Former banker creates gambling site for the stock market

“Our product isn’t a financial product: It’s a pool-betting product” says Jeff Saul, its founder.
“Our product isn’t a financial product: It’s a pool-betting product” says Jeff Saul, its founder.

BetOnFinance is the first online gambling site for betting on share movements worldwide.

Denmark.- A former gaming analyst started a gambling website where players can bet on which companies from a basket of 30, will be the day’s top performer or among the top three and bet on the losers as well.

Jeff Saul, former broker of foreign exchange at Saxo Bank and founder of BetOnFinance, said that Fibetco, a company based in Copenhagen, hired the tech team that developed the Hitman third-person shooter game series to help with the creation of the startup.

Since players are entering a world very similar to fantasy sports games, with no correlation between winnings and the actual performance of the underlying stock, the games aren’t regulated by financial supervisors, the betting differs from binary options, explains Saul.

The venture has captured the attention of the government, as stock-market watching goes mainstream. Sofie Ustrup spokeswoman for Danske Spil’s, the state-owned gambling company, expressed:  “We are highly committed to following new trends in the gaming market, and we think that this game has potential Regular people in Denmark are now starting to pay attention to the stock market, and it has become normal, not just for experts.”