Punch line: I had a friend who would bet on anything … in a football game it would be who would win the toss, who would score first, whether the next play would gain more or less than 5 yards.
You get the picture.
Well, he must be salivating.
Cantor Fitzgerald — the NY brokerage outfit — is bringing technology and near real-time action to betting.
I guess derivatives weren’t risky enough for these wise guys …
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Excerpted from the Washington Post …
Cantor Fitzgerald, one of the world’s largest brokers of government bonds, is diversifying – into sports-gambling.
Equipped with technology drawn from Wall Street and a trader’s appetite for risk, Cantor is charging into sports betting in Las Vegas .
With a $150 million investment, the New York-based bond brokerage has taken control of and retooled seven sports books.
Cantor has also produced wireless tablets so gamblers can bet anywhere in the casino or hotel. Eventually, it wants to start an online poker casino, too.
“The idea is that we can bring technological innovation to the market.’’
Cantor’s bookmaking software, a modified version of what Wall Street traders use, has changed the way sports gamblers bet.
Cantor says its computer servers, driven by the kind of algorithm-rich software that fuels derivatives trading, spew out odds on events at the fastest rate ever.
Before Cantor ran the sports book, people could usually bet only once, before the game began, on the outcome.
Cantor’s technology allows gamblers to place bets during contests on dozens of situations just seconds before they unfold.
During a Los Angeles Lakers-Boston Celtics game, a betting opportunity pops up on the stations.
It offers a $100 payoff on a $220 wager that the Celtics’ Paul Pierce will sink the two foul shots he’s about to take.
Gamblers bet on Pierce by swiping a finger across the screen.
Pierce sinks both.
Cantor’s big bet is that Congress will allow sports wagering to spread across the country … online, of course..
Thanks to SMH for feeding the lead.