May 19, 2010

Paddy Power volcanic betting

Paddy Power today announced the launch of a new holiday protection product designed to safeguard holidaymakers against the threat of unscheduled airport closure due to volcanic ash.

This new initiative allows would-be holidaymakers to place a bet on a specified UK or Irish airport closing for at least a one hour period due to volcanic ash contamination on any given date between June 01 and August 31st.

The odds on offer vary by airport and by date, as an example a €1,000 holiday leaving London Heathrow on July 18th can be covered by placing a bet €50 at 20/1. Customers will each be allowed up to €2,000 of cover.

Paddy Power said “This new venture was brought about by considerable customer demand. In fact we have been quoting odds on airport closure to customers since Eyjafjallaj√∂kull blew its top back in April. It’s a very exciting new business opportunity and we’re hoping to expand our offering in the short term”

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