More than 20,000 people have bet hundreds of thousands of dollars on the papal change and international bookmakers expect that dollar figure to quickly move into the millions, according to USA Today.
Just two hours after Pope Benedict XVI announced his resignation, Irish bookmaker Paddy Power was out with their odds and within 48 hours, they saw more than $200,000 in bets.
“We are expecting this pope betting to be the biggest round of non-sporting betting in Paddy Power history – it’s a big market,” says spokesman Rory Scott.
“It’s going to pick up as we head into conclave and we think it will reach about 7 million dollars,” he said.
Cardinals Peter Turkson from Ghana was the early favourite with odds of 11-4, however however on Monday 4 March at 7:30am, he’s dropped back and been joined as co-favourite by Cardinal Angelo Scola from Milan. Both are currently listed at 3-1.
Next in line:
- Cardinal Tarcisio Bertone from Italy with odds of 4-1
- Cardinal Marc Ouellet from Canada with odds of 8-1
- Cardinal Angelo Bagnasco from Italy with odds of 10-1
- Cardinal Gianfranco Ravasi from Italy with odds of 10-1
- Cardinal Peter Erdo from Hungry with odds of 14-1
- Cardinal Odilo Scherer from Brazil with odds at 16-1
- Cardinal Luis Antonio Tagle from the Philippines with odds at 16-1
- Cardinal Christoph Schonbourn from Austria with odds of 16-1
- Cardinal Leonardo Sandri from Argentina with odds of 18-1
The Philippines Catholic Bishops however are urging Filipinos to refrain from betting on who will be pope. Rather they are encouraging Catholics to pray for the Cardinal electors.
“It is better to just pray for all the cardinal electors that the best among them may come out to lead the Church according to the direction of the Holy Spirit the New Evangelization beyond this year of faith,” said Jaro Archbishop Angel Lagdameo.
However, already a significant market, Paddy Power spokesman, Rory Scott, said Thursday, the Irish bookmaker is expecting betting will intensify when the process for choosing the Benedict XVI’s successor begins.
Paddy Power is also offering books on
- the name of the next pope
- the country of the next pope
- the age of the next pope
- when the conclave will start
- the length of the conclave
- the number of ballots held
- the new pope’s first foreign visit, and
- the number of foreign visits in the first year of the new pope’s papacy
Using these odds, gamblers’ are picking the new pope to be under 65, Italian and to take the name Peter. Punters currently think that the Papal Conclave will start between 11 – 13 March, will last 2 days and the new pope elected after just four ballots.
They are also picking the new pope will make his first visit to the Philippines, and that he will make 3-4 foreign visits in the first year of his pontificate.
Sources