|Gibraltar-based professional trading platform FuturesBetting.com has been bought by London Capital Group Holdings for just over $788,000 dependent upon future performance.|
FuturesBetting.com was launched three years ago and offers spread betting services on major currencies and commodities but stopped trading in March following the collapse of its client, brokerage firm Global Trader Europe.
London Capital stated that it would pay an initial sum of around $394,500 followed by a maximum similar amount based on the site’s performance over the next three years. It said that FuturesBetting.com is popular with individual experienced traders due to its direct market access functionality, which is unavailable on other platforms, and that the acquisition is being funded from existing resources.
London Capital revealed that the purchase would be operated as a stand-alone platform with its own marketing and brand positioning. It stated that it expects to strengthen FuturesBetting.com’s position by targeting more sophisticated and experienced investors and leveraging its own customer base.
'We have always greatly admired the quality of the FuturesBetting.com spread betting platform and are delighted to have the opportunity to acquire the business,” said Frank Chapman, Chief Executive Officer for London Capital.
“FuturesBetting.com's professional investor client base will naturally complement Capital Spreads, our existing spread betting division.'