Merrill Lynch write-down another $6.5 billion leading to huge job cuts and punters betting on a melt down.
Ryan Kneale, Market Analyst at City bookmaker BetsForTraders.com, said: "The utter chaos in the financial markets of late has enabled BetsForTraders.com clients to cash in on the panic buying and selling of stocks and shares. This afternoon traders have been betting frantically on US bank stocks, after more huge losses were unveiled at US bank Merrill Lynch.
He added: “Some 97.3% of all bets taken on Merrill's share price today are on it falling. Many punters are anticipating moves of 10% to 20% lower. This is an unprecedented net short bias and the biggest negative sentiment that we have seen atBetsForTraders.com. A real blood bath."
Launched in 2007, BetsForTraders.com is a fixed-odds financial betting website which offers a range of 10 different types of fixed-risk bets on financial markets, single stocks, stock indices and the foreign exchange markets. Bets are fully customisable and operate through a real-time dealing interface.
As well as providing the largest range of bet types in the marketplace, the company offers a range of unique bet options not available through other betting sites. The website allows clients to “build their own bets” by adjusting the parameters using a sliding bar feature to optimise the price-payout ratio and specify the length of each bet, giving clients more control and price transparency.
BetsForTraders.com is owned and managed by Trinitas Capital (IOM) Ltd, based in the Isle of Man in the British Isles. The company is fully licensed to offer financial bets by the Isle of Man government. The Isle of Man is an important global banking centre and one of the best-regulated low tax jurisdictions. It holds a Standard & Poors AAA rating and has a high standard of accountability and numerous player protection laws. Due to its strict regulatory regime, it is one of only a few jurisdictions on the UK Government’s White List, which grants exemption from betting advertising restrictions. Trinitas Capital (IOM) Ltd. is subject to regular audits, software inspections and ongoing regulatory scrutiny by the Gambling Supervision Commission.
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