Despite Deteriorating Talks, Bookies See Greece In Eurozone

Online betting operations aren't just for sporting events. Sites like Ladbrokes and William Hill allow people to put money on the outcome of political events like important elections, major policy decisions, and now, the result of Greece's bailout talks. Bookies See ResolutionDespite rhetoric from Greek policy makers suggesting that Athens is planning to stand its ground against its Eurozone creditors, the bookies believe that the nation will resolve its financial drama and remain in the eurozone. Most sites see a near 20 percent chance of a Grexit, reflecting a much calmer attitude than that of the financial markets.Why Does It Matter?In the past, such sites have proven to be very accurate predictors of political events. Last year when Scotland held its referendum vote, the betting sites were accurately able to predict that the nation would remain a part of Great Britain, while opinion polls suggested that the vote would result in the nation's exit. For some, the betting data represents more quantifiable data and has proven a good resource in prediction political outcomes.It's Not Over Until It's OverWhile the sites are currently favoring a resolution to Greece's debt problems, there is still time for a shift in opinion. A lot can happen between now and June 30 when the nation's International Monetary Fund payment comes due and the odds could change. Betting firm William Hill has closed betting on a Grexit after offering 1/5 odds that Greece would leave the currency union. While the site is banking on Greece remaining in the currency union, there is a real possibility that negotiations could go south leaving the firm to pay out a massive sum.