver complex, high-impact projects.
  • Mentor and guide engineers across the team, fostering a culture of technical excellence and growth.
  • Drive technical decision-making and contribute to the evolution of the backend architecture.
  • Ensure the performance and stability of critical services by implementing improvements with a forward-looking mindset.
Desired Qualifications
  • Previous experience in the sports betting or finance industries.

About the company

S

Smarkets

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Website

Smarkets runs a peer-to-peer betting exchange where individuals bet against each other on events like sports and politics. Bets are matched between users on the platform, and Smarkets earns a small commission on net winnings, which can result in better odds for bettors compared to traditional bookmakers. In addition to the exchange, Smarkets offers SBK, a sportsbook app that provides user-friendly betting odds. Unlike traditional bookmakers, the platform’s value comes from facilitating trades between users rather than taking bets directly from the house. This model aims to attract a large, active community of bettors and traders, with plans to expand into the US market. Overall, the goal is to provide transparent, competitive odds and a scalable betting ecosystem through international growth and strategic partnerships.

Company Size

51-200

Company Stage

Series A

Total Funding

$3.3M

Headquarters

London, United Kingdom

Founded

2008

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Simplify's Take

What believers are saying

  • Smarkets reported $31.4 million 2024 revenue and $10.2 million EBITDA.
  • August 2026 investor news says lifetime volume exceeded $60 billion.
  • February 2026 SailGP partnership gives Smarkets brand reach across UK, Ireland, and Sweden.

What critics are saying

  • CFTC DCM and DCO applications remain pending as of October 2026.
  • Kalshi, Polymarket, and DraftKings Predicts intensify U.S. prediction-market competition.
  • A CFTC denial or adverse court ruling blocks the U.S. expansion entirely.

What makes Smarkets unique

  • Smarkets owns its exchange, matching engine, payments, and settlement stack.
  • The 2026 relaunch targets broader users beyond professional traders with simpler interface.
  • Its 2% commission undercuts bookmakers and Betfair-style exchanges on pricing.

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Benefits

  • Health Insurance
  • Pension Scheme
  • Enhanced Parental Leave
  • Flexible Working
  • Holiday
  • Stock Options
  • Learning & Development
  • Cycle-to-Work Scheme
  • Global Working
  • Team Energy

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

0%

2 year growth

0%
UK Bookmakers
Oct 16th, 2026
Matchbook completes Betdaq acquisition in bid to become UK's premier betting exchange.

Matchbook completes Betdaq acquisition in bid to become UK's premier betting exchange. 16th October 2026 By Graham The Betfair Exchange could have major competition on its hands after Matchbook completed the acquisition of Betdaq this week. Although the fee paid has not been disclosed, it's thought that the deal will see Matchbook also acquire Racecourse Data Technologies, a software platform that enables on-course bookmakers to hedge positions and balance books automatically within Betdaq. The consolidated liquidity of the two brands will mean that Matchbook will get closer to their ambition of overtaking Smarkets and becoming the main challenger to the Betfair Exchange in the UK market. Polymarket to target UK market entry via a betting exchange? Betting exchanges haven't always been popular on these shores. But the Betfair Exchange continues to draw plenty of liquidity for the key sporting and political events... without necessarily challenging the traditional bookmakers for supremacy. The rise of prediction markets in the US, which offer yes/no bets as opposed to back and lay, has reignited interest in the technology. It's not beyond the realms of possibility that the likes of Polymarket and Kalshi could sign partner agreements with Matchbook, Smarkets and co if their own efforts to secure a UK licence continue to be thwarted. In July 2026, prediction markets in the United States took just shy of £40 billion in wagers... confirming that the appetite for peer-to-peer betting is alive and well. Exchanges allow punters to set their own prices in the hope of getting matched; the platform profits by taking a commission on the winning bet. Triplebet, the owner of Matchbook, has dipped a toe in the water of prediction markets in its partnership with ADI PredictStreet, although regulatory concerns - prediction sites will be classified as gambling in the UK, rather than financial investing - have led to others staying away for now. Matchbook, historically the third-largest UK betting exchange in terms of liquidity, has purchased the customer pool of Betdaq, the fourth largest, in a bid to topple Smarkets in second place - thus making them more attractive to overseas investors. It's unlikely that the Betfair Exchange would entertain offers from cash-rich prediction markets; their owner, Flutter Entertainment, is effectively a gambling industry competitor of Polymarket and Kalshi in the vital North American market. Exchanging hands (again). This is the latest in a string of buyouts and deals involving Betdaq. The brand, launched by Irish billionaire Dermot Desmond back in the year 2000, was amongst the earliest competitors in the betting exchange space. After a successful launch and first decade in business, Desmond accepted an offer from Ladbrokes - believed to be worth £25 million - in 2013. At the time, he also held a shareholding of around 2.5% in Ladbrokes. They tried their best to eat into the Betfair Exchange's market superiority, but were unable to make significant inroads - Betfair retained a share of around 90%, while Betdaq's slice of the pie was nibbled away by the emergence of Smarkets in 2010. Ladbrokes, now operating under the Entain banner, agreed to sell Betdaq back to Desmond in 2021. The sum paid was kept private, but reports suggest it was considerably lower than the £25 million that exchanged hands eight years earlier. Matchbook deepen their liquidity pool. Formed in 2004, Matchbook has bumbled along without making much of a dent in the reign of the Betfair Exchange. In 2024, they offered their exchange platform technology to easyJet boss Stelios Haji-Ioannou, who launched easyBet as part of his group. That remains the fifth largest exchange platform in the UK, in terms of liquidity. Commenting on the Betdaq deal, Matchbook's chief executive Ronan McDonagh said: "Betdaq and Matchbook grew up proving the same idea - that bettors get a better deal when prices are made by a market rather than a margin. "Exchanges and prediction markets are bringing peer-to-peer pricing to new audiences around the world, and this acquisition deepens the pool at the heart of everything we build." McDonagh reiterated to Betdaq customers that their funds were completely safe and could be withdrawn, although he reminded them that joining forces with Matchbook would result in deeper liquidity pools, tighter spreads and, theoretically, better odds. Betdaq will remain open in its current form until October 21, Matchbook has revealed, with a further withdrawal window remaining open until November 4. However, Betdaq customers won't automatically switch over to Matchbook. They will have to create a new account with the brand instead. There are no guarantees that will happen, so you wonder if Matchbook's gamble will ultimately pay off.

