Football Index to integrate Nasdaq exchange technology
Footballer marketplace says new deal will see it acting more like a true exchange
Football Index has announced a new deal with Nasdaq to utilise its order matching technology in its player exchange product.
The underlying mechanism of Football Index is described as buying stock in a player but is more akin to placing a three-year fixed-odds bet which can be cashed out or ‘sold’ as the value of that player fluctuates.
Football Index CEO Adam Cole said the Nasdaq integration would move the operator towards a truer exchange experience, with a sell order book where sellers can see the depth of liquidity in a market and choose a selling price rather than just taking the current market price.
Buyers can also set a buy price rather than just taking the market price.
“Nasdaq is a legendary brand,” Cole said in a statement today.
“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.”
Nasdaq has been gradually increasing its presence in the gambling industry in recent years through technology deals with ATG and Tabcorp.
The firm is also said to be investigating exchange betting opportunities in the US.
.@Nasdaq also has been examining the US sports betting market and, in the future, potentially could provide an exchange platform.
— David Payne Purdum (@DavidPurdum) July 23, 2019
Nasdaq’s market technology SVP Paul McKeown added: “We are focused on democratizing marketplace technology by offering essential components of matching engine technology traditionally used by financial markets, and bringing the capabilities to a cross-asset, cross-industry environment via the cloud.
“Football Index will use our matching engine technology to provide their clients with a platform to revolutionize how fixed-odds betting operates.”