British bookmakers are now giving Leicester City a 96 per cent chance to win the Premier League.

This means the long odds - 5,000 to 1 and even 2,000 to 1 in October - they offered at the beginning of the season will hurt them hard.

The Financial Times reported that Leicester's win will be the biggest shock in betting history, with Britain's high-end bookmakers set to pay out about £10 million (S$19.64 million) to several hundred people who backed the unfancied side.

Bookmaker Coral even estimates that the total payout across Britain could reach £50 million.