The former Chancellor has shortened from 9/2 to 7/2 to replace Boris Johnson as party leader when a replacement is chosen.
Alongside Sajid Javid, Sunak’s resignation was the catalyst for over 50 Tory MPs to follow suit.
Tom Tugendhat and Penny Mordaunt have both declared they will be standing in the race to lead the party.
MP for Tonbridge & Malling Tugendhat drifted out to 20/1 yesterday before announcing his interest this morning, which has seen him shorten to 8/1 best price.
Portsmouth North MP Penny Mordaunt was the early favourite following the events of Monday and was the most backed on oddschecker between Monday and Wednesday (20% of total bets).
The 49-year-old was a 10/3 favourite Wednesday but has since drifted out to 6/1 as other candidates make their intentions known.
Minister of State for Defense Ben Wallace remains favourite with some bookmakers ahead of Sunak with firms paying either 3/1, 10/3, or 7/2.
Former soldier Wallace’s price has come in from 8/1 generally yesterday to as short as 5/2 before the news of Sunak’s run for leadership.
Since the mass resignations on Monday, Wallace has taken most bets on oddschecker (19%) with Rishi Sunak behind on 14%.
Despite the turmoil, the Conservatives remain the odds-on favourites to win the next election at 4/5, with Labour the underdogs across our bookmakers (11/10 best price).
| Next Conservative Party Leader | Odds |
|---|---|
| Rishi Sunak | 7/2 |
| Ben Wallace | 4/1 |
| Penny Mordaunt | 13/2 |
| Tom Tugendhat | 8/1 |
| Liz Truss | 10/1 |
| Jeremy Hunt | 14/1 |
