Politics & Government
Bala Cynwyd Firm Taking Election Bets Up To $100M: Report
Susquehanna International Group in Bala Cynwyd is reportedly taking bets of up to $100 million on the presidential election outcome.
BALA CYNWYD, PA — A Main Line trading firm is reportedly taking bets on the outcome of Tuesday's presidential election.
Bloomberg reports Susquehanna International Group in Bala Cynwyd is taking bets on who will win the White House.
A source told Bloomberg that Susquehanna, which is a global trading and technology firm, will take wagers on the presidential race for up to $100 million per bet.
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The company has its own blog dedicated to poke and gaming, so making a foray into election betting makes sense.
Bets would be made by hedge funds, but due to the practice being banned the bets would have to come from outside of the United States.
Find out what's happening in Narberth-Bala Cynwydfor free with the latest updates from Patch.
According to Bloomberg, funds would place wagers at licensed betting platforms in the United Kingdom, which would look for a counterparty to take them up. Susquehanna’s Dublin affiliate could then step in, essentially acting as a behind-the-scenes market maker for the bets, Bloomberg reports.
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