Jeremy Corbyn is the overwhelming favourite to win the Labour leadership contest, despite the embarrassment of the ‘traingate’ fiasco which has recently distracted his campaign.
The current Labour leader is the hot favourite to retain his position with all of the UK’s major bookmakers. Paddy Power is currently offering odds of 1/10 for Corbyn to defeat challenge Owen Smith — a huge probability of 90.9%.
William Hill, Ladbrokes, and Sky Bet are all offering odds of 1/8 (88.9%), while Betfair punters are being offered odds of 1/9 (90%). For Smith, the political betting market is looking rather bleak. His best odds of becoming the party’s new leader are being offered at 9/2 (18.2%) by Sky Bet.
Corbyn is the clear favourite in the two-horse race despite becoming dragged into a bizarre row with Virgin Trains. The Richard Branson owned company accused the Labour leader of falsely claiming there were no seats left on the Virgin service he used to get from London to Newcastle last week.
“Corbyn remains on track for victory despite ‘traingate,’ while Smith continues to show an unusual ability to put his foot in his mouth every time he makes a public utterance. Political punters remain convinced that this election will result in no change to the current situation,” said William Hill spokesman Graham Sharpe to Business Insider.
Here are Corbyn and Smith’s odds in full:
- Ladbrokes: Corbyn 1/8 — Smith 5/1
- William Hill: Corbyn 1/8 — Smith 9/2
- Betfair: Corbyn 1/9 — Smith 11/2
- Paddy Power: Corbyn 1/10 — Smith 5/1
- Sky Bet: Corbyn 1/8 — Smith 9/2
Smith, who is backed by the vast majority of Labour MPs, has endured a difficult week himself. Last Wednesday, the MP for Pontypridd was forced to issue an explanation after he claimed he would be prepared to negotiate with terrorist group ISIS, also known as the Islamic State, ISIL, and Daesh, during an appearance on the BBC.
On Tuesday, the former shadow work and pensions secretary said Labour under his leadership would block Theresa May from triggering Britain’s withdrawal from the EU until she either committed to a second referendum or promised to wait until after the 2020 general election.