Sports Betting Hedge Fund Loses All Investor Money
Feb 5, 2012
Prior to the financial crisis, hedge funds attracted billions in investors’ money. All sorts of strategies were pursued, but a sports betting hedge fund?
As reported by casino gambling news, 2010 saw a new start-up, a hedge fund specializing in sports betting.
Centaur Corporate Galileo Fund lost over $2 million in investors’ money. Their sports bets were so bad that they lost all of the cash. As reported, the so-called professional sports betting professionals blamed the losses on ”sheer bad luck.”
The hedge fund’s strategy was to bet money online on live games. Their assumption was that the punters will get too emotional and, as a result, lose their minds, while the gurus will coldly calculate the odds.
This didn’t happen. In fact they played a game like an inexperienced blackjack player pursuing losing black jack strategies, thinking others aren’t aware of what’s happening.
Losing Real Money
This is nothing new. Most professional investors can’t beat the market in investing. So, what is the point of paying them to manage money?
The smart punters can analyze their own odds by using numerous Mobile sports betting and online sites.
This way, they’ll always know how much money they have instead of suddenly hearing they lost it all.
Tags: Betfair, Betting, Betting exchange, Corporate Galileo Fund, Gambling, Hedge fund, inexperienced blackjack player, Investment, Jim Cramer, online sites, so-called professional sports betting professionals, Sports betting, Sportsbook, start-up, USD