Charles K. McNeil, a mathematics teacher who became a securities analyst and later a bookmaker in Chicago during the 1940s, has been widely credited with inventing spread betting. However, despite its American roots, spread betting is not currently legal in the United States.
Jumping forward roughly 30 years, on
the other side of the Atlantic, City of London investment banker Stuart Wheeler founded IG Index
in 1974, pioneering the industry by offering spread betting on gold.
At the time, the gold market was
prohibitively difficult to participate in for many, and spread betting provided
an easier way to speculate on it.
