Paddy Power has slashed its payout odds for arguably the most bizarre bet on its books, “When Will Alien Existence Be Proven?”

Having originally quoted a price of 50/1 for ET to put in an appearance before year end 2018, the Irish bookmaker has decided to slash those odds to 5/1 on the back of a series of alleged UFO sightings off the South West coast of Ireland late last week, reported by two pilots flying with separate commercial airlines.

Chinese Lantern Quoted at 100/1

With the Irish Aviation Authority currently conducting a formal investigation into the incident, the bookmaker has also decided to open up a new market on the report’s eventual conclusions on the nature of the sighted object, expected in the new year.

Top of the Irish bookmaker’s list of candidates is a shooting star, quoted at 1/10, followed by a potential value bet of 16/1 for a military aircraft.

Punters looking for slightly longer odds can opt for a Chinese Lantern at 100/1; or, if they are feeling particularly adventurous, could opt for a “Fag Butt” [a cigarette end] currently priced at 1000/1.

Paddy Power’s market on the existence of extraterrestrial intelligent life has been a familiar feature of  the Irish bookmaker’s category of ‘special bets’ for a number of years now.

The outcome, if and when it is settled, will be determined by “the sitting President of the USA making a statement – confirming without doubt – the existence of alternative, intelligent life beings from another planet.”