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Photo: Spencer Platt/Getty Images

When you think of Nasdaq, chances are you think of the U.S.-based stock exchange. However, the company has numerous other lines of business, none more interesting than their foray into sports betting.

Why it matters: In addition to operating its own stock exchange in New York, Nasdaq is a technology provider for other global marketplaces. One of its core customers: sports betting operators.

  • "We've partnered with two of the world's leaders in horse racing to dramatically change what they do in terms of a product offering," Scott Shechtman, Nasdaq's head of New Markets, told me.

Buzz: One of those customers is the Hong Kong Jockey Club, which sees 50% more money wagered on horse racing each year than the entire U.S. (and Hong Kong has just 7.8 million people).

  • The Jockey Club is such a massive business that 8% of the Hong Kong government's revenue comes from the taxes that it pays.

The backdrop: The rise of in-play betting (ability to place bets after events have started) has taken the systems that were built for the retail or very early online eras, and it has completely overwhelmed them. Everything has been digitized and, in the process, sped up.

  • "As an operator, you increasingly need more data and you need it fast, you need bets to run through your system quickly and you need to be able to handle peak times. Well, guess what? That sounds a whole lot like a stock exchange," said Schectman.
  • "So we took this technology called Longitude that was born in the financial markets and had its heritage in trading, and we re-engineered it to work for sports betting because it was based on similar principles."

Don't forget: Just like stock markets must police themselves to prevent manipulative trading or anything else nefarious, sports betting operators have those same challenges. Nasdaq's technology helps monitor all of that, too.

The bottom line: The same changes that have happened to the financial markets over the past few decades are happening to the sports betting markets, too, making Nasdaq an ideal partner for sports books around the globe.

Go deeper: Each day this week, Axios Sports will highlight a sports-related company that's worth knowing more about.

Go deeper

Miriam Kramer, author of Space
Updated 14 mins ago - Science

NASA's delays Mars helicopter test flight

Ingenuity (left) with Perseverance on Mars. Photo: NASA/JPL-Caltech/MSSS

NASA announced Saturday it rescheduled its Ingenuity Mars helicopter's first experimental flight, originally planned for Sunday.

The latest: "During a high-speed spin test of the rotors on Friday, the command sequence controlling the test ended early due to a 'watchdog' timer expiration," NASA said in a statement. "This occurred as it was trying to transition the flight computer from ‘Pre-Flight’ to ‘Flight’ mode."

53 mins ago - Politics & Policy

Scoop: Ohio Senate candidate Josh Mandel escorted out of RNC retreat

Ohio Republican Senate candidate Josh Mandel. Photo: Chris Maddaloni / Getty Images

During this weekend’s highly anticipated donor retreat hosted by the Republican National Committee in Palm Beach, Ohio Senate candidate Josh Mandel was escorted off the premises while his primary opponent, Jane Timken, was allowed to stay, two sources with direct knowledge of the situation tell Axios.

What we’re hearing: The invitation-only event is taking place at the Four Seasons Resort, and the RNC reserved the entire hotel. While Timken, former Ohio GOP chair, was invited to the event “because she is a major donor” — Mandel was not, so he was asked to leave, according to one of the sources

Ben Geman, author of Generate
2 hours ago - Energy & Environment

Report: John Kerry plans to visit China ahead of Biden's climate summit

John Kerry. Photo: Zach Gibson / Stringer

John Kerry, President Biden's special climate envoy, is expected to travel to China next week for meetings with officials aimed at boosting collaboration, the Washington Post reported Saturday.

Why it matters: China is the world's largest carbon dioxide emitter and the U.S. is second-largest.