AQR Capital Management co-founder Cliff Asness says the quantitative investment firm is considering entering the sports betting market, according to a report by Bloomberg.
Asness told Bloomberg’s Odd Lots podcast that while he has been critical of gambling and the “gamification” of markets, the limited rationality in betting markets as things stand leave room for opportunities.
He did not make clear exactly how the firm would participate — whether by making directional wagers on games or acting as a market-maker on exchanges. Other firms have already looked to participate in the industry. Intercontinental Exchange Inc recently invested around $2bn into the online prediction platform Polymarket.
