Exchange operator Nasdaq signed a deal with a UK soccer-betting firm. Football Index allows users to bet on players through a virtual stock market. Also, the value of the players depends on their performance on-field. Nasdaq bets on sports betting to diversify its portfolio.
Nasdaq announced the deal with Football Index Tuesday. The latter will use Nasdaq’s technology to improve its trading platform. In fact, Football Index’s platform has tools similar to what the exchange operator uses on stock exchanges.
Football Index launched the stock market-like trading platform for soccer players in 2014. Users can purchase soccer star player shares. Also, the website combines regular sports betting with stock market speculation.
Nasdaq is facing a tough market in its main business. As a result, it is selling its technology to other market operators. Some exchanges use Nasdaq’s platform. Also, several cryptocurrency exchanges use Nasdaq’s technology.
Although not a betting software solution provider, it is not the first time Nasdaq bets on the sports betting industry. It supplied technology to the Hong Kong Jockey Club, which has the monopoly ok the territory’s sports wagering market. Also, Nasdaq provides backend technology to Tabcorp, an Australia-based gambling and lottery firm.
However, the deal with Football Index will be the first time Nasdaq’s logo will be visible to the company’s customers. The exchange operator told pay per head bookie service analysts that they agreed to the use of the Nasdaq branding in the sports betting platform.
The UK has strict regulations involving the sports betting industry. The Gambling Commission told PayPerHeadKing.com that the UK gambling industry brought a gross gambling sale of $18 billion a year in the year ending in September 2018.
Football Index will use Nasdaq’s technology to power its virtual football exchange. The software links sellers with buyers if individuals want to buy in or cash out their positions. The trading platform can monitor the prices and make trades fast.