LONDON, May 19, 2010 /PRNewswire/ -- Paddy Power today announced the launch of a new holiday protectionproduct designed to safeguard holidaymakers against the threat of unscheduledairport closure due to volcanic ash.

This new initiative allows would-be holidaymakers to place a bet on aspecified UK or Irish airport closing for at least a one hour period due tovolcanic ash contamination on any given date between June 01 and August 31st.The odds on offer vary by airport and by date, as an example a GBP1,000holiday leaving London Heathrow on July 18th can be covered by placing a betGBP50 at 20/1. Customers will each be allowed up to GBP2,000 of cover.

Paddy Power said: "This new venture was brought about by considerablecustomer demand. In fact we have been quoting odds on airport closure tocustomers since Eyjafjallajökull blew its top back in April. It's a veryexciting new business opportunity and we're hoping to expand our offering inthe short term."

How it works;

1. Log on to http://www.volcanobetting.com

2. Choose departure airport

3. Choose departure date

4. Odds will be available for your selected airport to close due tovolcanic ash on your specified departure date.

5. Place your bet (e.g. a bet of GBP50 at 20/1 returns GBP1,050 if yourairport closes on your specified departure date)

All prices remain subject to fluctuation.

Paddy Power is Ireland's largest bookmaker and a leading provider ofgaming services in the UK, Australia and Ireland. Founded in 1988 Paddy Poweris a publicly quoted company and is listed on both the Irish and London StockExchanges (http://www.paddypower.com)