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A hedge fund based on slots?
Cuban's new investment tool will literally gamble investors' money.
December 1, 2004: 9:15 AM EST

NEW YORK (CNN) - Billionaire Mark Cuban, who owns the Dallas Mavericks basketball team, has announced that he is starting a hedge fund that will literally gamble investors' money.

In a letter dated Nov 27 on his Web blog, Blog Maverick, Cuban says he will hire the best and the brightest minds to bet investors' money, but not on stocks and bonds.

Cuban says gambling on slot machines, black-jack or poker can earn better returns than betting on stocks. Cuban has yet to formally name the fund or file paperwork to establish it with regulators.

Cuban made his fortune by co-founding Broadcast.com, one of the first well-known Web sites to put live broadcast feeds on the Internet.

Cuban sold the company to Yahoo! for $5.7 billion in 1999. He bought the Dallas Mavericks for $280 million in 2000.  Top of page


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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.
© 2012 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy. Ad choices .