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<!DOCTYPE html>
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<title>About - Jason Trost</title>
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<meta name="description" content="Jason Trost is the founder and CEO of Smarkets, one of the world's largest prediction markets. Building since 2008.">
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<a href="/">Home</a>
<a href="/about.html" aria-current="page">About</a>
<a href="/media.html">Media</a>
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<main id="main">
<h1>About Jason Trost</h1>
<p class="subtitle">18 years of prediction markets. Still at it.</p>
<!-- Quick Facts -->
<div class="facts-grid">
<div class="fact">
<span class="fact-number">2008</span>
<span class="fact-label">Founded Smarkets</span>
</div>
<div class="fact">
<span class="fact-number">18 Years</span>
<span class="fact-label">Building Markets</span>
</div>
<div class="fact">
<span class="fact-number">£Billions</span>
<span class="fact-label">Volume Processed</span>
</div>
<div class="fact">
<span class="fact-number">1,000,000+</span>
<span class="fact-label">Funded Accounts</span>
</div>
</div>
<!-- Short Bio -->
<h2 class="section-title">Short Bio (For Press)</h2>
<div class="bio-box">
<p>Jason Trost is the founder and CEO of <a href="https://smarkets.com" target="_blank" rel="noopener noreferrer">Smarkets</a>, one of the world's largest prediction markets. Smarkets is a trader-driven prediction market platform where participants can buy and sell contracts on the outcomes of real-world events—from elections and sports to entertainment and current affairs. Founded in 2008 when he left UBS to challenge the industry monopoly, Smarkets now processes billions in annual volume across 1,000,000+ funded accounts. A Computer Science graduate from <a href="https://www.mccormick.northwestern.edu/computer-science/" target="_blank" rel="noopener noreferrer">Northwestern University</a> (2003), Trost has been building prediction market infrastructure since 2008. He's based in London with one foot in the US.</p>
</div>
<!-- Extended Bio -->
<h2 class="section-title">The Full Story</h2>
<p><strong>Everyone thinks prediction markets just became a thing.</strong> Most of today's players launched in 2020 or later. The media discovered them in 2024. I've been watching hype cycles come and go since 2008, learning what actually works.</p>
<p>I founded Smarkets at 26 after quitting my software developer job at UBS. Armed with a Computer Science degree from <a href="https://www.mccormick.northwestern.edu/computer-science/" target="_blank" rel="noopener noreferrer">Northwestern</a> (2003) and experience in financial markets, the idea was simple: the incumbent was charging 5% commission and had terrible UX. We could do 2% with better design. Everyone said we were crazy to challenge a monopoly. They were probably right.</p>
<p>The first seven years nearly killed us. We burned through millions, rebuilt the platform three times, and came close to shutting down more than once. What kept us going was extreme hubris and extreme work ethic. Everyone said we were wrong and we just kept going.</p>
<p>In 2015, things clicked. We'd figured out the hardest problem in prediction markets: <span class="highlight">liquidity</span>. Not by hoping users would provide it (they won't), but by running our own trading desk to seed markets.</p>
<p>I've watched this space long enough to see patterns. The current boom feels different—real money, real regulation, real institutional interest. But I've also seen enough cycles to stay cautiously optimistic. Prediction markets are hard. Most will fail. <strong>Market design beats marketing. Liquidity beats everything.</strong> Most people learn this too late.</p>
<!-- Timeline -->
<h2 class="section-title">The Journey</h2>
<div class="timeline">
<div class="timeline-item">
<div class="timeline-year">2008</div>
<div class="timeline-content">Quit UBS to found Smarkets. Goal: Beat the incumbent with 2% commission.</div>
</div>
<div class="timeline-item">
<div class="timeline-year">2010</div>
<div class="timeline-content">First platform launch. Discovered building markets is harder than trading them.</div>
</div>
<div class="timeline-item">
<div class="timeline-year">2012</div>
<div class="timeline-content">Raised Series A. Rebuilt entire platform from scratch.</div>
</div>
<div class="timeline-item">
<div class="timeline-year">2015</div>
<div class="timeline-content">Breakthrough: Launched proprietary trading desk to seed liquidity. Game changer.</div>
</div>
<div class="timeline-item">
<div class="timeline-year">2016</div>
<div class="timeline-content">Brexit and Trump elections. Prediction markets enter mainstream consciousness.</div>
</div>
<div class="timeline-item">
<div class="timeline-year">2020</div>
<div class="timeline-content">Pandemic surge. Record volumes. New competitors emerge.</div>
</div>
<div class="timeline-item">
<div class="timeline-year">2022</div>
<div class="timeline-content">Began US market strategy (take two).</div>
</div>
<div class="timeline-item">
<div class="timeline-year">2024</div>
<div class="timeline-content">18 years in. Watching the fourth prediction market hype cycle. This one might stick.</div>
</div>
</div>
<!-- What I've Learned -->
<h2 class="section-title">Hard-Won Lessons</h2>
<ul>
<li><strong>Liquidity is everything.</strong> Without it, you're just a website with good intentions.</li>
<li><strong>Market makers > market takers.</strong> We run our own trading desk because users won't provide liquidity.</li>
<li><strong>2% beats 5%.</strong> Lower commissions drive volume. We proved this against the incumbents.</li>
<li><strong>Politics gets press, sports makes money.</strong> One is marketing, the other is business.</li>
<li><strong>Regulation is a moat, not a barrier.</strong> Getting licensed filters out the tourists.</li>
<li><strong>The US is different.</strong> What works in Europe doesn't translate. I learned this the hard way.</li>
<li><strong>Prediction markets ≠ betting.</strong> Similar mechanics, completely different user psychology.</li>
<li><strong>Everyone's an expert in a bull market.</strong> The real test is surviving the winters.</li>
</ul>
<!-- Speaking Topics -->
<h2 class="section-title">Speaking Topics</h2>
<p>I speak about prediction market design, liquidity, competing with incumbents, and what it's like to build through multiple hype cycles. Happy to do keynotes, panels, or podcasts.</p>
<!-- Current Projects -->
<h2 class="section-title">Current Focus</h2>
<ul>
<li><strong>Smarkets:</strong> Still CEOing, still building. 100+ team across London, the US and Europe.</li>
<li><strong>Writing:</strong> Documenting lessons about market design, liquidity, and what actually works.</li>
<li><strong>Advising:</strong> Helping the next generation avoid the mistakes I made (there were many).</li>
</ul>
<!-- Media & Press -->
<h2 class="section-title">Media & Resources</h2>
<div class="resource-links">
<p>See <a href="/media.html">selected media appearances</a> for recent coverage and interviews.</p>
<p>For headshots, company logos, or detailed fact sheets, please contact: <a href="mailto:jason+ws@smarkets.com">jason+ws@smarkets.com</a></p>
<p>Happy to provide background or on-record commentary on prediction markets, market design, liquidity provision, or the broader betting/gambling industry.</p>
</div>
<!-- Contact -->
<div class="contact-box">
<p><strong>For speaking, media, or advisory inquiries:</strong></p>
<p><a href="mailto:jason+ws@smarkets.com">jason+ws@smarkets.com</a></p>
<p class="spaced">Happy to do keynotes, panels, or podcasts.</p>
<p>Based in London. Will travel.</p>
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