Would you bet on Bono, the frontman of the rock band U2, to be the next World Bank chief?

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Would you bet on Bono, the frontman of the rock band U2, to be the next World Bank chief? Betfit.com, a new and modern betting exchange is accepting odds from its costumers.

A Los Angeles Times editorial proposed a new gig for the U2 frontman. Could the only person ever nominated for an Oscar, a Grammy, a Golden Globe and the Nobel Peace Prize now take over at the World Bank?

Betfit.com, a betting exchange running at http://www.betfit.com and owned by European enterpreneurs, decided to turn that question into a betting event allowing its costumers to bet on it.

On Friday, the Los Angeles Times devoted its lead editorial to the proposition that Bono, the Irish frontman of rock band U2, "should be named the next president of the World Bank."

James Wolfensohn's term as World Bank’s president, ends in May and the United States, which has traditionally reserved the post for an American with experience on Wall Street or in government, wants to see a successor named before then.

"Don't be fooled by the wraparound sunglasses and the excess hipness," the Los Angeles Times said. "Bono is deeply versed in the issues afflicting the least-developed nations of the world."

Bono, 44, who appeared at the Grammy awards this month wearing a "Make Poverty History" armband, has been a passionate advocate for Third World debt relief in recent years.

Los Angeles Times editorial page Editor Andres Martinez said that the suggestion of Bono to head the World Bank was entirely serious, although, he said, the newspaper was also making an effort to "take chances" and be "less predictable" on its opinion page in recent months.

Betfit.com's administration decided to accept bets from its costumers on this subject at http://www.betfit.com - “Will Bono be named the next president of the World Bank” is the question asked. Ricardo Silva, Betfit.com’s executive director, said that “the question concerning the next World Bank’s president assumed an interesting event to accept bets on”.

Being a betting exchange, Betfit.com is different from a traditional bookmaker. In fact, the system is much more similar to a stock or currency exchange. Costumers have the ability to ask the prices they really want for their bets and then they just have to wait for other costumers to match the bet.

In addition, costumers have the chance to play the bookmaker’s traditional role: bet that a certain outcome will loose, far increasing the chance to win! For example, if there are 20 participants in a motor sport event, it is probably wiser to bet that the participant who we believe to have the worst chances to win will loose, than betting in the favorite to win.

In the first example, the bet is won if any of the other 19 participants wins. In the second, we only win the bet if the participant, among 20, who we bet on, wins! Being able to bet that a participant will loose allows costumers to play the traditionally profitable bookmaker’s role!

The similarities with the stock or currency exchanges’ markets are even bigger because, as you buy and sell stocks or currencies, you can bet on a certain outcome with a lower price and then bet against it with a higher price. If other users match both bets, you will not depend on the event’s outcome to win… You will always keep your stake and profit, no matter what the outcome is!

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