Britain's  second-largest betting shop chain William Hill initiated a £1 billion sterling (€1.6 billion) share float in London to coincide with an expected surge in gambling during next month's soccer World Cup.

The firm, which has more than 1,600 high-street betting shops in Britain and which offers telephone and online betting, plans to raise around £350 million to pay down debt and fund small acquisitions in its betting shops division.

William Hill joins a growing list of firms planning to float in London over the summer, though last week's lacklustre reception for music retailer HMV has raised fears that many will struggle to attract interest from investors.

Pubs group Punch is scheduled to float on Thursday, followed by quality control firm Intertek Testing next week and energy services firm John Wood the week after that.

Mr Greg Johnson, leisure analyst at ING Barings, thought William Hill could be one of the success stories.

"There's a lot of interest in the gambling industry at the moment, and there aren't many pure betting plays out there," he said.

Analysts predict a bright future for British bookmakers thanks to a relaxation of betting laws and a surge in demand for internet gambling.