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Irish bookmaker Paddy Power today announced the launch of a new holiday protection product designed to safeguard holidaymakers against the threat of unscheduled airport closure due to volcanic ash.

This new initiative allows would-be holidaymakers to place a bet on a specified UK or Irish airport closing for at least a one hour period due to volcanic ash contamination on any given date between June 01 and August 31st.

A spokesperson of the betting outfit said: "This new venture was brought about by considerable customer demand. In fact we have been quoting odds on airport closure to customers since Eyjafjallajökull blew its top back in April. It’s a very exciting new business opportunity and we’re hoping to expand our offering in the short term."

Betting odds on offer vary by airport and by date, as an example a €1,000 holiday leaving London Heathrow on July 18th can be covered by placing a bet €50 at odds of 20/1. Customers will each be allowed up to €2,000 of cover.

Paddy Power is Ireland's largest bookmaker and a leading provider of gaming services in the UK, Australia and Ireland. The company is publicly listed on both the Irish and London Stock Exchanges.

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Source: Online Gambling News, eternalgambling.com

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