markets, operator of one of the world's largest betting exchanges, announced last week the launch of its new sportsbook product, SBK.
Prices on SBK are the same as those on the Smarkets exchange, which has the best odds in the world thanks to its peer-to-peer model and proprietary technology.
SBK will benchmark its prices directly against leading bookmakers and show users how often they are getting the best odds with the SBK Price+ feature, which will initially compare odds on football before incorporating the app's entire event offering.
Users were able to sign up and start betting on SBK from Friday 9 August; the app has been in a private test mode, with a waiting list to join, for the last 12 months.
Smarkets CEO and Founder Jason Trost said: "We are extremely excited to fully launch SBK having made substantial improvements since the beta introduction last year.
"By combining innovative technology with transparent and fair odds, I believe we are able to offer a product like no other in the market, which will help us continue to have an impact in an industry dominated by a few big players who don't seek to give customers the best value."
Trost added: "While some bettors prefer the advanced features of Smarkets, we created SBK for those customers that want the better pricing of an exchange with the cleaner interface of a sportsbook."
SBK was built in-house, predominantly by the company's engineering team in Los Angeles, and will initially be launched in the UK, with Smarkets also expecting to introduce the product to the developing US betting market in the near future.