LONDON, England (AP) — Bookmakers in betting-mad Britain are cashing in on the Roman Catholic conclave to select a new pope. As cardinals began their deliberations at the Vatican, yesterday’s leading contender was an Italian Cardinal, Angelo Scola.

Scola of Milan was leading the pack for many bookmakers. Ladbrokes had the Italian with odds of 2-1, while Paddy Power and William Hill both had him at 9-4.

“The money keeps coming for Scola and we’ve been forced to slash his odds,” said Jessica Bridge of Ladbrokes. “The closer we get to the Conclave, it’s harder to see an outsider causing an upset.”

That helps explain why Paddy Power was taking bets that the next pope will hail from Italy at 1-1.

From there the race gets convoluted, but a few names stand out. William Hill said its original favourite, Cardinal Francis Arinze of Nigeria, had fallen to odds of 40-1. The betting house now has Ghana’s Cardinal Peter Turkson in second place with odds of 7-2 and Brazil’s Cardinal Odilo Scherer third at 4-1.

There’s little agreement on which cardinals are the longest shots. But among non-cardinal “contenders” one name keeps popping up: U2’s Bono, a rock ‘n’ roller known for his charitable works and political activism.

Bookmakers are taking in significant sums. Paddy Power said that since Pope Benedict XVI resigned, prognosticators have spent more than 500,000 pounds (US$743,122) speculating on his replacement. Ladbrokes said about 10,000 pounds has been staked, with the figure expected to rise if the voting drags on. William Hill said it has received bets in the “thousands” coming from more than 50 countries.

People are also placing bets on how long it will take the cardinals to elect a pope. William Hill had yesterday as the favourite, at 5-2, with 6-4 odds for today.

What’s in a name: Paddy Power’s second-largest pope-related market is for what name Benedict’s successor will take — with Leo, Gregory and Pius among the most popular predictions. A 17th Benedict stood at a moderate 12-1; a first Pope Damian stood at 500-1.