Associated Press
Mar 9th, 2026
Smarkets files for CFTC licence to enter US prediction markets with Susquehanna backing

Smarkets, a UK-based prediction market backed by trading firm Susquehanna, has filed for a licence with the US Commodity Futures Trading Commission to enter the American prediction markets space. The company is pursuing dual regulatory tracks: federal approval through the CFTC for its exchange platform and state-by-state sportsbook licensing for its SBK product. Founded in 2008, Smarkets has processed approximately $50 billion in lifetime trading volume and currently handles $3 billion annually whilst operating profitably. Unlike traditional sportsbooks that build margins exceeding 10% into prices, Smarkets functions as a financial exchange where participants set prices through an open marketplace. The company owns its entire technology stack, including matching engine, market-making capability and payments systems. Susquehanna led Smarkets' $30 million Series B funding round.

GlobeNewswire
Mar 9th, 2026
Smarkets, Backed by Trading Giant Susquehanna, Files for CFTC License to Enter U.S. Prediction Markets

Smarkets, backed by trading giant Susquehanna, files for CFTC license to enter U.S. Prediction markets. One of UK's leading prediction markets files for CFTC license, bringing exchange-style trading and transparent pricing to the U.S. Market. March 09, 2026 14:52 ET | Source: Smarkets LONDON, March 09, 2026 (GLOBE NEWSWIRE) - Smarkets, one of the UK's leading prediction markets, has filed for a license with the U.S. Commodity Futures Trading Commission (CFTC), marking its formal entry into the U.S. prediction markets space. Built on nearly two decades of technology development and approximately $50 billion in lifetime trading volume, the company is bringing a genuinely different model to America - one where prices are set by participants, not the house. The filing opens two parallel regulatory tracks: a federal route through the CFTC for its core exchange platform, and state-by-state sportsbook licensing for its SBK product. Founded in 2008 and now the number two prediction market in the UK, Smarkets owns its full technology stack end-to-end, including its matching engine, market-making capability, payments and data settlement systems. The company processes approximately $3 billion in annual traded volume and is profitable. Unlike traditional sportsbooks, which build margins of around 10+ percent into every price, Smarkets operates as a financial exchange with prices being determined in an open marketplace. "The U.S. market is currently in a race against time to figure out how to regulate the predictions market. For the last nearly two decades, we've built Smarkets slow and steady, ensuring we built an exchange platform that did not cut corners and operated with transparency, putting the power into the hands of traders rather than the house," said Jason Trost, founder and CEO. "We believe now is the time to enter the U.S. market and bring the learnings that have made us successful in the U.K., working with regulators, not around them." Smarkets is backed by Susquehanna, one of the world's largest quantitative trading firms, which led a $30M Series B. Previous investors include Passion Capital and DTCP. ABOUT SMARKETS Founded in 2008, Smarkets operates one of the world's largest regulated prediction markets on sports and political events. Built to function as a financial exchange, Smarkets combines advanced proprietary technology with a focus on transparent pricing to consistently offer some of the most competitive prices on major global events. Visit smarkets.com. MEDIA CONTACTS Andy Duenas [email protected]

European Gaming Media
Jul 25th, 2022
Smarkets Limited launched SBK on Jul 25th 22'.

Smarkets, operator of one of the world’s largest betting exchanges, has today announced the launch of its new sportsbook product, SBK.

SportsHandle
Jul 15th, 2022
Smarkets Limited expanded offices to Washington, District of Columbia, United States on Jul 15th 22'.

Another European-based company in the wagering space announced it is increasing its U.S. footprint this week, as exchange-trading company Smarkets is opening a new office in Washington, D.C.