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Stock Maket Online Gambling Opens in Australia
SYDNEY, AUSTRALIA --
Australians who feel the stock market is a gamble will now be able to act on it, as online gambling operator Centrebet began taking plays on the market index last week. Players can put Internet wagers on the Standard and Poors/Australian Stock Exchange 200, the country's version of the Dow Jones Index, gambling on the market's future movement.
Internet gaming operators in Australia have had the opportunity to bet on rate policies by the national Reserve Bank for several years, receiving or laying odds depending on the direction played. Now, bets will be taken by Centrebet on monthly market trends, against odds set by financial analysts and adjusted to betting patterns.
Investors are allowed to buy futures contracts on market performance, but must do so through licensed brokers trading on the Sydney Futures Exchange. Bets placed at Centrebet, however, are not under the regulatory authority of the ASX, and can be set hhowever the online gambling firms designates.
Centrebet spokesman Neil Evans told theage.com that its gambling license is sufficient to handle such wagers, and that it does not need a financial license to offer such plays.
"We do not have to take it to the ASX or anyone else and ask for clearance," said Evans.
Evans added that Centrebet will look to expand its financial gambling offers to include commodities and possibly shares of companies.
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