UK CONSERVATIVE LEADER BETTING ODDS: Michael Gove's chances of becoming the next Prime Minister have crumbled

Bookmakers’ odds have massively soured on the prospect of Michael Gove becoming the next Prime Minister.

Most bookies still think Theresa May is the firm favourite to lead the Conservative party and thereby becoming the next PM following a well-received leadership bid speech on Thursday, in which she affirmed Britain’s commitment to leaving Europe after the Brexit vote.

But they think Gove has become a much longer shot than he had 24 hours ago — when some gave him odds as short as 5/2 — after accusations of back-stabbing continue in the wake of Boris Johnson’s decision to bow out of the leadership race.

The two had both successfully campaigned for Britain to leave the EU and many thought Johnson would become the next PM with Gove as his Chancellor. But on Thursday Gove shocked Westminster by announcing he had entered the leadership race and a few hours later Johnson dropped out.

This means Energy Minister and fellow Brexit campaigner Andrea Leadsom is now the second favourite to effectively become Prime Minister, with Gove a distant third.

Here are the current next Conservative leader odds from the major bookmakers:

  • Ladbrokes: May 1/3 — Leadsom 9/2 — Gove 8/1
  • William Hill: May 1/3 — Leadsom 9/2 — Gove 7/1
  • Betfair: May 4/11 — Leadsom 4/1 — Gove — 4/1
  • Paddy Power: May 1/4 — Leadsom 9/2 — Gove — 10/1
  • Sky Bet: May 1/3 — Leadsom 9/2 — Gove — 8/1

Meanwhile, the Labour party is having its own crisis, with Angela Eagle still the firm favourite to take over from Jeremy Corbyn after a 75% of Labour MPs expressed a vote of “No Confidence” in their leader. Ladbrokes gives her odds of 11/4 while William Hill pegs her chances at 9/4.

But that might take a while — Corbyn has insisted he has a mandate to be Labour’s leader, and the massive influx of party membership signups in the wake of the coup suggests he might be right.

NOW WATCH: The best and worst months to rent an apartment in major US cities

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.