BUSINESS

Spread betting firms have mobile to thank

TAGs: Mobile, spread betting

iPad spread bettingSince the launch of smart phones the iGaming world has been falling over itself at the success the entire industry’s been enjoying. Whether it is the latest sports book app or the chance to participate in free play poker, the new generation of phones are all over it.

Spread betting firms are no exception and since City Index became the first company to release an app for the iPhone 18 months ago, mobile spread betting has ballooned. Figures cited by the Evening Standard suggest that those taking part in spread betting have done so using a mobile 70% of the time over the past month, something that reflects the rest of the online gaming industry.

Together with Contracts For Difference (CFDs), these two areas are of particular interest to those in the city and the spread betting firms are lapping it up by the ladel-load.

Mic Mills, head of electronic trading at ETX capital, told the Standard, “This is absolutely a growth area.”

“For most people, not being stuck to a laptop or computer has opened so many more opportunities. We consider this as the most important thing to be involved in at the moment, being at the forefront of new technology.”

Another company operating in this area is CMC markets. They released their latest app last November and have since then seen 41% of its daily trade comes through the app. In addition 30% of new accounts are mobile ones.

Michael Hewson, market analyst at CMC Markets, said, “It is getting more and more popular as you can trade on the move. It is certainly a big market for us.”

The spread betting firms are continuing to innovate in terms of new products for the iPad and any other Android devices that come on the market so watch this space.

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