NASDAQ AND THE FOOTBALL INDEX BECOME PARTNERS
An online sports gambling exchange in the U.K. is teaming up with NASDAQ, Inc., the company behind the NASDAQ stock exchange. The Football Index was created to allow soccer fans to buy and sell shares of players from across different leagues, and the platform is now going to begin using a trading engine offered by NASDAQ to give those fans more flexibility. The NASDAQ Financial Framework is a “flexible, cloud-based” solution that will become the backbone of the Football Index’s market operations.
According to a press release from Tuesday, NASDAQ indicates that the partnership will allow the Football Index to “join a growing list of new markets outside of financial services who are relying on Nasdaq’s marketplace technology to accelerate their business growth and enhance the client experience.”
Through the Football Index, users are able to purchase, or sell, shares on their favorite players. Prices fluctuate based on demand, just like any market, and traders are able to earn money through dividends available through the exchange. These dividends are based on players’ on-field performance and popularity and can be earned based on media, in-play and match day changes.
Many traditional stock exchanges have diversified their portfolios in an effort to attract more customers and stay relevant in an increasingly competitive market. There have been other solutions created similar to the Football Index, but it will be the only one that carries the NASDAQ logo.
The founder and CEO of Football Index, Adam Cole, explains about the reason behind its creation, “Betting is about fixtures and binary outcomes. When the whistle blows it’s all over. We are changing that to introduce a real market where before there was only a ‘bet.’ Our traders have a long term involvement with us and their ‘assets.’”
He adds, “Nasdaq is a legendary brand. We’re very proud and excited to work with them to provide our order matching service, which is the powerhouse of any exchange. Football Index has come a very long way in a short period of time. Our relationship with Nasdaq is another major step in our journey to establish Football Index as a world-class exchange, worthy of the world’s top footballers that are traded on it.”