Finance

Susquehanna Will Take Your Election Bets, Up to $100 Million

The quant trader, known for its interest in the statistics of gambling, is ready to be on the other side of big presidential wagers.

Illustration: Thomas Colligan for Bloomberg Businessweek

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By Annie Massa

October 30, 2020 at 9:00 AM UTC

This article is for subscribers only.

This article is part of the November 2, 2020 issue of businessweek.

With the onset of an historic U.S. presidential election, a quantitative trading firm has been trying to pique hedge funds’ interest in casting big bets in political-prediction markets.

Susquehanna International Group, based in Bala Cynwyd, Pa., is a big player in options and the exchange-traded fund market, but its founders have long had an interest in the statistical side of gambling. The firm runs its own blog on gaming and poker strategy tips and has been building up a sports-betting operation in Ireland. It’s recently gauged funds’ interest in bets on election outcomes. Although few have gotten involved, Susquehanna is willing to take the other side of wagers on the presidential race for up to $100 million per bet, says a person familiar with the firm, speaking on the condition of anonymity because the plans are not public.