Sportsbet has revised its odds for NBN Co’s ‘next permanent CEO’ after Mike Quigley announced plans to step down from the government-owned network builder this morning.
The bookmaker began inviting bets on Quigley’s replacement on 2 July. Neither Quigley nor NBN Co had officially revealed any plans for a change of CEO at the time.
Sportsbet spokesman Will Byrne told Business Insider Australia that it had accepted two sub-$100 bets last week – one on each of the frontrunners, NBN Co’s head of corporate Kevin Brown and Telstra executive director Greg Adcock.
“There was constant speculation in the media that his position was under scrutiny and observers pointed that should the coalition form the next government then they would most likely move to replace him,” Adcock said.
“We like to add some realistic actual odds to this kind of speculation!”
The betting pool closed on Sunday, but was re-opened this afternoon with slightly worse odds for Brown, NBN Co’s original head of construction Patrick Flannagan, and Telstra’s wholesale boss Stuart Lee, and slightly better odds for Adcock.
Byrne expects to field more bets on Quigley’s replacement this week.
The bet will be settled when NBN Co announces a replacement. Punters may request a refund if the bet is not settled within 12 months.
Quigley – who was NBN Co’s first employee – will remain in his post until a successor is appointed.
“I can only tell you that this is the right time for me to be leaving,” he told media this afternoon, adding that the board agreed.
“I have been with the company for 4 years, and it makes sense.”