If you have a knack for guessing the outcomes of sporting events and you regularly win the NCAA office pool, you may have a future at a Sports- Betting Hedge Fund.
The new investment strategy, currently employed by only one firm, London-based Galileo Managed Sports Fund, yields returns for its investors by betting on sporting events. According to an article appearing in BusinessWeek yesterday, the investment fund seems to be profitable, meaning that copycat firms could soon start to crop up.
Unfortunately, it is still unclear as to whether such an investment structure would fly in the United States, since most states have strict anti-gambling laws when it comes to sports (though the Galileo fund maintains that it is a hedge fund, rather than a glorified gambling ring) which may make it more difficult for such a company to succeed on our side of the pond.
But who knows — the Spanish Prime Minister just offered to send a protective detail for the Octopus that predicted his country’s World Cup win. Stranger things have happened.