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Insurers did not want to offer cover for those airline passengers adversely affected by the recent Iceland volcano eruption and its pesky little ash cloud, but the folks at Ireland's online bookmaker Paddy Power are more than content with offering such insurance.
The Telegraph is calling it a "Cash for Ash Volcano Insurance Bet".
You might recall Gambling911.com's report the other day that Paddy Power had opened a new website called VolcanoBetting.com, which was taking bets on which airport would be affected by Eyjafjallajökull's ash cloud next.
The Telegraph reports that travellers can bet at odds of up to 20-1 to hedge against flight delays or cancellations, with Paddy allowing up to £2,000 of cover per customer per day - and £5,000 for wagers covering several days.
"We had quite a few inquiries from organisers of golf trips and things like that and decided this could be an interesting new market for us," said a Paddy spokesman. "You don't have to travel to bet. We gladly take bets from speculators."
The Paddy Power volcano insurance bets are exclusive to Heathrow, Gatwick, Stansted, Manchester, Birmingham, Glasgow, Dublin, Belfast, Shannon and Cork.
Christopher Costigan, Gambling911.com Publisher
