Monarch Airlines, one of the UK’s largest carriers, has hit out at an online betting website after it was offering odds on them becoming the next flight company to go bust. Paddy Power had odds on Monarch of 50-1 before Christmas, but dropped those odds to 4-1 after a spate of bets were laid over the holiday period.

The managing director of Monarch, Tim Jeans, said how funny it could be, if it was not such a serious matter. According to Mr Jeans, Monarch is absolutely fine at the minute financially speaking, as they have been over the past 40 years.

There were around 100 bets placed over Christmas time and it is thought some punters have been following the form after XL went based late in 2008 and the Scottish airline, FlyGlobeSpan went bust just last month. This seems like some people just taking a chance on the outcome, but according to the airline, they could not be farther from the truth.

Mr Jeans went on that he did not like the way odds were placed on a business going under. In this particular case it could well upset their 2,500 employees who would feel uneasy and the six million passengers they fly each could lose faith. According to managing director, a collapse just simply will not happen to Monarch and he suggested that punters put their money on the chief executive of Ryanair, Michael O’Leary, becoming British Airways next big boss.