Costly Gas? Roll With It.

Some Gamble on Future Prices to Recoup Expenses

Will gasoline prices continue to go up?

You can bet on it.

No, really, I mean it. If you’re the gambling type, you can now bet on those skyrocketing pump prices that once again have consumers over a barrel. An online gambling site has posted odds on the short-term future of the price per gallon.

“Will gas prices hit $4 by June 15th? The odds are 3 to 1 they will. You wager $100 and win $300,” says Freddy Harris, the general manager and top oddsmaker at YouWager.com, a First Fidelity sportsbook based in Costa Rica. “If you want a longer shot, you can bet gas prices will get to $5. If you’re right, we will pay you 8 to 1. If not, we will cheerfully take your $100.”

With interest rates and gasoline prices steadily rising and consumer confidence falling, some folks may be hoping to hedge the high cost of gasoline by wagering on it. Since the gas-price odds appeared on YouWager.com’s board two weeks ago, about 60 people have put money on the $5-a-gallon bet, says Harris, and about 150 have bet that gas will break $4 a gallon.

Washington Post