This website and others quite happily accept bets on football clubs to be relegated, managers to be sacked, politicians to lose their seats at an election etc etc.
While the subject maybe distasteful the furore and comment are out of proportion and best way is to ignore it.
As of yet there is no recorded case of a bookie taking a bet on someone losing their job being responsible for someone losing their job.
I doubt betting on a football match has much material affect on the outcome; if it does, it might even work "the wrong way round" with players more fired up to prove their betting detractors wrong. Either way, it is unlikely to stop people going to the match, and the TV companies have already paid, and therefore the club's income is unaffected.
Airlines are different beasts. They rely on cash coming in, and cash going out. As soon as next Summer's holidaymakers (or even planners) don't book with you, you have less cash coming in. Combine that with every man and his dog who you owe money to forming a long queue (because, amongst other things, no one is booking with you.....), suddenly demanding payment, and you're not far off Paddypower's prediction coming true.
And all because they said you were going to go bust in the first place, and it was a "slow news day" for the Tabloids.