By Julia Edwards
NEW YORK Oct 4 Irish online gambling site Paddy
Power has cut the odds on a U.S. debt default as gridlock in
Washington this week has raised the possibility of the country
failing to raise its debt ceiling.
"We shortened the odds on there being a default, which means
that we felt there was a greater likelihood of it occurring,"
Féilim Mac An Iomaire, public relations manager for Paddy Power,
said on Friday.
A budget stalemate led to a partial shutdown of the U.S.
government on Tuesday, increasing fears that an agreement may
not be reached before the Oct. 17 deadline to raise the debt
The odds offered by Paddy Power are still strongly in favor
of the United States raising the debt ceiling and making good on
its payment obligations.
The site lists odds of 1/6 on the government raising the
debt ceiling and 7/2 on a default. Previously, the odds were 1/3
on raising the debt ceiling and 6/1 on a default.
Only residents of Ireland, the United Kingdom, and Australia
can bet on Paddy Power. Though most bets are made on sports, Mac
An Iomaire said the site's visitors have a keen interest in the
U.S. debt default debate.
A crackdown by regulators has put a damper on U.S. domestic
betting on U.S. political bets. Intrade.com, another online
betting parlor that catered to U.S. bettors and offered
contracts on the outcome of races such as the U.S. presidential
election, shut down in July due to financial irregularities.