Gambling on your lifespan — a good way to make money?

A new form of gambling may be emerging, that is, gambling on your own lifespan.  Here is how this technique would work.  First, you determine your life expectancy based on age, medical condition, family history, etc.  Then, you go to a bookie and bet money that you will outlive your life expectancy.  The longer time period you pick, the greater the odds.  If you live past that date, you collect!

This technique has already been used by Jon Matthews of Bedforshire, England.  In April 2006, doctors told him that because of his cancer, he would be dead by the end of the year.  He bet about $200 that he would live to June 1, 2008, 1.5 years longer than his life expectancy.   He received 50 to 1 odds.

Jon survived and on June 1, 2008, he collected approximately $10,000.  He says he plans to make another bet that he will survive until June 1, 2009.

See AP, Cancer patient bets on his life, June 3, 2008 .

Note that I would be careful in using this technique because at the end of the bet period, there would be a huge incentive for a hit to be ordered on your life.

Special thanks to David S. Luber (Attorney at law, Florida Probate Attorney Wills and Estates Law Firm) for bringing this technique to my attention.