Sports betting is on the rise and it should come as no surprise that more big data firms than ever before are starting to show an interest. It could very well soon become the hottest new commodity on the stock market if things were to carry at present momentum.
This is part of the reason why big data firms like the Susquehanna International Group; a group consisting mainly of brokers and quantitative researchers; made the decision to become involved early on. According to researcher Bill Chen, who also happens to be a two-time WSOP gold bracelet winner, this is one of the reasons why SIG decided to launch a sports trading desk in the first place.
Chen attended the recent Sloan conference and explained to a gambling media house that what SIG was essentially saying was that the group was willing to place a couple of big bets on sports betting and “see where it went”.
But what about sports betting’s potential future relationship with the stock market? With many asking whether this is really viable considering the fact that it remains a gamble after all, its important to consider the situation when viewed from all ends instead of making a decision based on impulse and popular convention.
Wall Street companies certainly appear to have done exactly that. And they are interested too. Some brokers are more entertained by the idea than others, but then again, balance and opposition go hand and hand. But what remains true is that sports betting and the legalisation of betting on sports are changing our approach to many things, including personal finance and the global beast that is the stock market.