Executive Transactions Herb Kohl Sells Bucks For $550M Rio Increases Budget For '16 Olympics Lexington Mayor Pushing Forward On Rupp Upgrades Judge Denies NFL Concussion Settlement Lakers RSN Ratings Reach New Low Nike, USATF Sign 23-Year Extension Names In The News Purdue Upgrading Ross-Ade Stadium Kohl Praised For Dedication To Milwaukee
SBD/Issue 151/FinancePrint All
The new Centaur Galileo hedge fund in London last Saturday was slated to begin "making investments not in the traditional financial playing fields of stocks, oil futures or real estate, but in the actual playing fields of soccer, tennis and horse racing," according to Nathaniel Popper of the L.A. TIMES. Experts said that Galileo, which requires a minimum investment of about $135,000, is "probably the first hedge fund to make bets on sports events." Galileo is "only for Europeans for now -- Centaur can't offer it in the U.S. without the blessing of the Securities and Exchange Commission." Centaur Managing Dir Tony Woodhams said that the company "would apply for that approval next year." Centaur, which will have "25 traders working on its London trading floor," claims to have a "proprietary number-crunching system that can make sports bets with far better results than the casual bettor." Mavericks Owner Mark Cuban in an e-mail said, "If they fully commit to a data-driven model, I think they can do well. In many respects, stocks are the bigger gamble." But BBR Partners Dir of Investment Management Brett Barth said that the "sports-betting angle alone would keep him away from Galileo" (L.A. TIMES, 4/17).