Global Warming Becoming A New Source Of Revenue For Gamblers

ksla.com ^ | 04/13/07 | ksla

[Ellesu]

WASHINGTON D.C.

Think global warming will raise the oceans enough to submerge Cape Hatteras? Want to bet on it? An online gambling service has started taking bets on global warming, including whether it can submerge some of the East Coast's top vacation spots. The odds that Virginia's Cape Henry will be under water by 2015 - 200-to-1 at BetUs.com. Its odds for Cape Hatteras flooding by the same date - 300-to-1. Don't bet on it, says Phil Roehrs, a coastal engineer for the city of Virginia Beach. Roehrs said although sea levels are rising along the East Coast, scientists are not predicting anywhere near the levels and dates provided by the gambling service. "No wonder the odds are so good," Roehrs said. That hasn't stopped bettors from taking a chance. About 3,000 placed bets during the first three days on online booking, said Reed Richards, a spokesman for BetUs.com. Most gamblers on the site have put down money that Manhattan will be submerged before New Year's Eve 2011. "Don't ask me why," Richards said.

[Dahoser]

300 quatloos for the newcomers!

[ancient_geezer]

A fool and his money are soon parted.

[APFel]

About 3,000 placed bets during the first three days on online booking, said Reed Richards, a spokesman for BetUs.com.

Mr. Fantastic is expanding into online gambling? The Fantastic Four must have fallen upon some hard times. What's the address for the Baxter Building so I can send a donation?

(Sorry, horrible comic book geek humor).

APf

[Sherman Logan]

Most gamblers on the site have put down money that Manhattan will be submerged before New Year's Eve 2011. "Don't ask me why," Richards said.

The triumph of hope over logic?

[JustDoItAlways]

I really like this idea.

It is time for James Hansen and the other global warmers to put their money where their mouth is.

The true global warming believers (the ones that have bought the whole scam) will put their money down.

But very soon the odds will get longer and longer. When they see the odds go up to 100,000 to 1 (where they should be), maybe the warmers will start waking up.

[Phantom Lord]

As with everything, liberals, leftists, and alarmists never put their own money where their mouth is. They want YOUR money.

Just try for yourself in your every day life. Next time a friend, family member, co-worker goes off on the imminent danger and doom that global warming is going to cause, give them significant odds on Manhattan or another local they speak of being under water in 5 or 10 years. But make them put up a sizeable amount of money. No friendly $1 wagers. Tell them you will give them 50,000 to 1 odds with a minimum wager of $1,000.

I wager they will not take the bet.

Whats wrong? Don't have the courage of your convictions?

[HawaiianGecko]

Tell them you will give them 50,000 to 1 odds with a minimum wager of $1,000. I wager they will not take the bet.

Although I don't believe Manhattan will be engulfed, I'll take that bet with you.  I'll cover my bet by wiring  $1000 to an account at Chase and you wire your $50,000,000 to the same account, to cover your portion of the bet.

 

[billybudd]

The odds that Virginia's Cape Henry will be under water by 2015 - 200-to-1 at BetUs.com. Its odds for Cape Hatteras flooding by the same date - 300-to-1.

The bets are horrible on either side, but worse on the side of those who say these places will not be submerged.

300-to-1 gives you a 0.33% return over 8 years. By taking no risk, let's say you can get 6% APY with bonds/CDs - that's almost 60% over 8 years.

In fact, it would be a better idea to bet on submersion - that way, if the implied APY gravitates towards something more reasonable, you multiply your investment many times over quite easily.

[WinOne4TheGipper]

You know what they say about a fool and his money.

[Psycho_Bunny]

“...What I want to know is how they got together in the first place.”

[HawaiianGecko]

300-to-1 gives you a 0.33% return over 8 years. By taking no risk, let's say you can get 6% APY with bonds/CDs - that's almost 60% over 8 years.

Who taught you math?  300:1 is 104.0047% yearly return.  One hundred dollars at 300:1 nets $30,000 in eight years. One hundred dollars at 6% nets $160 in eight years as you suggest.

The math here is easy.  X = rate of return

100 * (1 + X) ⁸     = 30,000   
(1 + X)⁸               = 300
⁽1 + X)                 = 300^0.125
(1 + X)                =  2.040047
X                         = 1.040047   also written as 104.0047%

Another way to look at it is a simple table

	Value		Value
Year Nbr	Beg. Of Year	Rate	End of year
1	100.00	1.06	106.00
2	106.00	1.06	112.36
3	112.36	1.06	119.10
4	119.10	1.06	126.25
5	126.25	1.06	133.82
6	133.82	1.06	141.85
7	141.85	1.06	150.36
8	150.36	1.06	159.38
1	100.00	2.040047	204.00
2	204.00	2.040047	416.18
3	416.18	2.040047	849.02
4	849.02	2.040047	1,732.05
5	1732.05	2.040047	3,533.46
6	3533.46	2.040047	7,208.43
7	7208.43	2.040047	14,705.54
8	14705.54	2.040047	30,000.00

[reformedliberal]

As long as the people living along the coasts aren’t fleeing inland or to otherwise higher ground, I am simply not taking any of this seriously.

One of the black and white supermarket tabloids had a cover today that I saw while in the checkout line:

“NYC totally submerged by Juy 4, this summer!”

Yeah, right.

[honolulugal]

Click on POGW graphic for full GW rundown

FReepmail me to get on or off

New!!: Dr. John Ray’s
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Please ping me if you find one I’ve missed.
OKSooner and I are doing the POGW
ping list while xcamel is on vacation.

---

[RobFromGa]

I’d like to bet carbon credits? Will they accept carbon credits?

[billybudd]

Dude, come on. You know I was talking about the *other side* of the bet. If you bet against submersion, you will make $1 for your $300 invested. That’s approximately 0.33% return.

[HawaiianGecko]

  My mistake.  Upon rereading your post you even bolded "will not" be submerged.  And whoever taught you did a very good job. :-)

[billybudd]

No prob man, it’s all good :)