http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/08-11-2005/0004086874&EDATE=PinnacleSports.com Bettors Believe There's No End to Rising Prices at The Pump
WILLEMSTAD, Curacao, Aug. 11 /PRNewswire/ -- Although several in the
industry have suggested that gasoline prices will drop in the near future, the
betting public believes that there is no end in sight for rising prices at the
pump. Since becoming the first sports book in the world to accept bets on the
price of gas Friday, PinnacleSports.com has seen the vast majority of bettors
backing prices to increase to unprecedented levels.
The largest sports betting site on the Internet, PinnacleSports.com
originally opened wagering with the odds on the average price of gas in New
York or Los Angeles hitting $3.00 per gallon by New Year's Day as a 30/1 long
shot. Since Friday, 90% of all bets have backed the price in either of the
nation's two largest markets reaching the $3.00 mark, dropping the odds of
that occurring all the way down to 9/5.
"Uneasiness over disruptions to Middle East oil after a security threat,
unexpected refinery shutdowns and strong demand from motorists have all
contributed to the astronomical increase in prices whilst President Bush's
Energy Bill has had little affect," said Simon Noble of PinnacleSports.com.
"Our betting markets have been extremely accurate forecasters for world events
and are often a better representation of public perception than opinion polls
alone. With prices already exceeding $2.66 in LA and $2.61 in New York, it
wouldn't be surprising for the majority of our bettors correctly predicting
prices climbing to $3.00 per gallon in the nation's two biggest cities at some
point this year."