Katy Perry: +350 
So I had to dig up pictures on some of  the hottest women in the world for this slideshow on who'll win the FHM  Sexiest Woman award in 2012. Tough job right? Well, several books,  including betED.com, have odds on this event so I'll try my best to  ignore my boner and handicap this baby. Katy Perry = hot but the pop  princess has been a top fave the past two years and come up empty.
                                                       Rhianna: +350 
Katy's gal pal Rhianna is tied as the  top choice to win the award but bettors beware. FHM is based out of the  UK so Brit babes tend to get bonus points. Plus, at the risk of soundly  too girlie, Rhianna's wacky hairdos can sometimes be a bit of a turnoff.  Just sayin'. 
                                                                     Rosie Huntington-Whiteley: +500 
This Victoria Secret model is the  defending champion and will be the leading lady in this summer's new  Transformer movie. Megan Fox who? There have been two previous back to  back FHM Sexiest Woman winners (Jennifer Lopez and Cheryl Cole), so  that's something bettors should keep in mind.