CoverSport Markets

A regulated marketplace for parametric sports insurance.

Issue, trade, clear and settle cover on sporting outcomes — primary and secondary markets in a single venue.

100% pre-funded. No counterparty credit risk.

Every contract is backed in full by collateral locked in a protected PCC cell, and settles automatically on the result.

Where insurance capital meets sporting risk.

Sponsors, brands and organisers transfer exposure; reinsurers, funds and capital-markets desks deploy capital for premium.

Globally authorised

Unique regulatory stack makes us the only online marketplace authorised to transfer and trade sports risks globally.

Direct connection

Cutting-edge technologies directly connect protection buyers with protection sellers more effectively and more efficiently.

AI integration

AI integration scans trending data to generate new markets for emerging sports events and resolves sporting outcomes in real time.

Access & control

Authorised participants have unparalleled access to sports risks and unprecedented control over their assets and accounts.

Experienced team

Highly-experienced management team with the required knowledge and expertise to perfectly address market specificities.

How Contracts Work

From order to settlement — every step is transparent and fully collateralised.
1
Place an order

Choose a market and outcome, set your premium and volume. Your funds are ring-fenced into a segregated balance.

2
Match & clear

When a buyer and a capital provider cross, the contract is issued and the collateral locks into the protected cell.

3
Trade or hold

Transfer the insured or capital interest on the secondary market before the event, or hold it to settlement.

4
Settle

On the result the cell pays the winning interest holder — a claim, or the collateral returned — and is released.

Accounts · virtual trading

Sign in

Sign in with a username and PIN, or create a virtual account. All balances are play money for testing the marketplace.
Restricted marketplace · admitted participants only

Admission required

The CoverSport Markets is a restricted venue. Access to markets, live pricing, order books, trading and portfolio data is limited to admitted Market Participants who are signed in.

Sign in or request admission

Under the Marketplace Rulebook, only admitted Market Participants who have self-certified acceptance of the constitutional documents may enter orders or view market data. Sign in to continue, or create an account to join the demonstration environment.

Constitutional documents are open to review before admission: Marketplace Rulebook · Terms & Conditions · How it works · Marketplace Overview
Browse

Markets by competition

Live cover across every competition — single fixtures, events and season-long outrights, all in one place.
League fixtures

Games

Pick a home and an away club to list a new fixture market. Each fixture is a fully-collateralised contract on the 90-minute result — home win, draw or away win — and trades like any other market on the platform.
← Back to Management Console

Create a new fixture

v
Trading opens at the first time and closes at kick-off. Before it opens the fixture shows as Pre-open; after kick-off it shows as Closed and is settled on the result. Leave both blank to open the fixture for trading immediately.
Listed fixtures

Fixtures

Every fixture you list appears here and in Active Markets on the home page, ready to trade.
Short-dated · single-event cover

CoverSport Markets

Fast, fully-collateralised cover on single fixtures — priced into kick-off and settled on the result. Trade the weekend.
Large risks · syndicated placement

CoverSport Markets Auctions

Competitive placement of large, lumpy risks across multiple capital providers — syndicated to fill the line, then settled on the outcome.
Long-tail · season outrights

CoverSport Markets Exchange

Season-long outright cover — championship and tournament risk held to settlement, backed by institutional capacity.
Live board · all open contracts

Active Markets

Every parametric contract currently open across the marketplace, in one place. Select a market to view its order book and trade.
Browse · status & competition

Markets

Filter every market by status and competition; select any market to open its order book.
Session moves

Largest rate moves

Biggest moves in rate on line from the session open, across every market.

All markets

Tap any cover to trade it.
CoverMarketRate on linePremiumCapacityChg
Market data · benchmarks & settlement prices

Market Data

Indicative premiums, best bid and offer, last traded premium, traded volume and open interest across every listed parametric contract. Premiums are quoted per $1,000 contract value.
Issuance · underwriting

Primary Markets

New parametric contracts matched between protection buyers and funders (underwriters). PL · LA LIGA · LIGUE 1 · BUNDESLIGA
Search

Premier League — Outright Winner

Best Insurance Order = highest premium a buyer will pay for cover · Best Reinsurance Offer = lowest premium a provider will accept to underwrite.
Product Symbol Contract Value Insurance VolumeInsurance Premium Reinsurance VolumeReinsurance Premium
Resale · contract transfer

Secondary Markets

Transfer of existing insured & funded positions before settlement. Prices quoted as % of $1,000 notional.

