Ladbrokes the sports betting giant has announced that after slashing the odds repeatedly, it has now been forced to suspend betting on Greece dropping out of the euro zone by the end of 2012.
A spokesman for Ladbrokes said that it is far safer for them to suspend betting than for them to continue cutting the odds altogether as things heat up in Greece. He added that Ladbrokes have been slashing the odds that Greece will be forced to leave the currency repeatedly over the past few days. The spokesman also undertook to open the book in the event of the gambling group receiving some positive news in the next few days.
Ladbrokes is, however, still offering odds that Greece’s stock market will lose more than 25% of its value in a single day’s trading by the end of 2012. The sports betting giant has also revealed that it is receiving lots of support for the 33/1 being offered that the Euro will cease to exist altogether by the end of this year.
Ladbrokes is also offering odds of 5/6 that the Euro will disappear by the end of 2015 as well as odds of 4/1 that there will be one or more countries leaving the Euro by the end of this year.
After being led by Ladbrokes, its close rival, William Hill has also opted to suspend its own betting market on Greece’s prospects in the Eurozone this year.
William Hill revealed that after odds were pushed right down to 1/4 it was forced to close the market.