On the eve of the Games, which has seen a record £25 million gambled, William Hill spokesman Graham Sharpe had claimed it would be a "bold punter" who would back the British team bringing home 41 or more medals.

 

But he has been forced to re-assess that opinion after Britain won 17 medals at the weekend, including eight gold, to leave them with 25 overall and third in the medal table behind super-powers China and the United States.

 

Hills now offer odds of 5/6 that Britain will win 17 or more gold medals and 45 or more overall.

 

Sharpe said: "We under-estimated the potential of Team GB and punters who steamed in to them to get 11 are on very good terms with themselves, so we have now upped the ante for punters - and for Team GB."

 

Hills have also upped their total medal market from an initial quote of 34, now making them odds on at 5/6 to bring home 45 or more medals.

 

The British team are also now 8/11 favourites with William Hill to win more gold medals than Australia, who are quoted at even money to come out on top against their old rivals.

 

Adlington has also moved ahead of Formula One driver Lewis Hamilton as the favourite to lift the BBC Sports Personality of the Year award in December after she clinched her second gold medal of the Games on Saturday when she won the 800 metres freestyle, breaking the 19-year-old world record for the event.

 

They also quote her 3/1 to win two or more gold medals in London 2012 and 10/1 that she will emulate Kelly Holmes and become a Dame before the Games return to Britain for the first time in 64 years.

 

Other Olympic athletes the Hills are offering odds on winning the BBC award are cyclists Bradley Wiggins and Chris Hoy at 8/1 and 9/1 respectively, triple jumper Philips Idowu at 14/1, three more cyclists Mark Cavendish, Rebecca Romero and Nicole Cooke at 33/1 and triple gold medal winning sailor Ben Ainslie at the same odds.

 

William Hill are also offering a series of other Olympic-themed bets, including 11/10 for Jamaica's 100m champion Usain Bolt to break Michael Johnson's world record in the 200m and already make him odds favourite at 1/2 that he will successfully retain his 100m title in London.

 

They are also backing Paula Radcliffe to come back from her disappointment of finishing 23rd in the marathon yesterday and make her 10/1 to win in London.