SBC News How does alternative exchange Spiffx work?

How does alternative exchange Spiffx work?

spiffxScandinavian start-up Spiffx markets itself as an alternative betting exchange. But what’s so different about it, and how does it work?

Spiffx offers two different options, the ‘Spiffindex’ and the ‘Darkpool’. The Darkpool service works like a traditional betting exchange, offering users the chance to back and lay selections on popular football fixtures. The only real difference is that the Darkpool charges a monthly transaction fee on users’ matched bets, rather than charging commission on net winnings. The Spiffindex is really where it gets interesting.

Spiffx’s main target audience are industry professionals and traders, and it shows with the Spiffindex. Here users predict the outcome of a match as usual, but also predict whether the price will move under or over the market price (also known as the Spiffindex) before kick-off. For instance, users betting on the recent Champions League quarter final between Paris St. Germain and Barcelona could pick the Catalans to win and also back their current price of 1.83 to move over 2.00. Likewise they could lay their own odds if they are confident the price won’t rise or fall above or below a certain value.

Both outcomes will need to be met for the user to win, but there’s an added bonus. The user’s stake is then multiplied by the number of points the Spiffindex has moved from the buying price. So, if a user stakes €1000 on Barcelona to win and the price to move over 2.00 then finds that the index has moved out to 2.02, that stake then becomes €2000.

Spiffx hopes this service will be a useful hedging tool for those within the industry as well as providing opportunities for traders to speculate on movements in price. With liquidity on the increase, could Spiffx establish itself as the alternative betting exchange? The company hopes so.

You can read our interview with Spiffx founder Lennart Gillberg here.

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