I Shoulda Thought of That

Wanna Bet on Global Warming? You Can
AP

NORFOLK, Va. (April 13) - 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.

Free money for BetUs.com, or whomever else books wagers like this.

And speaking of wagering, if anyone wants to make a little money by betting on American politics, here's a "sure thing" - arbitrage between bookies. For instance, the Iowa Electronic Markets and Intrade.com. But there are many more.

Right now, the odds of Barack Obama winning the Dem. nomination are priced at 29.5 at Intrade, and at 34.3 at the Iowa Electronic Markets. Buy the Intrade contract, sell the IEM contract, and you've just made 4.8. (Which is 48¢ to $ 4.80, depending on how many contracts you execute, and where).
On the GOP side, there are juicy spreads on Rudy Giuliani and Mitt Romney.