Mavericks owner wants to launch hedge fund for sporting events

TheGeneral+ · Nov 30, 2004

DALLAS Dallas Mavericks owner Mark Cuban wants to open a hedge fund to be managed by professional gamblers for betting on sporting events.

Cuban considers stock investing not much more than a gambling trip to Las Vegas. So he proposed the fund over the weekend to readers of his blog. The posting was entitled "My New Hedge Fund."

He said in an e-mail to The Dallas Morning News that the goal would be profits "and to prove that the current equity markets are more Ponzi scheme than efficient markets."

Cuban's letter criticized what he sees as the unfairness of stock investing. He says gamblers have much more information about the local sports team than investors do about a company.

Cuban doesn't say when the fund will be launched, which sports it will bet on or what the "gambling hedge fund" will be called.

team4news.com

ApolloKid · Nov 30, 2004

I saw the article this morning. If something like this were to take place (doubt it), I see the sports betting market changing tremendously because of the amount of money that would be pounding certain games.

However, can a mega-hedge fund like this get down serious money in today's Las Vegas marketplace? Doubt it. I don't live in Vegas, but from all I read and hear, people are constantly complaining about the limits.

A hedge fund like this couldn't operate offshore because of obvious government regulations (could it?), so they'd have to get down in Vegas.

Interesting idea though.