ECONOMY

Greece 93 percent certain to keep euro this year, Betfair Says

Gamblers increasingly see Greece staying in the euro-region, Betfair Group Plc said, amid optimism a deal can be sealed to keep aid flowing to Athens.

Betfair put the odds of Greece not leaving the eurozone this year at 1/14, meaning a successful 14 pound bet wins 1 pound in London on Tuesday, compared with 1/5 on Monday. Those odds imply a 93 percent chance Greece will keep the euro, Betfair said.

“Punters have clearly made up their mind that Greece will stay in the eurozone, for the remainder of this year at least,” said Naomi Totten, a spokeswoman for Betfair.

Betting markets can provide clues to the direction of events. So certain was Betfair of the outcome of the Scottish independence referendum last year, it paid out on a “no” vote two days before the ballot even after polls suggesting a tight contest had sent the pound tumbling.

Paddy Power Plc, Ireland’s largest bookmaker, puts the odds of Greece adopting an official currency other than the euro by the end of 2017 at 4/5, meaning a 5 euro bet wins 4 euros, compared with 4/6 on Monday.

[Bloomberg]