The organisers of London's 2012 Olympic bid were today in upbeat mood that they had impressed the visiting inspectors from the International Olympic Committee.

After a morning of briefings and a lunchtime reception at Downing Street attended by many of Britain's sporting stars, Lord Coe said that the message had got across that London could offer all the elements of a successful Games.

"The three most important factors to have in place are the financial package, planning and site acquisition. On all those three points we are ahead of the game," said Lord Coe, chairman of London 2012.

While a city cannot win the vote by having a good IOC evaluation commission report, it can ensure defeat by having a bad one. That is why London's bid leaders have been jumping through all the hoops this week, ensuring it is still breathing down Paris' neck when they the city enters the final straight leading up to the vote in Singapore in July.

The strategy has convinced bookmakers Ladbrokes, which today cut the odds on London winning the 2012 Olympics for the second time this week. London is now 2-1, up from 3-1, while for the first time the odds on the Paris bid have drifted downwards from 1-4 to 4-9. A Ladbrokes spokesman said that the momentum was with London.

Lord Coe said that the English capital's transport plans, which had been regarded as one of London's key weaknesses, had been "well received" by the delegation, he said.

"On all our visits to all our venues, we ran on time and to schedule and we were able to show the transport system to best effect," he said. "This has been an extremely well received transport package."

The delegation was particularly impressed with the close involvement of experienced international athletics stars in the bid's development.

"All our thinking is framed around having athletes in this city that are able to share and to have the best Olympic experience possible," Lord Coe said. "If you have athletes at the centre of your model, you by implication have to get so much else right. You have to get transport right, you can't take them to a substandard village, you can't have them in an environment that is not conducive to peak performance."

Tessa Jowell, Culture, Media and Sport Secretary, added: "We feel we have been able to answer all their very searching questions and to indicate the passion and vision that we all share."

The final attempt to woo the IOC members comes this evening, when the Queen hosts a state banquet tonight for the inspectors.

The gala dinner is the only social gathering for the 13-strong evaluation team organised by the organisers of London's bid. Under anti-corruption rules introduced after the 2002 bribery scandal in Salt Lake City only one such event is now permitted.

The Princess Royal, a former Olympian and now an IOC member, will greet the judges and escort them to the White Drawing Room where they will be presented to the Queen and the Duke of Edinburgh.

Non-IOC guests, including Tony Blair, Michael Howard and Charles Kennedy will be waiting in the Blue Drawing Room for a pre-dinner reception. The party leaders will have already met with the judging panel at an earlier reception at Downing Street.

After being served Nyetimber 1995 English sparkling white wine, the 46 guests will be shown to the State Dining Room where they will enjoy roast fillet of sea bass with wild mushrooms, breast of duck with Bigarade sauce, braised chicory, snow peas, rosti potatoes, salad, and caramelised pear tart.

Two New Zealand wines - a 2003 Cloudy Bay Sauvignon and Mount Edward Pinot Noir 2001 - will be served, followed by Brown Brothers Grange Muscat and Flora 2003 from Australia and a Portuguese Port, Royal Vintage 1960.

Topics of conversation will presumably not include the comments the Queen reportedly made last month, criticising Londoners for being less supportive of their own Olympic bid than the French public.

After dinner, the Queen will take the panel into the Picture Gallery for coffee and to see a Royal Collection display of Olympic and sporting memorabilia.

"Everyone has worked very hard to make this a special occasion," said Palace spokeswoman Penny Russell-Smith.

The night's lavish entertainment will provide the climax of a four-day tour of proposed Olympic venues, in which the inspectors have been subjected to a barrage of presentations, covering finance, accommodation, security, transport and culture, intended to convince them that London is a live contender for the games.

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