The Australian Rugby Union will not follow its English counterparts and place bets with bookmakers on its team winning the World Cup this year. The Sydney Morning Herald's Greg Growden reports.
"ARU chief executive John O'Neill said yesterday that in recent months they had been approached by several betting agencies, including one overseas firm. ''They came up with a product to sell to the major rugby bodies, which is an alternative to taking out an insurance policy. We haven't pursued it, and it is very unlikely we will,'' O'Neill said.
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'We are looking at more traditional methods of laying off the risk, and have sought some quotes from insurance companies revolving around the possibility we will have to outlay a considerable amount of money in terms of bonuses. We are currently weighing up the risk-reward ratio, and the premiums aren't cheap. But we haven't locked anything away at this stage.''
"If the Wallabies win their third Webb Ellis trophy in October, an Australian player, through win bonuses and match payments, could earn close to $200,000 from the tournament."
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