The Nasdaq exchange group has teamed up with Football Index to offer arm-chair investors the chance to trade shares in football players.
The platform will mimic Nasdaq’s stock exchange – prices rise and fall based on demand – except rather than buying and selling stock in companies, consumers can trade shares in football players based on their performance over a three-year period.
“Football Index will use our matching engine technology to provide their clients with a platform to revolutionize how fixed odds betting operates,” said Paul McKeown, Nasdaq’s senior vice president and head of marketplace operators and new markets.
The deal represents Nasdaq’s debut into the gambling industry, but is part of a wider push to diversify into other markets beyond company stocks.
“Betting is about fixtures and binary outcomes,” said Adam Cole, founder and CEO of the UK betting platform. “When the whistle blows it’s all over. We are changing that to introduce a real market where before there was only a ‘bet’. Our traders have a long term involvement with us and their ‘assets’.”
Cole said the vision was to create recreational markets that “sit alongside” financial markets,
“It makes vastly more sense for the majority of retail customers to trade something they understand like footballers rather than forex, about which they know much less. We are creating an alternative asset class for ordinary people.”
The Index includes the full functionality of an exchange, with buy and sell limit order books and a full view of the depth of market.
“Nasdaq has extraordinary experience in order matching, which is new to us,” Cole added. “Their experience in the sector and purpose-built technology is invaluable to us realising our goals.”