|
Many different managers have been supported in this race so far, but this plunge is the most significant.
The betting company saw the steady flow of support for the Englishman in the Cork area, but within an hour the rumour had spread nationwide.
Venables is no stranger to international management. His CV includes time managing both England and Australia along with Spurs, Middlesbrough and Leeds United.
Paddy Power said: "We cut El Tel's odds from 13/2 to 4/1 in an attempt to stem the tide.
"There were no odds short enough to put the punters off, even the 1/2 was snapped up and now he's 1/4!
"There's no official announcement yet but this plunge looks like the real deal.
"You can expect the white smoke from FAI headquarters in Merrion Square very shortly!"
Ladbrokes, meanwhile, have suspended betting on the next national manager following a string of weighty bets on Venables.
He was an 11/2 shot to become Brian Kerr's successor at the start of the day's trading. But, after laying a number of wagers at that price and then at 7/2, the firm pulled down the market to prevent further losses.
Spokesman Robin Hutchison said: "It may be a red herring - but weight of money would suggest it's a done deal.
"Next manager markets are volatile at the best of times and a few quid can change the betting quite quickly.
"But we tried to stay on the right side of this one as quickly as possible - and may just have failed."
Betfair, however, are bucking the trend and are still offering a 6-4 shot on the FAI employing El Tel.
At 9pm this evening, Venables could be backed at 6-4 on Betfair
although he had traded as low as 4-7 with the same firm earlier.
Betfair's Eoin Ryan commented on a hectic evening's trade: "This looks like the first significant gamble on the market but the early signs are not good for those who have taken short prices.
"Although El Tel traded at 4-7 early this evening he's starting to drift again now, and I wouldn't be surprised to see him hit much bigger prices on Wednesday and later in the week.
"The last time we traded this market, before Kerr's appointment, we had six odds-on favouites! So there is plenty of life yet in this market in my view."