The hype surrounding the upcoming fight between undefeated boxer Floyd Mayweather and UFC lightweight champion Conor McGregor is unprecedented.

The two best recognised faces in their respective disciplines will face off on August 26 at the T-Mobile Arena.

And, as the build up to the fight enters its last month, Betfair have revealed that £7.5 million has already been bet on the Betfair Exchange, eclipsing the £5 million bet on the heavyweight showdown between Anthony Joshua and Wladimir Klitschko, when the Brit added the WBA Super title to his IBF gold at Wembley.

Betfair spokesperson Katie Baylis commented: "We have seen a phenomenal amount of money already bet, with £7.5million bet on the outcome alone."

Mayweather is the overwhelming favorite at 1/6, but Baylis went on to say that: "While Mayweather may be the hot favorite...40 percent of bets are actually on McGregor."

Mayweather may be the overwhelming favourite, but clearly many are backing McGregor to pull off what would be one of the greatest upsets in boxing history.

The £7.5million already bet on the outcome of this iconic clash is just £1.4million shy of the record for a single fight; the £8.9m bet on the outcome of Mayweather's 2015 victory over Manny Pacquiao.

With a month still to go until the fight, it's expected to comfortably exceed this figure, and enter the record books as the biggest boxing betting event in history.

Katie Baylis continued: "The single biggest bet was £100,000 on Mayweather at the start of the month when his odds were around 1/5. We expect to see plenty more bets of this nature as we get closer to the fight we predict will be the biggest boxing betting event in Betfair Exchange history."

Most people already see this as the most anticipated fight of recent history, and the amount of money spent already shows just how interested people are to see the two iconic fighters square up on August 26.