No More Bets on Qatar World Cup LossPublished June 15, 2014 by OCR Editor
Concerns about FIFA's bidding process have led to Gala's decision to stop taking bets on Qatar's World Cup hosting outcome.
Qatar Hosting Wager Activity Canceled
In light of the more allegations regarding FIFA's bidding process, the Gala Coral Group Ltd. gambling firm has canceled further wager action on Qatar as host. The decision was based on the relative certainty of oddsmakers at this point that the tournament won't be played in Qatar in 2022.
Possibility of Cancellation Now Too High to Bet On
The likelihood increased to a certainly level too great to wager on after new allegations of millions in bribes paid by a Qatari representative to other FIFA officials to secure the 2022 bid.
Increased Uncertainty Spreads Amongst Overwhelming Costs
The increased uncertainty in Qatar's World Cup hosting status also led to economic uncertainty in other related speculative markets, such as stocks and bonds, which tumbled on Qatari markets this week.
The projected costs for infrastructural reinforcements such as roads and stadiums in the Gulf nation are expected to cost more than $200 billion, a record for a World Cup or Olympics.
Betting activity became uncomfortably high, reaching odds of up to 5-1 as individual betting figures were exceeding five figures.
Possible Replacement Emerges
A replacement candidate has now emerged as well: none other than the United States, which is now an even-money bet to host the event.
The Qatar situation launched an independent ethics investigation into FIFA's bidding process which is set to conclude next week. The committee head, American attorney Michael Garcia, will reveal the findings in mid-July, and will likely determine the final FIFA decision, though the committee's opinion is not legally binding in and of itself.