Monarch has dismissed as a ‘publicity stunt’ the publishing of the latest odds on which airline will be next to go out of business.
Bookmaker Paddy Power sent out a press release to highlight the book this week.
Monarch, which owns Cosmos, has risen to the favourite spot ahead of Wizz Air and Finnair and Paddy Power slashed the odds from 50-1 to 4-1.
The bookmaker has endured fierce criticism in the past from the airline industry for running a book on airline failures, being accused of undermining confidence in travel companies.
It was briefly forced to suspend the book on airline failures last year after it was revealed it took an increasing number of bets before the collapse of XL Leisure Group and had Flyglobespan, which outlived a number or rivals before failing more than a year later, in the favourite spot.
Monarch managing director, Tim Jeans described Paddy Power’s book on airline failures as “irresponsible”.
He added the betting was “pure speculation” because being a privately-owned company Monarch’s figures were not public and he noted the short odds for other airlines including British Airways and Thomson Airways.
“If people make their travel decisions on the back of what an Irish bookmaker thinks, I need to rethink my business plan,” Jeans told the Daily Telegraph.
Monarch said in a statement: “Monarch is the oldest airline still operating under its original brand name.
“It is privately-owned by wealthy shareholders and has accumulated substantial assets in its balance sheet over 41 years of profitable trading.”
Monarch, which is owned by the Montegazza family, was reported to have had 100 bets on its failure in the past week.