With rumours of a possible European PS3 price cut still doing the rounds following the news of a $100 fall in the US, betting agency Paddy Power has began offering bets on the size of the discount.

The bookmaker is currently offering 11/8 on a reduction to somewhere between £376 and £400, down from the current RRP of £425. In contrast, long odds of 8/1 are available on Sony not making any price adjustment at all.

Sharon McHugh, spokesperson for Paddy Power, said: “Sony have come under some serious pressure going up against fellow big boys the Nintendo Wii and Microsoft’s Xbox 360. If they want to increase sales and hold their position in the market they’ll have to bring their prices down a 'Wii' bit.”

The odds is full:

12/1 Less than £300
10/1 £300 - £325
4/1 £326 - £350
2/1 £351 - £375
11/8 £376 - £400
8/1 £401 - £425