JERUSALEM (Reuters) - Police are probing an Israeli gambling ring suspected of putting its money on a grim game of chance -- predicting the target of the next Palestinian suicide bombing.

But this particular type of betting carries a bitter irony.

Israelis frequently compare their daily lives to a game of Russian roulette. Palestinian suicide and car bombings have struck buses, cafes, restaurants and family celebrations in a 20-month-old uprising against Israeli occupation.

According to the weekly, cities which have been frequent targets of Palestinian attacks bring the lowest returns. Jerusalem's odds are shortest at 3-2, the report said.

Bookies give the longest odds to places largely untouched by violence, with the southern port city of Ashdod cashing in at 13-1 and the Red Sea tourist resort of Eilat scoring 17-1, it said.

The weekly described the punters as an informal group who originally got together to wager on soccer and basketball. The bets are set at a minimum of 10 shekels ($2) at one city per wager and must be renewed each time an attack has taken place.