Monarch upset over ‘next airline to go bust’ bets
31.12.09
Paddy Power has angered holiday airline Monarch after it put Monarch Airlines at 4/1 to be the next airline to go bust. Following the collapse of Scottish holiday airline FlyGlobespan, Paddy Power reopened the market on the next airline to go under and, following a flurry of bets over Christmas (reported to be around 100 individual bets), slashed the odds on Monarch from 50/1 to just 4/1.
When the Irish bookmaker ran a similar market last year it listed FlyGlobespan and SkyEurope, both of whom failed this year, amongst its favourites. However, the betting has been met with an angry reaction by Monarch. Its managing director, Tim Jeans, said: ‘If it wasn't so serious it would be laughable.’
Mr Jeans said that Monarch was ‘very secure’ and had been ‘consistently profitable’ over its 40-year history. When asked if Monarch was likely to go out of business in the next year, he replied: ‘It just won't happen.'
He said that people may have bet on Monarch going bust after two other charter airlines went out of business - XL last year and Fly Globespan earlier this month, adding ‘People put two and two together and say Monarch's a charter airline and make their bets accordingly. But Monarch's business is far different from those people.'
Hungarian low-cost airline Wizz Air is second favourite at 5/1. Other airlines listed include Jet2 (10/1), Aer Arann (10/1), BA (14/1), Thomson Airways (16/1), bmibaby (18/1), Aer Lingus (18/1) and Flybe and Thomas Cook Airlines at 40/1. Virgin Atlantic and easyJet are outsiders at 80/1 whilst Ryanair is at 100/1.
Paddy Power is also offering odds of 18-1 on outspoken Ryanair chief executive Michael O'Leary to be the next boss of British Airways!
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