The boss of travel firm Travel Republic says that public betting on the future of airlines “should be outlawed”.
January 1: The boss of travel firm Travel Republic says that public betting on the future of airlines “should be outlawed” in the wake of a flurry of betting with online bookmaker Paddy Power that Monarch Airlines would be the next carrier to go bust. The Daily Telegraph reported just after Christmas that the bookmaker was offering odds of 4-1 after taking “more than 100 bets” over the holiday period.
Travel Republic Managing Director Paul Furner said “Put yourself in the shoes of a potential Monarch customer – are you feeling nervous? Is that alternative flight which you were looking at, albeit a few pounds more expensive, suddenly looking a lot more attractive? It’s not hard to imagine that a potentially significant proportion of people seeing these headlines are going to be more than a little concerned.”
In a statement to the BBC, Monarch Managing Director Tim Jeans said “If it wasn’t so serious it would be laughable. We have 6.5 milllion customers – and 2,500 employees who won’t find this at all helpful or at all funny. When asked if Monarch is likely to go out of business, he replied “It just won’t happen,” adding that Monarch was “very secure” and had been “consistently profitable” throughout its 40-year history.