Copenhagen-based Fibetco recently launched BetOnFinance, the world’s first online gambling site for wagering on share movements, said founder and former gaming analyst Jeff Saul, who served on the senior management team at Saxi Bank, a foreign exchange broker. “Our product isn’t a financial product. It’s a pool-betting product,” he said.
Designed by the creators of the Hitman shooter game series, BetOnFinance players can decide which of 30 companies, including Tesla and Netflix, will be the day’s best or worst performer or among the top three. Saul said Berkshire Hathaway and Nike are not included because they are too stable.
The company has a license to operate in Denmark and is seeking another in Malta before expanding to the U.K. and countries that do not require licenses, including Sweden, Saul said. He explained the games are similar to fantasy sports games and are not regulated by financial supervisors because there is no correlation between winnings and a stock’s actual performance.
Danske Spil, the state-owned gambling company, helped develop the game. Spokeswoman Sofie Ustrup said, “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. Now that they’ve gone live we’re following it very closely. When it’s up and running for some time, we will evaluate the nature of the future collaboration.”
