Today, we announced the signing of a new agreement with Football Index, where investors can buy and sell shares in professional footballers. As part of the Nasdaq Financial Framework offering, Football Index will join a growing list of new markets outside of financial services who are relying on Nasdaq’s marketplace technology to accelerate their business growth and enhance the client experience. We sat down with Adam Cole, CEO of Football Index to learn more about their plans for the innovative new marketplace.
Can you tell us about the Football Index? How did it come to life and what is your mission?
Some time ago a friend of mine's wife was complaining that the financial markets weren’t interesting to her and that 'us gals would much rather have a bit of Robbie Williams'. It was a light bulb moment, and so the journey began. We're creating 'recreational markets' to sit alongside 'financial market'. It makes vastly more sense for the majority of retail customers to trade something they understand like footballers rather than forex, about which they know much less. We are creating an alternative asset class for ordinary people.
How is your company changing the face of sports betting? What is unique?
Betting is about fixtures and binary outcomes. When the whistle blows it's all over. We are changing that to introduce a real market where before there was only a 'bet'. Our traders have a long term involvement with us and their 'assets'.
Why did financial technology make sense for you for Football Index’s future?
We are creating the full functionality of an exchange, with that comes buy and sell limit order books and a full view of the depth of market. Nasdaq has extraordinary experience in order matching, which is new to us. Their experience in the sector and purpose-built technology is invaluable to us realising our goals.
What can Football Index users look forward to as you implement your new Nasdaq technology solution?
Firstly, Nasdaq’s matching technology will be integrated into our platform to exactly replicate current functionality. We will then add Bids with some incentives for traders to take these positions, then Offers to give us the full suite of functionality.
What excites you about the future and is there anything forward-looking that you can share with our readers?
It's a very exciting time for us as the concept of 'trading' on our platform vs 'regular betting' is gaining substantial momentum in the UK. Most of our KPIs are up around 400-500% year on year. Inevitably we're looking to add more verticals and more territories. Watch this space!
Click here to learn more about how other industries are using Nasdaq’s marketplace technology to create innovative new marketplaces.