Raab has been cut from 100/1 to as short as 12/1 to be next PM.
Prime Minister, Theresa May would have been looking forward to a hassle free week, with the nation’s attention on England success in Russia.
However, the Conservative Party Leader’s mood would have been dented to say the least this morning with David Davis resignation. Acting swiftly, May has appointed the current Housing Minister as the new Brexit Secretary.
Dominic Raab was fairly unknown amongst the general public before today - however his new role has not only shot him into the limelight - but also placed him into contention for being the next Prime Minister.
A year ago today, punters could have backed Raab to be the new Brexit Secretary at a massive 100/1 on being announced as Theresa May’s successor at number ten.
However, Raab’s chances have skyrocketed today, and that’s been sizably cut to 18/1 best price, and as short as 12/1 with a number of bookmakers.
Bookies not only believe that Raab is a serious contender, but also he could potentially take the hot seat at the backend of 2018.
Two bookies have slashed odds on Theresa May exiting her position this year, with one firm going odds-on 17/20 which implies a 52.4% chance she’ll leave in 2018.
Oddschecker spokesperson George Elek said: “It is interesting to note that Theresa May is 7/4 to leave her role this year, but it is still 11/4 that we have an election this year.
“This suggests that there could be a reshuffle at the top, and Raab's new role means he would surely be near the front of that queue.