There’s an interesting twist – they plan to offer an open API for people to develop their own betting applications and use the Smarkets infrastructure. Their idea is this: users don’t need knowledge of odds or experience. It’s more about speed and entertainment than sports.
Smart idea, but how will this crack the chicken-and-egg problem that every prediction exchange (betting exchange) has at inception? How will this help fighting BetFair’-s network effect? What makes you think that BetFair and TradeSports don’-t offer “-speed and entertainment”-? Do people really want to trade sports or “-develop their own betting applications”-? What would prevent BetFair and TradeSports to do the same?
Anyway, best wishes to UK-based Yankees Jason Trost and Hunter Morris.
Smarkets – Their web framework. – PDF file
Smarkets – Open-source software they use.
Smarkets – Press release