Posted on 08/08/2005 8:20:52 AM PDT by newgeezer
NEW YORK (Reuters) - The largest sports betting site on the Internet expanded Friday into the energy arena, offering gamblers a chance to bet on soaring U.S. retail gasoline prices.
"Record gasoline prices are affecting everyone, so why not let people bet on it?" said PinnacleSports.com spokesman Kyle Fratini. "We've been thinking about this for months."
The online betting site, which normally focuses on mainstream sports like football, basketball and soccer, is giving gamblers a chance to bet on whether gasoline will reach $3.00 a gallon in New York or Los Angeles by the end of the year, with 30 to 1 odds.
On Friday, average gasoline prices in Los Angeles were a lofty $2.616 a gallon, up more than 20 percent from last year and among the highest in the nation, according to the AAA's daily survey.
AAA's survey will be used by PinnacleSports.com as the benchmark for its bets.
Nationwide, gasoline prices are zipping along just over $2.30 a gallon, within 2 cents of the record peak hit July 14, as oil refiners are forced to pay up for record world crude oil prices of over $60 a barrel.
Also up for wager: Will the average price of gas in the United States reach $2.35 per gallon by Labor Day? Will the average price of gas in the U.S. reach $2.40 per gallon by the end of the year?
Fratini said maximum bets on gasoline will be around $500, though the site allows for bets in the thousands of dollars for sports like football.
I enjoy boating and...
I enjoy towing my boat with my massive 2500HD turbo-diesel gas guzzling truck as well!
I read there is one new refinery which will be the next one to open. they started 5 years ago, and it won't be productive for 10 moreyears.
even if president and Congress said start right now, it'd still be 10-15 years before any new refinerys would open.
So, this price climbing is here for the long haul.
43.00/gal. yep, by this time neat year.
We all have our priorities.
OUCH! I'm so glad that I use only about 1/2 to 3/4 tank of gas per week. My job is only a few miles from where I live. Whenever I get the urge to go for a drive in the country, I remember how good I've got it and don't go. lol
I'm not a gambler at all. But, yes, that's what it means.
The odds can change as oddsmakers adjust them to keep the payout right. If too many people bet one side or the other, the odds will go up or down accordingly.
Mon 8/8 Gas avg hits $3 in NYC or Los Angeles by 1/1/2006?
103 Yes +423
104 No -473
I checked the site and the above are the current odds. The odds aren't 30-1 anymore and they are "baseball" type odds now. If you bet 100 dollars on yes, and you win, you will get 423 dollars back plus your bet. If you lose this bet, you lose 100 dollars. You would be taking an "underdog" bet.
If you take the -473 bet, you are betting the "favorite." If you want to win a 100 dollars, you have to bet 473 dollars. If you win, you win 100 dollars and get your 473 dollar bet back. If you lose this bet, you are out 473 dollars.
Roughly put, the underdog is a little more than 4 - 1, and the "favorite" is a little more than 1 - 4 7/10.
Have you ever tried to get a baby in and out of a car seat in a small, low to the ground car 5 or 6 times a day. See post #99. Besides, my Honda Pilot gets great gas milage.
Well, I guess you would rather have the economy tank. Thanks.
I don't know why you believed that myth in the first place. The war was not about Iraqi oil.
And Calabasas is where?
I just got my new monthly oil heating bill installment for the 2005 - 2006 season and it jumped from $158.00 per month to a whopping $300.00 per month. I can't wait until I can retire and move to a warmer climate.
OPEC has almost no impact on oil pricing in the U.S. anymore. One bit of news that seems to have escaped the attention of a lot of folks here is that Canada has now surpassed Saudi Arabia as the largest foreign source of oil for the U.S. And two of our largest foreign sources of oil (Canada and Mexico) aren't even members of OPEC.
Just think what a hoot $4.00 a gallon would be.
We didn't.
There is no holdup. There is an expanding world-oil-consuming economy that is creating oil-consuming middle classes all over Asia; particulary among 100s of millions of new Indian and Chinese oil consumers.
It is that demand that is driving up world oil prices.
If you think it is high now, what will you say when and if the African economies can ever be reformed into producers and create their own oil-consuming middle classes?
Higher oil prices are just what is needed for: conservation, exploration and improved economics of new technologies and alternative energy sources. It will work much better than government fiat.
"Where is all that oil from Iraq. We can blame Clinton for this mess when he sent Richardson to the Saudis and negoated price for oild."
Sorry, but the reasons for the price of oil are numerous and go way beyond whatever Clinton did in office. I'm not saying it didn't play a part, but we simply can't hang the whole thing on Clinton.
AHaa haa haaa! Good one! Its all the fault of the SUV! Ban SUVs, problem solved. (eyes rolling)
Seriously dude, get a grip and start paying attention.
I am not, I noted it is when it started.
The IOP (Ind.OilProd) here in Calif went to DC to lobby our congress to allow a price increase from 17.00 to 27.00 a barrel.
We paid 55 cents per barrell to the DOG for oversight, that is now over 5.00 a barrel. Here in CA we have the 15 year reule to destory the industry we have state and local tax increases, it is surly a mess.
The previous discussion had to due to saudi oil.
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