Rishi Sunak is the second most likely candidate following his resignation as chancellor of the exchequer.
Boris Johnson has resigned as UK Prime Minister and betting firms are readying themselves for the race to succeed him.
Front-runners
Trade Minister Penny Mordaunt, viewed in the party as having strong pro-Brexit credentials, charisma and good leadership qualities, is the favorite to succeed Johnson. Sky Bet will pay out GBP 4 for every GBP 1 placed on Mordaunt to be the next Tory leader. Rishi Sunak is the second most likely candidate following his resignation as chancellor of the exchequer.
Defence Secretary Ben Wallace, Foreign Secretary Liz Truss, and former Health Secretary Sajid Javid make up the rest of Sky Bet's top five contenders to replace Johnson. Outsiders for the job include new Chancellor of the Exchequer Nadhim Zahawi and former Foreign Secretary Jeremy Hunt, both on the market at odds of 9/1 and 12/1, respectively.
Despite mounting speculation of a general election this year, bookies suggest one is more likely to happen in 2023 or later.
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Odds from betting on politics should be taken with a pinch of salt. In markets terms, they reflect the views of retail investors, rather than professionals who spend their lives analyzing these things. Still, they are a strong indicator.