Struggling mortgage holders can bet the house

Other News Materials 27 August 2008 06:17 (UTC +04:00)

Mortgage holders struggling to keep ownership of their houses after 13 consecutive interest-rate hikes can now bet on the outcome of the monthly meetings of the Reserve Bank of Australia (RBA). ( dpa )

"After being inundated with requests in recent weeks, I welcome legislation which allows us to bet on something that's obviously so important to everyday Australians," Gerard Daffy, sports betting manager with agency Lasseters Sportsbook, said in a statement Wednesday.

"The announcement by the RBA has become one of the most eagerly awaited events by householders around the country on a monthly basis."

Adding extra excitement for gamblers is the fact that an increase in the cost of borrowing would see thousands more lose their homes, whereas a cut in interest rates would give inveterate gamblers more money to wager on the outcome of the next RBA meeting.