3/29/10 – The London-based firm Centaur Corporate is to launch a new service trading on sports betting this week, reports the Financial Times.
The Galileo Fund claims to be the world’s first regulated vehicle for this activity, and will trade in sports such as football, racing and tennis on Betfair and other online exchanges that provide in-running betting services.
The managing director of Centaur, Tony Woodhams, says the service has similarities to derivatives or foreign exchange trading, but that in many cases decisions are driven by loyalties and emotions rather than logic, and the punters seek entertainment as well as reward..
The FT reports that Centaur already operates five unregulated funds, with assets of about GBP 15 million, which it says have produced average annual returns in excess of 40 percent.
The Galileo Fund will be regulated by the Gibraltar Financial Services Commission.