Hamilton congratulates new champion Raikkonen.

By Andy Schooler

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Bookmakers were left celebrating a memorable weekend after Lewis Hamilton's failure to secure the Formula One world title.

Hamilton could finish only seventh in a Brazilian Grand Prix won by Kimi Raikkonen - a result which saw the Finn crowned world champion by just a single point.

The bookies' 'victory' came less than 24 hours after a similar patriotic punt on England's Rugby World Cup team had been thwarted, and just days after the nation's football team had seen their Euro 2008 hopes all but ended by Russia.

William Hill admitted they were "waving an English flag in celebration" at the country's sporting failures.

Spokesman Graham Sharpe described the weekend was "the most profitable week's sports betting we've ever known".

He said: "We offered 10/1 about all three winning and were knocked over in the rush to get on. Then when the footballers lost we offered 3/1 that the other two would win, and again took tens of thousands of bets.

"Then when the rugby boys also lost we offered 11/4 that Lewis would win the Grand Prix and therefore the world title and punters poured cash on yet again.

"If all three had won it would have cost us tens of millions so we are mightily relieved to have escaped what might have been our biggest payout since Frankie Dettori's 'magnificent seven' at Ascot 11 years ago."

Ladbrokes spokesman Nick Weinberg added: "The Raikkonen win wasn't great for us but it could have been a lot worse if Hamilton had claimed the title.

"We'd resigned ourselves to a monster pay out. Luckily the Flying Finn came to our rescue."

Raikkonen had been as big as 66/1 to claim the title when he trailed Hamilton by 17 points with two races remaining, while the British driver was as short as 1/50 prior to the penultimate race.

Weinberg added: "The handful of punters who backed the Finn at 66/1 will be feeling pretty pleased with themselves.

"We had all but written the 'Iceman' off after his lacklustre start to the campaign. It was the classic season of two halves."

Hamilton has already been chalked up at 9/4 to win the 2008 world title with Hill's and Coral, while Raikkonen is a best price of 7/4 with the latter firm.

Fernando Alonso, widely tipped to leave Hamilton's McLaren team this winter, is just 11/4 with Hill's but Ladbrokes offer 5/1 about Alonso, the same price as Ferrari's Felipe Massa.

Coral's David Stevens said: "Although the ultimate prize has eluded him this year, Lewis Hamilton has been at the centre of one of the most thrilling title races F1 has ever seen, and his days of being a 33/1 title outsider are well and truly over.

"He looks certain to be crowned world champion at some stage in the future."

Hamilton's defeat leaves betting on the BBC Sports Personality of the Year Award open.

He is 2/5 to win the gong with Hill's, with boxing world champion Ricky Hatton - who fights Floyd Mayweather the day before the award is presented - their second favourite at 5/2.