A leading seller of contracts-for-difference made about £25 million betting against its own customers during the first three months of the year.
Plus500 said that client losses had given it a $30.6 million boost in the first quarter, helping to push adjusted profits at the group in the period up by 2 per cent year-on-year to $102.6 million. Revenue rose by 4 per cent to $215.6 million.
The London-listed, Israel-based Plus500 operates a popular online platform that enables punters to trade contracts-for-difference, which are derivatives that are used to place leveraged bets on the direction of prices in financial markets.
These wagers can be highly risky and 81 per cent of Plus500’s retail customers lose money trading with the derivatives. Even so, they are a
