Bookies Get Ready for London Olympics

UNITED KINGDOM – As reported by the UK Times: "Bookmakers estimate that London getting the Olympics cost them £1 million nationwide and one firm, Paddy Power, can expect plenty of winning punters to be back in touch with them first thing this morning.

"The Irish-based firm make Sir Steve Redgrave 14-1 to light the Olympic Flame, but that price is unlikely to be available for long because the record-breaking rower, who won golds at every Olympics from 1984 to 2000, is an obvious favourite to be awarded the honour. Ladbrokes make him even-money to light the flame and Blue Square go further, quoting him at 4-5.

"A sustained gamble on London getting the Olympics began on Sunday, when bookies were offering up to 4-1. By yesterday, those odds had shrunk to as little as 7-4.

"Warren Lush, a spokesman for Ladbrokes, said: 'The industry has paid out over £1 million. We've been torched by the huge patriotic gamble on London to win the Olympics, the money just kept coming.'…"