Financial Betting Growing in PopularityPublished March 9, 2010
Australian company Centrebet to open betting on local stock exchange movements.
Betting on movements in the stock market is growing in popularity worldwide, with one such example provided by the announcement Monday by Australian sports book Centrebet that it will allow customers to bet on movements on the Australian stock exchange.
The company claims it will be the first company in Australia or New Zealand to allow customers to bet on the monthly finish line of the S&P/ASX 200 index.
Centrebet also plans to expand the betting options to include oil prices and individual stocks.
The company's media chief, Neil Evans, said the decision was made after betting was opened in August 2008 on the Reserve Bank of Australia's monthly interest rate changes.
"Nearly $1 million (Australian) has been bet with us on the RBA's rate decision," Evans was quoted as saying by local media outlets. "Last month we held $45,000 on the Reserve's decision on interest rates, but we've had $100,000 some months, depending on the competitiveness of the market."
The move comes as interest also rises in practicing online trading skills.
Many websites, including online Forex site eToro, allow customers to open a virtual account in order to practice their trading skills online using virtual money.