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The offering is part of CityOdds new 'Trading Platform', which offers six live indices, including gold and oil, in addition to the house price indexes.

As such, punters are able to bet on where they believe the markets will close and may be bought and sold throughout the day.

To celebrate the launch of the new offering CityOdds is running a competition for new and existing customers, enabling them to use £500,000 of "fun money" to make as many bets as they like on the June 2010 release of the Halifax House Price Index.

As part of the competition, 'traders' can commit up to £10,000 per 'trade' to 'win' up to £100,000 per trade.

The player with the highest trading balance at the end of the competition will receive an actual cash prize of up to £10,000.

Players do not have to hold their position until June 2010, as the consensus changes they player can trade out of his or her position at a profit if desired.

Mike Chadney, chief executive officer at CityOdds, said: "We are different in that we provide a clear and easy way to understand trading with no explicit commissions or costs.

"It is important for the UK to deliver world leading innovation in regulated capital markets trading technology, and CityOdds combines advanced technology with price competitiveness that will put it at the forefront of electronic trading of financial products."