Smarkets, a UK-based betting exchange, is making its way into the U.S. by pursuing two separate avenues.

The company, which was founded in 2008, filed for a license with the Commodity Futures Trading Commission in March. The platform — which has over $60 billion in lifetime trading volume — also has pending applications to operate as a sportsbook in Illinois, Iowa and Michigan, according to Smarkets founder Jason Trost.