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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

47 mins ago - Health

Government website for free COVID tests launches early

COVID-19 rapid at-home test kits. Photo: Mario Tama/Getty Images

The website where Americans can request free, at-home rapid COVID-19 tests from the government launched Tuesday and is now accepting orders.

Driving the news: The website went live in its beta phase and is operating at a limited capacity a day before its official launch. Every home in the U.S. is eligible for up to four COVID tests, according to the website.

AT&T, Verizon extend 5G delay over airline panic

Illustration: Brendan Lynch/Axios

AT&T and Verizon said Tuesday they would delay lighting up its 5G signals near a limited number of airports after renewed opposition from the aviation industry over concerns about signal interference.

Why it matters: The CEOs of leading airlines warned of catastrophic disruption to flights if AT&T and Verizon deployed 5G as planned this week.

Updated 2 hours ago - World

Ukraine crisis: Blinken to visit Kyiv, then meet Russian foreign minister

Photo: Russian Foreign Ministry/Handout/Anadolu Agency via Getty Images

Secretary of State Antony Blinken will meet with Russian Foreign Minister Sergey Lavrov in Geneva on Friday, following a trip to Kyiv to reinforce U.S. support for Ukraine in the face of a possible Russian invasion, according to a senior U.S. official.

Why it matters: The meeting with Lavrov suggests a diplomatic resolution to the crisis may still be on the table, despite the collapse of security talks between Russia and the West last week.