Bookmakers make the swimmer, who won two Olympic gold medals and broke a world record that had stood for 19 years, favourite narrowly ahead of Formula One champion Hamilton and Hoy, winner of three titles in Beijing.

 

Graham Sharpe, the spokesman for William Hill, said: "Becky was an unconsidered 500/1 shot at the start of the year, and the first bet we took for her was a £1 wager at the start of the Olympics, but once she won her first gold her odds began to plummet.

 

"Now that she is odds-on favourite she is going to cost bookies their first million pound payout on the Award if she win.

 

"That will pay for a few pairs of her favourite Jimmy Choo shoes!"

 

Hills make Adlington 5/6 favourite to win with Hamilton at 2/1 and Chris Hoy 10/3.

 

Sharpe said: "These are the only three seriously backed."

 

Of the other contenders, last year's winner Joe Calzaghe is 50/1 to win again, with Andy Murray 100/1 while the other five - Ben Ainslie,Nicole Cook, Christine Ohuruogo Rebecca Romero,and Bradley Wiggins, are all rated 150/1 shots by Hills.

 

Sharpe said: "The only warning note for punters is that the last two hot favourites - Lewis Hamilton last year, and Darren Clarke in 2006, both lost out."

 

Adlington, who won the 400 and 800 metres freestyle in Beijing, is worried that being the favourite will damage her chances of winning the award, which will be announced at a ceremony in Liverpool broadcast live on BBC1 tomorrow evening.

 

The 19-year-old from Mansfield said: "I am so excited but it is a bit weird to be the favourite to be honest - doesn't the favourite never win?

 

"It's a bit worrying but I just think people have been going crazy putting money on me.

 

"It would be such a big honour and this year has got to be one of the toughest years it has ever been.

 

"All the 10 people who have been nominated could easily win it and it's just an honour to be nominated with them."

 

Only 13 women have won the award since it started in 1954, and only one swimmer, Anita Lonsbrough in 1962.

 

Adlington became the first British woman to win an Olympic gold in the pool since Lonsbrough in 1960.

 

Hamilton also has a strong chance - he came second a year ago having finished second in the World Drivers' Championships and motor racing drivers traditionally do well in the voting: Nigel Mansell and Damon Hill plus boxer Sir Henry Cooper are the only people to have won it twice.

 

Hamilton himself says the number of Olympians on the 10-strong shortlist may affect his chances.

 

He said: "All I can say is that we are in an Olympic year and we have a huge amount of talent.

 

"I am honoured to be nominated.

 

"I was there last year and I know it is not an easy thing to win.

 

"I know there have have a lot of competitors who have done pretty amazing this year."

 

Hoy believes another name on the shortlist should receive greater recognition, saying he thinks sailor Ainslie should win after his third consecutive Olympic gold medal.

 

Hoy said: ''Rebecca has got a great future ahead of her - she's only 19 and she's a big star now but she could be a huge star in London 2012 and I believe she's favourite.

 

''You wouldn't begrudge any one of the nominees winning it but the person who I think deserves a lot more credit for his achievements is Ben Ainslie.

 

''Three consecutive gold medals and a silver before that - only Steve Redgrave and Matt Pinsent have beaten that in terms of longevity so I think what Ben achieved this year is fantastic.

 

''I know how hard it is to keep going year after year and he's done it since Atlanta.''

 

Hoy said both Hamilton's achievements and those by Olympic athletes were equally worthy.

 

The Scot said: ''At the Olympic Games, it is very hard to deal with that incredible pressure - it could be your once-in-a-lifetime chance to become an Olympic champion.

 

''But at the same time it's equally impressive to be the best in the world over a series of races this year like Lewis has done.

 

''I'm a big fan of what he's done and the more I'm experiencing the media side of things the more I'm realising how hard it must be for someone like him.''