Tuesday, 9 February 2016
Last updated 12 hours ago
Mar 31 2010 | 2:42am ET
Emotional gamblers are almost always terrible gamblers. It is a maxim that one new hedge fund hopes will take it all the way.
Centaur Corporate will launch a new hedge fund investing in an odd asset class, if it can even be so called: sports betting. The firm’s new Galileo Fund won’t be buying shares in sports books or online betting exchanges, but will actually gamble on them.
Galileo is counting on its fellow “in-running” gamblers—those betting on events already in progress—to be too emotional to bet wisely, offering it a chance to get better odds.
“It’s more an entertainment for them,” Tony Woodhams, managing director at London-based Centaur, told the Financial Times. “This provides a great opportunity for a clinically-minded group.”
The new fund will bet on soccer, racing and tennis on online exchanges, according to the newspaper. It will be regulated in Gibraltar and be open only to experienced investors.