Share spread betting on the rise

Record numbers of people are putting their money into share spread betting, according to Angus Campbell, head of sales and marketing at spread betters Finspreads.

The recent volatile stock market has resulted in an upturn in traders trying to profit through the method of low-cost gambling on stock price movement.

Last Thursday’s close of market was almost the lowest this year and over the past fortnight UK shares fell more than they have in three years.

Mr Campbell states that his company, which is part of the IFX Group, has experienced soaring levels of business as a consequence.

He told Reuters: “We’ve been taking record numbers of bets in the last couple of weeks.

“It’s not a case of people shying away. Volatility is a trader’s best friend. Clients have been keen to get in and try and pick the market moves.”

According to Reuters, the small stakes involved in spread betting and accessible markets are an attraction to traders.

Mr Campbell added that daily bets at Finspreads had grown to approximately 9,000, which is an increase of nearly 2,500 on last October.

In related news, IFX was the target for a takeover bid by rival spread betting group, City Index, in March.

City Index has since been considering another bid in light of a gain in IFX shares.

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