William Hill Plc cut the odds on Greece exiting the euro in 2015, as Prime Minister Alexis Tsipras and his country’s creditors struggled to reach a compromise.
William Hill cut the odds of Greece leaving the euro this year at 7/2, meaning a successful 2 pound bet wins 7 pounds, from 9/2. The odds for Greece to remain in the region into 2016 moved to 1/6 in London on Thursday from 1/8.
The movement “reflects the apparent lack of progress in cutting a deal,” said Graham Sharpe, a spokesman for William Hill. “Despite all the optimistic noises about a deal being imminent, the clock continues to tick down towards a time when Grexit could become inevitable.”
Greece’s three creditor institutions unanimously agreed on a set of documents that were sent to euro-area finance chiefs to review as the basis for a deal, even though Greece didn’t accept them, according to European Union official. Greece submitted its own proposals, a Greek government official said.
Still, the chances are that Greece won’t drop the euro this year, odds suggest. Betfair Group Plc put a 86 percent chance on Greece staying in the region this year.
Greek stocks and bonds were trading higher even as successive rounds of talks failed to bridge the gap between Greece and its creditors. The Athens Stock Exchange index was up 0.1 percent at 4:20 p.m. in Athens, having gained 14 percent this week. Government bonds were mixed, with the yield on the two-year bond falling 43 basis points to 21.21 percent.
Betting Markets
Betting markets can provide clues to the direction of events. So certain was Betfair of the outcome of the Scottish referendum last year, it paid out on voters rejecting independence two days before the ballot, even after polls suggesting a tight contest had sent the pound tumbling.
Paddy Power Plc, Ireland’s largest bookmaker, puts the odds of Greece adopting an official currency other than the euro by the end of 2017 at 4/6, meaning a 6 euro bet wins 4.