SPREAD betting firm Cantor Index has unveiled a way for punters to gamble on Britons' favourite topic of conversation - the weather.

The bookmaker is offering private investors and companies the chance to bet on the number of hours of sunshine and inches of rainfall in individual months.

Using 40 years of historical data from weatherXchange, a joint venture with official weather forecaster the Met Office, prices will also be offered for punters to bet on weather conditions for specific sporting events or even on the chances of a white Christmas.

Businesses have traditionally hedged their investments against weather conditions in an effort to minimise the impact of adverse meteorological events such as heavy rain ruining sales or crops.

But Cantor is forecasting that everyone from holidaymakers to people hoping to enjoy a barbecue at the weekend will soon be able to mitigate against weather-related risks.

Lewis Findlay, managing director of Cantor, said: "From builders to ice cream salesmen, to those who just want to have a punt on the weather, there is, we believe, an untapped market in offering prices on the elements."