SBC News Voice of the Sports Betting Industry
In the wake of former PM Boris Johnson announcing his ministerial resignation, Betfair Politics sees odds shorten further on the Labour Party to secure a majority in the forthcoming general election.
A repricing of all UK political markets comes in the aftermath of Johnson’s resignation as an MP, which has been subsequently followed by a chaotic fallout amid Conservative Party ranks.
The odds currently stand at 5/7 in favour of Labour, indicating a strong likelihood of them winning the majority.
Betfair Politics spokesperson, Sam Rosbottom, has provided key insights on the matter, stating: “Labour are the big odds-on favourites at 5/7 to win a majority at the next general election as the Tories face losing three seats after the resignations of Boris Johnson, Nadine Dorries and Nigel Adams over the weekend.”
The betting odds on when the next general election will be held tilt heavily towards 2024 or later, with odds standing at an imposing 1/33. In contrast, the likelihood of the election being conducted this year is considered a long shot, as reflected in the 24/1 odds.
On the matter of the Conservative Party leadership, Rishi Sunak is predicted to step down from his role next year, as indicated by the 7/5 odds. However, the prospects of Boris Johnson returning as Conservative leader appear to be dwindling, as his odds have slipped from 4/1 to 15/1.
Commenting on Johnson’s changing chances, Rosbottom observed, “Boris Johnson had once been as short as 4/1 to have a second spell as Conservative leader, but is now 15/1 to return to Downing Street.”
Meanwhile, the race for the next Conservative leader is highly competitive, with several names in contention. According to Betfair Politics, the odds favour Kemi Badenoch (4/1), followed by Penny Mordaunt (6/1), James Cleverly (9/1), Suella Braverman (14/1), and Jeremy Hunt (17/1).
Heading into the summer, Betfair Politics predicts further significant shifts as political parties prepare for a General Election call, in which only time will tell how accurate current projections will be and how they will shape the future of the country’s political spectrum.
