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.
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