Internet gaming group Betfred has announced that it has launched a new financial product called 'TradeFred', which will allow customers to bet on Forex and CFD markets.
The platform is already live and sees Betfred working with MagicPath Capital to offer the product. The product seems to have launched with a number of buzzwords, rather than real world information and is registered in Vanuatu, and not any reliable jurisdictions in Europe, where the majority of Betfred players are located.
The new TradeFred website informs players that: "We always have our finger on the pulse of each and every new development, and are committed to updating our services to reflect the latest technological advancements. This ensures we are able to keep up with the rapidly-changing Forex and CFD markets and deliver a seamless trading experience."
Betfred has been expanding into new verticals recently, allowing punters to participate in a social gaming product that it recently launched.
Comments
Some of the world leading gambling companies already offering financial markets bets but I'm not sure in this exactly manner which to say the least sound strange;
It actually makes sense to an extent considering that there are overlaps between the industries in terms of psychographics and even the financial modeling aspect. It's highly likely to be a market maker where traders are betting against the broker, which is BetFred. Courting the gambling audience who have little knowledge or discipline in this market should be easy money for them.
Unfortunately, this is not how the world's largest market by volume should be treated. Casino gaming while the games are technically derivatives should not be mixed up with the currency markets and encouraging people to trade like they are at a casino is reckless. Most traders are undercapitalized, overleveraged and are unfortunately clueless. It is very challenging to try to reform retail Forex.