With Boris Johnson set to announce his resignation later today, who do the bookmakers think is likeliest to become the next Prime Minister?
The Prime Minister (PM) Boris Johnson was 1/100 with William Hill to leave office this year before bookmakers suspended the betting.
Reports are that Johnson will hand in his resignation today but will continue to lead the country until a successor is named in the autumn.
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Former Chancellor Rishi Sunak, whose resignation was the catalyst for many more, quickly became market favourite at a best price of 29/5. However, Dominic Raab has since assumed favouritism at a best price of 5/1 (4/1 with several bookmakers)
42-year-old Sunak has picked up 15% of bets on oddschecker in the past 24 hours, making him the second most backed to replace Johnson.
Portsmouth North MP Penny Mordaunt is the most backed, however, taking 22% of bets in this market; William Hill have her currently priced up at 6/1.
Secretary of State for Defence Ben Wallace has been a market mover overnight, shortening from 10/1 to 5/1 in places (8/1 available).
With a Conservative widely expected to take the PM role before a general election, Labour leader Sir Keir Starmer has drifted out to 28/1 to be the first Labour leader since 2010.
One possible twist to keep an eye on is former PM Theresa May shortening overnight from 100/1 to 20/1 (40/1 best price), with reports that she could replace Johnson in a caretaker role.
Next Prime Minister Odds:
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*Odds accurate as of 10:30, 07/07/2022.