Gambling on gas? Betters put 30-1 odds on gas hitting $3

Largest online betting site will let gamblers wager on whether gas will reach $3 before year’s end.

The largest sports betting site on the Internet expanded Friday into the energy arena, offering gamblers a chance to bet on soaring U.S. retail gasoline prices.

“Record gasoline prices are affecting everyone, so why not let people bet on it?” said PinnacleSports.com spokesman Kyle Fratini. “We’ve been thinking about this for months.”

The online betting site, which normally focuses on mainstream sports like football, basketball and soccer, is giving gamblers a chance to bet on whether gasoline will reach $3.00 a gallon in New York or Los Angeles by the end of the year, with 30 to 1 odds.

Reuters