Premier League — Active Contracts

Trade the market value of active insurance and reinsurance contracts before settlement — the premium was already paid when the contract was issued in the primary market.
Product Event Contract Value Insurance VolumeInsurance Price Reinsurance VolumeReinsurance Price
Primary market · issuance

Liverpool FC

PL015LIV · Premier League · Match Winner

Best Insurance Order

Insurance
$140premium · 14.0% rate on line
Contract SymbolPL015LIV
Contract Value$1,000
Premium per contract$140
Volume40
Total Premium$5,600

Order Form

Primary · PL015LIV
Buy Insurance — pay the premium now; the contract pays the $1,000 value if Liverpool FC win.
Total Premium—

Best Reinsurance Offer

Reinsurance
$145premium · 14.5% rate on line
Contract SymbolPL015LIV
Contract Value$1,000
Premium per contract$145
Volume35
Total Premium$5,075

Premium · implied probability

Per $1,000 contract
Premium ($) — left axis  ·  Implied probability (%) — right axis (premium ÷ $1,000 notional)

Insurance Orders

Insurance
PremiumVolumeCapacity

Trade History

Recent activity
TIME PREMIUM SIZE FLOW

Reinsurance Offers

Reinsurance
PremiumVolumeCapacity
Primary market · issuance

Lewis Hamilton — F1 Drivers’ Championship

F1DC26-HAM · Scuderia Ferrari · 2026 FIA Formula 1 World Championship · Drivers’ title Live
View Contract Data ☆ Watch

Best Insurance Order

Insurance
$63premium · 6.3% rate on line
Contract SymbolF1DC26-HAM
Contract Value$1,000
Premium per contract$63
Volume30
Total Premium$1,890

Order Form

Primary · F1DC26-HAM
Buy Insurance — pay the premium now; the contract pays the $1,000 value if Lewis Hamilton wins the F1 Drivers’ Championship.
Total Premium—

Best Reinsurance Offer

Reinsurance
$68premium · 6.8% rate on line
Contract SymbolF1DC26-HAM
Contract Value$1,000
Premium per contract$68
Volume30
Total Premium$2,040

Premium · implied probability

Paused
Premium ($) — left axis  ·  Implied probability (%) — right axis (premium ÷ $1,000 notional)

Insurance Orders

Insurance
PremiumVolumeCapacity

Trade History

Recent activity
TIME PREMIUM SIZE FLOW

Reinsurance Offers

Reinsurance
PremiumVolumeCapacity
Secondary market · resale

Liverpool FC

PL015LIV · Premier League · Outright Winner

Insurance Contract

Insurance
$90090.0% of notional
pays $1,000 if Liverpool FC win
Contract SymbolPL015LIV
Contract Value$1,000
Total Volume100
Contract Price$900
Total Cost$90,000

Order Form

Secondary · PL015LIV
Insurance — acquire the insured interest in an in-force contract. You pay the current holder; no new contract is created.
Total Cost—

Reinsurance Contract

Reinsurance
$94094.0% of notional
pays $1,000 if they do not win
Contract SymbolPL015LIV
Contract Value$1,000
Total Volume100
Contract Price$940
Total Cost$94,000

Premium · implied probability

Per $1,000 contract
Premium ($) — left axis  ·  Implied probability (%) — right axis (premium ÷ $1,000 notional)

Insurance Contract Orders

Insurance
PriceVolumeCapacity

Trade History

Recent activity
TIME PRICE SIZE FLOW

Reinsurance Contract Offers

Reinsurance
PriceVolumeCapacity
Large risks · syndicated placement

CoverSport Markets Auctions

Competitive placement of large, lumpy risks across multiple capital providers — syndicated to fill the line, then settled on the outcome.

Premier League — Outright Winner

Implied probability shown as the YES price ÷ notional.
Product

—

Browse the Events, place the Contract.
Open a Product from Product Search.
Negotiated cover · request for quote

Request for Quote

Ask the market for a firm price on a specific risk, take competing quotes from the other side, and accept the one you want — cleared as a fully-collateralised contract through the same cell and ledger as the order book.

Submit a request

Choose the product and the side you want, set your size and an optional indicative premium, then post it to the market. The other side quotes; you accept the price you like.

Live quote requests

Account · CoverSport Syndicate

My Portfolio

Open insured & funded positions, mark-to-market valuation and collateral usage.

