Florence and the Machine are currently the bookies' favourite to scoop the Mercury Prize tonight.

According to Betfair.com, Florence Welch is 3 to 1 favourite with 'Lungs', Speech Debelle's 'Speech Therapy' is 9-2 and The Horrors' 'Primary Colours' follows at 7-1 and then Bat For Lashes is at 8-1 with 'Two Suns'.

Speaking to xfm, Betfair spokesman Michael Robb said that although Florence is favourite, the competition could go any way.

He said: "Like last year, this is an extremely open event. Florence and the Machine go in as favourites and you can see why in a competition which tends to prefer young talent.

"But no one knows what goes on in that judging room, which was never more evident than last year when Elbow shocked punters by beating long-term favourite Burial to the prize."

(by Scott Colothan)