Gamblers are staking millions of dollars to predict who will emerge as new pope as betting sites place odds on the candidates as the Catholic Church cardinals sweat to pick a new pontiff.

Polymarket, an American cryptocurrency-based betting site, has placed odds on candidates who will emerge.

Similarly, Kalshi, another American betting site, is coordinating predictions on who emerges as the new Catholic pope.

On Polymarket, over $21 million worth of bets have been staked in the conclave election, in which Vatican Secretary of State Cardinal Pietro Parolin and Filipino Cardinal Luis Antonio Tagle are considered the leading candidates.

Mr Parolin leads with 27 per cent odds, while Mr Tagle comes second with 23 per cent odds. Matteo Zuppi, Pierbattista Pizzaballa, and Peter Erdo came third, fourth and fifth with 11, 10 and 7 per cent odds, respectively.

On Kalshi, where over $8milliom has been staked, Mr Parolin leads with 29 per cent odds, followed by Mr Tagle’s 22 per cent odds and Mr Pizzaballa’s 10 per cent odds.

This comes as 133 cardinals from across the globe commenced a conclave to decide who would emerge as the new pope on Thursday.

Though conclave elections have been highly unpredictable for years, gamblers throw in thousands of dollars for a possible kill should their candidate emerge.

In 2013, contrary to projections on the possible emergence of Cardinal Angelo Scola, who was then regarded as the favourite, Cardinal Jorge Mario Bergoglio emerged as Pope Francis.

On Wednesday, thick black smoke billows from the Sistine Chapel chimney at the end of the first meeting of the cardinals, signalling that no pope has been elected.

The election of the 267th pope, which commenced on Wednesday. A new pope will poll a two-thirds majority to emerge during the election process. 

Then, white smoke will be released from the Sistine Chapel chimney.