My Holdings

Filter by:
Accounts

Switch account

Select any account to view its holdings, orders and balances below. Available + total balance shown on each.
Legal · marketplace agreement

Marketplace Terms & Conditions

The agreement governing participation in the CoverSport Markets — the issuance, trading, clearing and settlement of fully-collateralised parametric insurance contracts.
Legal · marketplace rulebook

Marketplace Rulebook

The binding rules of admission, conduct, trading, clearing and settlement on the CoverSport Markets, made and published by CoverSport Underwriting Ltd.
Legal · insurance contract

Insurance Contract

The Master Terms and form of Cover Note that together constitute each fully-collateralised parametric Insurance Contract issued by a Cell of CoverSport Insurance PCC Limited.
Legal · privacy

Privacy & Cookie Policy

How CoverSport Underwriting Ltd collects, uses, shares and protects personal data in connection with the marketplace, and how cookies and similar technologies are used.
Legal · disclaimer

Disclaimer

Important information about the nature of the CoverSport Markets, the limits of the information it provides, and the basis on which it is made available.
For institutional counterparties · due-diligence window

Institutional & Due Diligence

The mechanism behind CoverSport Markets, proven live from the platform’s own ledger — capital adequacy, integrity, microstructure, settlement and structure. For capacity providers, sports organisations, sportsbooks and market makers.
Documentation · plain-English summary

Marketplace Overview

How CoverSport Markets works — a plain-English summary of the fully-collateralised parametric insurance contracts, the markets, and how cover settles.
Help & documentation

User Guide

How cover is bought, sold, cleared and settled on CoverSport Markets — with a walkthrough of every screen.
Overview

A two-sided insurance marketplace

CoverSport Markets matches those who need protection with the capital that supplies it. Every contract is a fully-collateralised parametric insurance contract that pays a fixed $1,000 on a defined sporting outcome — across football, motorsport and golf.
Protection Buyers

Commercial sponsors, brands and event organisers buy fully-collateralised cover against a defined outcome for a set premium — hedging exposures such as win-bonuses and prize liabilities.

SponsorsBrandsOrganisers
→
Matching & Clearing
CoverSport Markets

Orders matched to offers. Every contract is 100% pre-funded, cleared and settled automatically on the event outcome.

←
Protection Sellers

Reinsurers, hedge funds and capital-markets desks offer to reinsure the contract value, earning premium in return for posting collateral against the risk.

ReinsurersHedge fundsCapital markets
The gap between buyer orders and seller offers is the marketplace’s price — fully transparent to every participant, with every contract 100% pre-funded before it exists.
Coverage

Markets you can cover

The Home page shows a card for every live competition. The Primary, Secondary and Auction pages each carry a View Markets menu — choose a competition and the whole page repopulates with every contract in that market. New markets the operator creates appear automatically, each with a status badge showing whether it is open, scheduled (pre-open) or closed.
Step by step

How to use CoverSport Markets

A practical walkthrough of each part of the interface — what you’re looking at, and exactly how to act on it. Open any screen to follow along.
Reference

Key terms

The core concepts used throughout the marketplace.
Regulatory demonstration · Guernsey Financial Services Commission

Platform enhancements for GFSC review

A guided walkthrough of how the CoverSport Markets has been strengthened since authorisation. Each enhancement is mapped to the prudential or conduct principle it supports, with a direct link into the live feature operating on real demo data.
What has changed

Enhancements since authorisation

Five areas have been strengthened. Select “View live” on any card to see it operating end-to-end.

Full collateralisation & PCC cell solvency

Prudential

Every cleared contract is 100% pre-funded. The capital provider’s collateral is locked in the protected cell at the point of clearing and held static until settlement, so the cell carries no counterparty credit risk and cannot be over-exposed.

SupportsPolicyholder protection — claims are always fully funded from segregated cell assets.

Client-money segregation across the lifecycle

Client assets

Premium and collateral are ring-fenced the moment an order is placed and remain segregated through clearing and into the cell — now itemised on each participant’s account as “reserved against open orders” versus “cell collateral in force.”

SupportsSegregation of client money and clear attribution of segregated assets.

Transparent clearing & settlement

Market integrity

A live order book with price-time priority, a pre-settlement payout preview, and deterministic settlement that pays the in-force interest holder and releases the cell — giving auditable, repeatable settlement finality.

SupportsOrderly markets, fair price formation and settlement finality.

Audit, reporting & reconciliation

Governance

A full back office: a clearing register, settlement records, cell-collateral report, funds reconciliation, per-account statements and a trade blotter — all date-filterable and exportable to CSV for inspection.

SupportsRecord-keeping, auditability and regulatory reporting obligations.

Conduct & insurable interest

Conduct

Cover is framed as parametric contingency insurance for parties with genuine financial exposure to a sporting outcome — sponsors, brands and clubs — with product wording that distinguishes the contract from gaming.

SupportsConduct of business and the insurable-interest requirement.

