There are an absolute ton of companies working in this area (mostly in the UK). But the reason they don't need VC capital is simple...they make a ton of money already (VC funds are naturally interested in capital-intensive businesses that are kind of junky...companies in this sector aren't capital-intensive and are usually obscenely profitable).
I won’t say that’s exactly true. I know Founder’s fund have invested in a couple. I think the need for scale limits VC funded options to companies that are building things like a gambling exchange, but at that point, the funding sources might be better from quant traders/hedge funds as its closer to a capital markets type business. For instance:
The US market is not representative at all. It is basically nothing (and Susequehana's operation isn't large). Exchanges are cumulatively worth tens of billions and they are a tiny part of the market. Again, most of the people involved have no interest in VCs (I know a few people starting exchanges). They know nothing, and they usually have less money than them anyway.
