saying betters could now make money off the ASX "without having to plunge your hard-earned into the stock market".In a statement on Thursday, a Sportsbet spokesperson said the company would shut the market down after the concerns raised by ASIC, but said it had previously received regulatory approval from the Northern Territory Racing Commission to run markets on stock market indices.
Allowing bets on the closing price of the ASX comes dangerously close to a form of financial product known as a binary option, which allows investors to make 'all or nothing' gambles on things like the price of a certain company's shares over a set period of time.to retail clients, claiming they cause "significant detriment" with 80 per cent of clients losing money.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sportsbet blames remote-working staff after ASIC shuts down ASX betting marketBetting company Sportsbet has blamed remote-working staff for the release of a betting market which was shut down after intervention from the country's powerful corporate watchdog Didn't realise I could hate the gambling industry more Idiotic regulation of sportsbetcomau by asicmedia - only allowing poor people to bet on things with an expected loss (on average over time):
Source: theage - 🏆 8. / 77 Read more »
Sportsbet blames remote-working staff after ASIC shuts down ASX betting marketBetting company Sportsbet has blamed remote-working staff for the release of a betting market which was shut down after intervention from the country's powerful corporate watchdog Didn't realise I could hate the gambling industry more Idiotic regulation of sportsbetcomau by asicmedia - only allowing poor people to bet on things with an expected loss (on average over time):
Source: theage - 🏆 8. / 77 Read more »