Don't trust Wall Street? Try Galileo fund. 

April, 14, 2010

What an interesting week or two it's been in the betting world. Across the globe, literally, gambling is being tested and pushed in entirely different ways.

• In England, for example, a trading firm called Centaur Corporate recently announced it was forming a sports betting hedge fund called the Galileo Fund. Basically, instead of investing in stocks, the managers of the Galileo invest in the outcome of sporting events -- mainly soccer, rugby and tennis. "We're not a gambling company, we're a trading group but our markets happen to be sports probability and statistics," Tony Woodhams, the boss at Centaur, told the UK's Independent.

But Woodhams knows this is a volatile market, so the Galileo bills itself as being for experienced investors only, the kind that also happens to be willing to invest a minimum of 100,000 euros (or $140,000).

To read more about the Galileo fund, plus an update on Congressman Barney Frank's efforts to legalize Internet gambling in the United States, you must be an ESPN Insider.