Priomha Capital Pty Ltd., an Australian hedge fund manager that bets clients' money on sports, "plans to relocate to Gibraltar by the end of the year" to double the $3.9M it has under management, according to Alex Duff of BLOOMBERG. Priomha CEO Brendan Poots said that the Melbourne-based multisports fund returned an average of 17% since '10 by "betting all of the funds as often as twice a month." Priomha "uses computer models to wager" on Premier League football, as well as cricket, horse racing, golf and tennis. Poots said that the sports fund, which will "target high net worth individuals and family offices, has expanded more cautiously than Galileo, a previous sports-gambling fund managed by Centaur Global Ltd." According to Poots, investors will "have 'a greater degree of comfort'" after moving because hedge funds in Gibraltar are "regulated more thoroughly than in Australia." He added that the relocation "will also bring tax advantages." Employing a method used by individual gamblers and syndicates, Priomha "looks for value by tracking sports statistics against betting odds before and during matches" (BLOOMBERG, 4/27).
