REPORT: Bookmakers say good money's on an Italian pope

Bookmakers in betting-mad Britain are cashing in on the Roman Catholic conclave to select a new pope. As cardinals began their deliberations at the Vatican on Tuesday, here's a look at the odds.          

Cardinal Angelo Scola of Milan was leading the pack for many bookmakers. Ladbrokes had the Italian with odds of 2-1, while betting brokers Paddy Power and William Hill both had him at 9-4.        

"The money keeps coming for Scola and we've been forced to slash his odds," said Jessica Bridge of Ladbrokes. "The closer we get to the conclave; it's harder to see an outsider causing an upset."        

From there the race gets convoluted, but a few names stand out. William Hill said its original favorite, Cardinal Francis Arinze of Nigeria, had fallen to odds of 40-1. The betting house now has Ghana's Cardinal Peter Turkson in second place with odds of 7-2 and Brazil's Cardinal Odilo Scherer third at 4-1.         

Bookmakers are taking in significant sums.               

Paddy Power said that since Pope Benedict XVI resigned, prognosticators have spent more than 500,000 pounds ($743,122) speculating on his replacement.       

People are also placing bets on how long it will take the cardinals to elect a pope.


AP

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