Demonstration notice

This is a sandbox demonstration build of the CoverSport Markets. Figures shown are illustrative and generated from demo accounts; this is not the production ledger and balances reset between sessions. CoverSport Underwriting Ltd is authorised and regulated by the Guernsey Financial Services Commission.
Underwriting agent · clearing & settlement

Management Console

Acting as underwriting agent: post third-party capital into the PCC cell at issuance, monitor cleared contracts and locked collateral, and settle a market once the event has finished.
Clearing & risk

Venue overview

The whole book at a glance — exposure, collateralisation, concentration and market-integrity surveillance.
Clearing run

Continuous matching

Matching is continuous — a crossing order binds and funds its contract the instant it meets a resting order, by price-time priority, with no waiting for a clearing cycle. The sweep below is a periodic operator check: it confirms nothing crossable is left resting and reports what the last sweep found.
No clearing run yet.
Surveillance & market integrity

Control activity

A live log of the venue market-integrity controls firing — orders rejected by the price collar, self-trade attempts blocked, and circuit-breaker alerts. Each event is time-stamped and attributable.
No control events yet.
Settlement & reconciliation

Post-event reconciliation

Pick a settled event to see every account movement — premium, claims, collateral and fees — and confirm the cell reconciles to zero.
No settled events yet.
Market creation

New markets

List a new fully-collateralised fixture market. Choose the competition, then the two clubs; it trades on the order book and settles through its own protected cell, exactly like every other market on the venue.
+ List a new fixture
No operator-listed markets yet.
Auction curation

Auction markets

Choose which markets are listed as Batch auctions and as Dutch (sealed-bid) placements. Only curated markets appear on the Batch and Dutch auction boards — a market can be listed in either, both, or neither. Use the controls on each row to suspend, close, re-open or settle a market.
RFQ oversight

Request-for-quote activity

Every quote request, the firm quotes it received, who quoted what and when, and the accepted price. Read-only surveillance of the negotiated route — bilateral, ring-fenced from the order book, and cleared through the same cell and ledger as a match.
Posts a few illustrative open requests with sample quotes so the RFQ board always has live activity to demonstrate.
Market administration

Active Markets

Find a market by name to open, re-open, suspend or close it, or create a new market — all in one place. Suspending keeps resting orders but accepts no new ones; closing cancels open orders and releases reservations. Settlement closes a market automatically.

Order book & cleared contracts

Create a new market

All F1 Drivers All F1 Constructors Premier League teams La Liga teams Bundesliga teams Serie A teams Golfers World Cup teams
Market: — · symbol —
Protected cells

PCC cells & collateral

Each competition is a segregated cell of CoverSport PCC. When an order is matched, the reinsurance collateral moves from the provider's segregated balance into that competition's cell, where it is held to meet a claim until the event settles.
Settlement

Settle Events

Choose the market and the outcome. On a win, the cell pays $1,000 to the holder of the winning interest. On a tied outcome the cell is split 50/50 between the insured and capital holders. On a cancelled / abandoned event, the insured premium and the reinsurance collateral are both returned (Insurance Contract Cover Note & Clause 8.2.1).
Reports

Trading Reports

Back-office reports for the underwriting agent: every cleared contract, every settlement payout, the PCC cell collateral / solvency position, and a client-money reconciliation across all accounts. Each report can be exported to CSV.
From To
Onboarding · pipeline

Member pipeline

Every applicant's journey from registration to active trading. Counts update live as you approve registrations in the KYC queue and credit funded deposits below.
Onboarding · KYC queue · administrator only

Registrations awaiting approval

New applicants land here for AML/KYC, sanctions and Fit-and-Proper review. Approve to admit; the member can then notify their opening deposit for crediting below.
Banking · client money · administrator only

Client money

Cash is held as client money in the segregated Client Money Account operated by CoverSport Underwriting Ltd (authorised and regulated by the Guernsey Financial Services Commission) at HSBC Guernsey, in a virtual IBAN (vIBAN) per participant. The operator credits or debits a participant's marketplace balance — mirroring a confirmed inbound payment to their vIBAN (credit) or a payout from it (debit). The marketplace holds no money itself.
Member withdrawal requests
Member accounts · approve, credit & suspend
Once a member has funded their HSBC IBAN (minimum $5,000), approve & credit their marketplace balance with the funded amount. Suspend an account to halt trading — for example, while a withdrawal is processed.
General ledger

Journals

Every movement of value posts a balanced double-entry journal — equal debits and credits. The trial balance below sums all postings and must always net to zero.
Ledger accountDebit balanceCredit balance
Journal · filter
#Posting / accountDebitCredit