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You can bet it will be hot this summer – literally

Will 2012 be the hottest summer on record? Will record temperatures be broken in the UK this summer? Will it snow in London this summer? Summer doesn’t officially begin until June 20 (June 1 in the UK). If you think you know how hot it will be, you can already bet on the weather at William Hill and other online bookmakers.

How much are you willing to bet on the weather?

According to The Daily Express, Britain is on course for the hottest summer in almost a decade. Temperatures are soaring as the end of May approaches. Britain’s all time record is 38.5C (101.3F). Forecasters say it could be broken within weeks.

2003 and 2006 were the hottest summers in the past decade for the UK. The summers of 2007 to 2011 were relatively cool as pressure systems blocked cool air from the North Atlantic. The air from those areas is no longer being block, leading to warmer temperatures. 2006 is considered to be the hottest year on record, with an average temperature of 10.82C. 1976 is the hottest summer on record, with a mean temperature of 17.77C.

William Hill offers a number of interesting weather bets. There are 10 to 1 odds for betting on 2012 to be the hottest year on record. If you are confident that 2012 will be the hottest summer on record, you can get 10 to 1 odds as well. Will the UK summer temperature reach 100F? 8 to 1 odds if you believe so. You get 12 to 1 odds for betting that the UK temperature will reach 100F during the 2012 Summer Olympics.

If you want to go for the “weather jackpot”, you can bet on snow falling during the opening ceremonies of the 2012 Summer Olympics in London. Will 100 to 1 odds, you’ll come away very wealthy if indeed it snows!

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.