U.S. President Barack Obama (R) and British Prime Minister David Cameron exchange bottles of their favourite beer, Obama's "Goose Island 312" and Cameron's "Hob Goblin", as they settle a World Cup soccer bet at the end of their bilateral meeting at the G20 Summit in Toronto June 26, 2010. [Photo/Agencies]

TORONTO - US President Barack Obama and British Prime Minister David Cameron exchanged beers on Saturday to honor their bet over the England-US World Cup soccer match that ended in a draw.

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"This is Goose Island 312 beer from my hometown of Chicago....I advised him that in America we drink our beer cold," Obama said after a meeting with Britain's new prime minister at a Group of 20 summit in Toronto.

Cameron reciprocated with a brew local to his Witney constituency called Hobgoblin.

Obama had earlier given Cameron a ride to Toronto in his Marine One helicopter from the Group of Eight summit in a resort north of Toronto, and apparently suggested his passenger pay his own way.

"Thank you also for the lift between the two. It was -- he threatened to send me a bill, but as I said, times are very tight in the U.K., so I'm afraid we'll have to take it as a free lift," Cameron said.

Earlier this year, Obama shipped a case of American beer to Canadian Prime Minister Stephen Harper after losing a bet over the men's Olympic hockey final in which Canada beat the United States.