With six different favourites backed at 13-8 or less on Betfair, and after £6.2m in matched bets on the exchange’s market, 99-1 Kevin Keegan was sensationally appointed as the Newcastle manager this evening.

The Betfair market had seen gambles aplenty since opening their next Newcastle manager market at 6.30pm last Wednesday evening, and none more so than the near-£5m plunge on Harry Redknapp – at odds as low as 2-11 – last Friday afternoon.

But it is the backers of Keegan, supported at 99-1 on Betfair when the market first opened, who will now be eagerly waiting in the payout queue.

It was some betting heat on Betfair, who, unlike traditional bookmakers, never suspended their market at any stage in the last seven days - and the result was betting dynamite.

Alan Shearer was the original 6-4 favourite on the market, then Harry Redknapp was backed at 2-11. Mark Hughes was then supported at 13-8 to join from Blackburn, after Harry turned down the job on Saturday morning.

And then, in 30 minutes of betting chaos yesterday evening, Gerard Houllier was backed at 5-4, with his fellow countryman Didier Deschamps then heading the market at 6-4 soon after.

The day finished with Kevin Keegan as the 5-1 favourite on Betfair, and finally the market was proved right this evening.

Betfair spokesman Tony Calvin said: “To have six managers backed at 13-8 or shorter in seven days, and over £6m matched, speaks volumes for punters’ fascination and appetite for these types of markets.

“Excuse me but I have to do this - let’s hope most punters finally “permed” the correct one from six though in the shape of Keegan.”