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FINANCIAL NEWS

Betting suspended on Greek euro exit

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A surge in bets has forced Britain’s biggest bookmakers William Hill Plc and Ladbrokes Plc to suspend betting on the odds of Greece dropping out.

The failure of Greece’s leaders to form a government has renewed speculation that Greece could be forced out of the single currency.

William Hill said the level of betting on Greece quitting first was such that it had become too risky to continue taking bets, with the odds pushed right down to 1/4.

Britain’s second-biggest betting firm Ladbrokes said it had suspended betting on Greece dropping out of the euro zone by the end of the year, after repeatedly slashing the odds.

Ladbrokes is still taking bets on the Greek stock market losing more than 25 per cent of its value in a single day’s trading by the end of 2012.

William Hill, however, has closed betting on the euro still being in existence by the end of 2015 — a possibility it sees as closely linked to what is happening in Greece — with the latest odds before suspension at 4/6 in favour and 11/10 against.
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