Brexit just pushed a fast-growing London betting startup to the US

London betting startup Smarkets is planning to move to the US as a direct result of Brexit.

The company, which classes itself as a peer-to-peer betting exchange and is expecting to post revenues in excess of £20 million for FY 2016, told Business Insider on Wednesday that it's planning to open a new office in a currently unknown US city early 2017.

"That office will become bigger than the London office over time," said Smarkets CEO and founder Jason Trost during an interview, adding that he's eyeing up Californian cities and "tier 2" cities like Boston and Chicago, and Denver now Britain has voted to leave the EU.

The Nasdaq trader turned entrepreneur - who is about to go on a three-month trip to the US to identify which city to set up in - said he is also considering a "Delaware flip," which is the process whereby an international company registers itself as an American company.

"If we decide to list in the US I think it makes a much stronger case to do a Delaware flip," he said. On a possible IPO, Trost could not be drawn on a date but he did say "it's definitely on the horizon."

While many startups have been vocal about their Brexit dismay, Smarkets is one of the first to actually start shifting its operations overseas as a result of the vote on June 23. Trost was keen to stress that the London office will remain in operation after the US office is opened but admitted that it will become less important over time.

"Brexit gave me the impetus to move sooner rather than later," said Trost at the Smarkets office next to Tower Bridge. "I feel very strongly about it. I think it's one of the biggest mistakes this country has ever made - a catastrophe is putting it lightly."

UK Prime Minister Theresa May has pledged to follow through on the UK's decision to leave the European Union but it's unclear when and if it will actually happen.

Trost said he'd encourage people who care about the UK to fight against Article 50 to ensure the UK remains a part of the EU. "I don't think people realise it's not done yet," he said. "Brexit is not Brexit."