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First-Ever Sports Betting Hedge Fund Craps Out

Bruce Carton | February 1, 2012
Way back in 2004, Mark Cuban, an entrepreneur as well as the owner of the NBA's Dallas Mavericks, expressed interest in starting a sports betting hedge fund. Cuban wrote on his Blog Maverick blog that sports betting had several advantages over investing in businesses, including better information (i.e., local newspapers cover teams every day), detailed statistics, and no such thing as insider information. 

Cuban never started such a fund, but in April 2010, a London investment company called Centaur launched "Galileo," the first-ever Managed Sports Fund. Galileo sought to generate returns through sports betting. The plan was to bet on soccer, tennis, cricket, horse racing and golf, and then to expand to the NFL and baseball. Last...

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