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Interactive Brokers (IEX:IBKR) is entering the sports betting space.
The brokerage firm announced Monday it has launched a peer-to-peer simulated sports betting exchange in an effort to teach users how trading works. The exchange utilizes virtual money to enable users to win up $1,000 in commission credits.
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Using Sports To Teach Trading
“We expect this promotion to attract customers who may be new to the Interactive Brokers platform, and who are more familiar with spectator sports than they are with the financial markets,” Interactive Brokers Chairman Thomas Peterffy said in a statement.
“Our intention is to teach people about the probabilistic nature of markets, trading and investing."
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Interactive Brokers said the first 2.2 million participants who open a simulated betting account will be provided an account balance of $1,000 in virtual currency, and the winnings can then be converted to up to $1,000 in commission credits to use when trading. When an account is depleted, the firm said it will be closed and no other accounts may be opened by the same player.
“By partaking in this promotion, our players will learn about our platform, how to trade and make investments and how to keep track of their finances, all while being entertained," Peterffy said.
"We are betting that many of these participants will also try our free demo brokerage account and that eventually many will become Interactive Brokers’ clients."
Related Links:
How Peer-To-Peer Betting Could Make Sports Gambling More Lucrative
Will Legal Sports Betting Force The NCAA To Pay Its Athletes?
Photo credit: Baishampayan Ghose, Flickr
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.