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Punters given a new way to lose (or win) on the sharemarket

Business

Sportsbet has launched a new option to allow people to bet on the rise and fall of the sharemarket.

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The company, which often runs odds on events like elections, said that from today, punters with the online bookmaker would be able to bet on the ASX closing higher or lower from opening.

They could also bet on the final digit of the closing price or whether the close price would be an odd number or an even number.

“You can now make money off the ASX without having to plunge your hard-earned into the stock market,’’ said Sportsbet’s Rich Hummerston.

On the first day of the market being opened, punters, unsurprisingly piled into the market and bet the market would close lower.

“Well, they’ve always said the stock market is just gambling, and now, it literally is. And during these times, our markets are probably safer than the actual stock market,’’ he said.

In morning trade the bet was not looking good. The ASX continued its roller-coaster ride today with a rise of more than 170 points in morning trade following a big rise and then dip yesterday. It fell back to a 90 point rise just before lunch.

Oil Search was up 18 per cent, while Westfield owner Scentre Group was a big winner with its shares jumping 13 per cent after it improved its liquidity.

Scentre said it had obtained additional unsecured bank facilities that increased its available liquidity position to $3.1 billion.

“The additional facilities have a two-year duration and provide the Group with further funding flexibility over the coming period,’’ it said.

Noxopharm also announced a significant breakthrough in the treatment of COVID-19.

It told the ASX that the Hudson Institute of Medical Research in Melbourne had identified that idronoxil inhibited a key inflammatory pathway involved in a process known as acytokine storm, which is associated with an abnormally excessive inflammatory response and is believed to be responsible for most deaths in patients with COVID-19 infection.

“In light of this important finding, Noxopharm now proposes to evaluate idronoxil use in patients at risk of developing acute respiratory distress syndrome (ARDS) and multi-organ failure associated with COVID-19 infection.

Noxopharm will be seeking non-dilutive support both in Australia and overseas for the clinical

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