History of the star: An orange star (or "ruddy") marking the left armpit of Orion, the Great Hunter, or Giant. Bullinger called it "The Coming of the Branch".

Betelgeuze is from Ibt al Jauzah, or bait al-Jauzah "the Armpit of the Central One". Variations are Bed Elgueze, Beit Algueze, Bet El-geuze, Beteigeuze, Yedelgeuse etc., down to the present title.

The star also was designated by various Arabian authors as Al Mankib, the "Shoulder"; Al Dhira, the "Arm"; and Al Yad al Yamna', the "Right Hand", — all of the Giant; and Chilmead wrote "Ied Algeuze, — that is, Orion's Hand".

The ancient Arabic title Mirzam, from Al Murzim, the "Roarer", or perhaps the "Announcer", originally used for gamma (Bellatrix), also is applied to this as heralding the rising of its companions. Also quoted as Almerzamo nnagied.

This star is identified with the Euphratean Gula, other stars possibly being included under this title; and the Euphratean Kakkab Sar, the "Constellation of the King", or Ungal, refers to this star alpha (Betelgeuse) with gamma (Bellatrix) and lamda (Meissa). We can see in this signification the origin of the astrologer's idea that Betelgeuse portended fortune, martial honors, wealth, and other kingly attributes.

Alpha alone constituted the Hindu 4th nakshatra, Ardra, Moist, depicted as a Gem, with Rudra, the storm-god, for its presiding divinity, and so, perhaps, the origin of the long established stormy character of Orion. Individually this star was the Sanskrit Bahu, "Arm", probably from the Hindu conception of the whole figure of Orion as a running "Stag", or "Antelope", of which alpha, beta, gamma, and kappa marked the legs and feet, with this star alpha on the left forearm; the adjacent Sirius being the hunter Mrigavyadha.

The equivalent Persian title, Besn, the "Arm", and the Coptic Klaria, an "Armlet".

Titles expressing ideas of war and carnage, astrology's attributes of red stars were applied to it. ipsa tendit ad rapinam quae appropinquat ad terram. This tendit ad rapinam, also used for the star Antares. 

[Star Names, Their Lore and Meaning, Richard Hinchley Allen, 1889].

The astrological influences of the constellation: It is said to give a strong and dignified nature, self-confidence, inconstancy, arrogance, violence, impiety, and prosperity in trade and particularly in voyages or abroad, but danger of treachery and poison. It was thought by the Romans to be very harmful to cattle and productive of storms. By the Kabalists it is associated with the Hebrew letter Aleph and the 1^st Tarot Trump "The Juggler". (The Magician). (Robson*).  

The astrological influences of the constellation given by Manilius: 

Near neighbor to the Twins (Gemini), Orion may be seen stretching his arms over a vast expanse of sky and rising to the stars with no less huge a stride. A single light marks each of his shining shoulders, and three aslant trace the downward line of his sword ; but three mark Orion's head, which is imbedded in high heaven with his countenance remote." It is Orion who leads the constellations as they speed over the full circuit of heaven. [p.35.]Orion will fashion alert minds and agile bodies, souls prompt to respond to duty's call, and hearts which press on with unflagging energy in spite of every trial. A son of Orion's will be worth a multitude and will seem to dwell in every quarter of the city; flying from door to door with the one word of morning greeting, he will enjoy the friendship of all. [Astronomica, Manilius, 1st century AD. p.305.]

Superior athlete, being endowed with outstanding agility and speed of body. Variable moods and the mind always anxious with the immediate problems of the day. Honors and titles. (Fixed Stars and Judicial Astrology, George Noonan, 1990).

Everlasting fame. (Ebertin).

Said to be a harbinger of wealth. (Larousse Encyclopedia of Astrology).

Placed in the angles, preferment, luck, success and everlasting fame are promised. On the Ascendant and in conjunction with Mars there will be danger of death by lightning, fire, explosions, firearms or similar things. Elsbeth Ebertin recorded that in June and July of 1927, when the Lunar Node was in conjunction with this fixed star, that groups of people died by lightning or were victims of explosions or assassination. (Fixed Stars and Their Interpretation, Elsbeth Ebertin, 1923)

If Rising: Honors and titles that will not come until after death. (Fixed Stars and Judicial Astrology, George Noonan, 1990).

If culminating: Great military fortune, command, invention, ingenuity and helps in the perfection of arts and sciences. If at the same time with Sun, Moon or Jupiter, ample fortune and great honor. (Robson*).

With Sun: Interest in and ability for occult and mystical subjects, acute diseases, fevers, honor and preferment ending in final ruin. (Robson*).

With Moon: Active mind, strong will, turbulent, rebellious under restraint, military success but suffering through quarrels with superiors, likelihood of great power, honor and wealth. (Robson*).

With Mercury: Serious, studious, scientific and literary, unfavorable for gain, fame through writings or engravings in metal, favorable for health but liable to accidents. (Robson*).

With Venus: Somewhat retiring and reserved, great ability as a maker of fine ornaments, favorable for gain, some sorrow connected with the family or marriage. (Robson*).

With Mars: Cautious, reserved, good leader and organizer, honor and preferment in martial matters. (Robson*).

With Jupiter: Serious and studious mind, shrewd and profitable business dealings, great honor in the Church or law. (Robson*).

With Saturn: Shrewd, cunning, craftily dishonest, treacherous to friends, eventful life with many ups and downs, eventual wealth but little comfort, unfavorable for domestic matters. (Robson*).

With Uranus: Quick, active and evil mind, clever criminal, notorious as forger or counterfeiter but rarely caught, quiet pleasant manner, generous and not bad at heart, possesses hypnotic and thought-reading powers. (Robson*).

With Neptune: Ingenious, mechanical ability, may invent mechanical device, spiritualistic interests, some physical ailment or affliction or mental derangement, not good for gain but greatest success in partnership, favorable for marriage and children but disharmony with brothers and sisters, liable to some serious or fatal accident in middle age. (Robson*).

References

*(Fixed Stars and Constellations in Astrology , Vivian E. Robson, 1923)