Bookmaker William Hill said the betting industry was likely to see a record 30 million pounds placed with many punters putting their money on a win for England in Bloemfontein on Sunday
"The traditional rivalry between the two countries over the years has made it a certainty that up to 30 million pounds will be at stake on the outcome," said William Hill spokesman Graham Sharpe said in a statement.
The previous biggest amount staked on a single game was just over 20 million pounds on the England v Portugal quarter-final in Gelsenkirchen in the 2006 World Cup, Sharpe said.
On its latest match odds, William Hill said England are 17/10 to win the game in 90 minutes, with Germany 9/5 and the draw at 2/1.
William Hill said the World Cup mania would also set the record as the biggest betting event of all time.
It expected over 1 billion pounds to be gambled for the first time on any one tournament, compared with about 750 million pounds in the 2006 World Cup in Germany.
"If England do go through and meet Argentina in the next round that could be an even bigger betting game," Sharpe said.
"Should England go all the way and win, the World Cup bookies will have to shell out up to 50 million pounds, making it the grimmest day in bookmaking," he added.
Bookmakers have made Brazil [ Images ] at 10/3 as favourite to win the first World Cup on African soil. The latest betting odds for the World Cup from William Hill stands as follows:
United States 40/1
Japan [ Images ] 80/1
South Korea 80/1