Then it took off. In the nineties it really exploded," he recalls. A recent study by Cass Business School predicted the number of people in the UK with a spread betting account, including those who bet on financial markets, would more than double from , to a million by So far, it has been almost uniquely a British phenomenon. The obvious next move is to take it overseas. In a room lined with televisions they sit among drinks cans and takeaway boxes, watch everything from greyhounds to golf and make predictions.
The traditional sports fan, however, might accuse the team of taking their jobs a little too seriously. While England supporters held their heads a week ago as Portugal went into the lead on penalties, Sporting Index traders were doing the unthinkable. We were actually cheering on Portugal," says Mr Whelan. The more you're right, the more you win For those not among the , who spread bet on sports or the financial markets, it works on the principle that the more you are right, the more you win - and the more you are wrong the more you lose.
In sports, spread-betting predictions are presented as two prices. For example, a bookmaker might predict the first goal of tomorrow's final will fall between the 28th and 31st minute. This range is known as the spread and the price would appear as The punter can bet low also known as sell , which means they predict it will be before the 28th minute. Or, they can bet high also known as buy , which means they predict the first goal will be after the 31st minute.
What you win or lose depends on how much you stake and how right or wrong you are. Say the client goes low at 28 minutes and the goal is scored in the 26th, he wins twice his stake, but if the goal is scored in the 32nd minute he loses four times his stake.
The spread-betting industry is regulated by the Financial Services Authority. Bookmakers have to make sure clients understand how much they can lose and many websites offer practice games as a learning tool. The market makers had anticipated a winning margin of points.
When it was at half-time the writing was on the wall. A few years later, in , occurred such a disastrous mistake when pricing up a market that it went down in betting folklore. For the Cricket World Cup that year, Sporting Index predicted the number of wides bowled throughout the tournament would be somewhere between and Yet what the market makers had failed to factor into their judgement, based on historical data which suggested an average of five to seven wides per match, was that this World Cup would feature a white ball for the first time.
Anxious staff later revised the initial spread significantly upwards when they began to ponder the potential liabilities. In the first match between England and Sri Lanka, there were 21 wides bowled. India versus Kenya saw the most with By the time the curtain came down on the game tournament five weeks later, wides had been recorded.
Anyone who went long at won more than times their unit stake. Sporting Index was staring down the barrel at a loss that ran to over half a million pounds on this one market. The PR machine The obvious way to claw some of those losses back was to shout it from the rooftops and encourage the public to chance their arm next weekend. Some of the markets we would never get away with now.
Suddenly punters could go high or low on the total shirt numbers of the goal scorers, or how many seconds after kick-off there would be the first throw-in. But it was a big bunch of traders in there who had bought the corners.
Political lobbyist Albert Tapper was hired in as a politics trader. Even a couple of the UK bookies branched out into spread betting for a short spell. Yet, one by one, most of the half-dozen firms gradually left the market. For many ordinary punters, spread betting was just too risky a product, even though you could close a losing position in-running, as well as set stop losses. This was simplified version for the mass market that avoided the jargon and offered spread bets from just 1p.
It failed to take off, though. However, Betfair arguably had the biggest impact on spread betting. Suddenly you could lay selections, ask for odds and trade your way to achieving a green book. Yet most agree the s — an era with no internet and a dearth of data to help price up markets — was the heyday for spread betting. Ex-employees at Sporting Index equally look back with nostalgia for this period in time.
It was absolutely fantastic. Also, we were able to take some views, the directors trusted us. It was absolutely great in those early years.
Current Tell us about something suspicious or illegal If you are in Great Britain and have been offered gambling by someone that doesn't appear to hold a licence, you can report this to us through our confidential reporting page as this may be illegal.
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| Ev calculator betting | No hunting around to find your preferred sport. It hopes the mass of punters predicting a cat-and-mouse game will be proved wrong with a flurry of goals. And we were a niche company, very much like the little tobacconist or small shop against the supermarkets. Bet Builderas well as eSportsis another rare occurrence where Sporting Index is lacking in some form of content. The traditional sports fan, however, might accuse the team of taking their jobs a little too seriously. Sporting index betting Spread Betting Sporting Index is recognised as the world leader in sports spread betting, a market it pioneered and has led for over 20 years. |
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| Bulls odds to win championship | It provides the most thrilling live sports betting experience for the discerning punter. However, Betfair arguably had the biggest impact on spread betting. When Patel joined sporting index company, he recognized its measurement blind spots. Had you bought goal minutes pre-match in Leicester's away match against Southampton you would have made a profit of times your stake. Football Corners Example Spread betting differs from conventional fixed odds betting in that the amount you can win or lose is a multiple of betting stake rather than a fixed amount. |
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