Punters predict Monarch Airlines may go bust

The well-known bookmaker Paddy Power claimed that the privately owned charter carrier Monarch would be the next airline to go bust.

Paddy Power slashed the odds on Monarch airlines from 50-1 to 4-1 favourite after taking over 100 bets over Christmas.

The Irish bookmaker said Monarch could be the first to follow the footsteps of FlyGlobespan, which collapsed before Christmas.

But on the other hand, Luton-based Monarch Airlines denied that it was facing collapse due to financial problems.

The carrier said it was still profitable and had ample assets in its balance sheet. It further said that people speculated in vacuity as they had no access to its figures.

It may be noted here that Monarch recently introduced a number of new routes to Turkey for summer 2010. Moreover, it has invested around $1 billion to add six Boeing 787 Dreamliners to its fleet.

Paddy Power, which is listed on both the Irish and London Stock Exchange, takes an unconventional approach to betting.