An online gaming brand that measures its popularity in terms of Google Alerts has begun to lay odds related to another dominant online force.  Bodog is taking bets on whether Facebook will first attract 1 billion users or make an initial public offering.

Neither outcome’s exactly considered outside the realm of possibility, which is a compliment to Facebook.  Indeed, as these matters go, both seem like pretty sure things, with an official statement from Bodog asking in reference to Facebook’s user count, "[W]ill they reach 1 billion before January 1st 2012: Yes Evens, No 8/11?"

That’s perhaps why Bodog chose to make things more interesting by pitting the two events against each other.

As for which is favored to occur first, the press release addressed that while posing the question, "[W]hat comes first the billion or the float: Billion 4/6, IPO 11/10."

Good luck if you decide to wager any money.  Keep in mind that a lot could change at Facebook (think language translations and/or privacy woes) and with the economy (perhaps a second recession or big recovery).

Anyway, for the record, a hat tip goes to Caroline McCarthy.