The Labour party are now odds-on to win a majority at the next general election after their odds were slashed to 10/11 from 21/20 as early local election results appear disappointing for the Conservatives.
The odds on the Tories maintaining a majority in the Commons have drifted to 15/2 from 13/2 after a tricky evening for the party.
The early local election results have caused the odds on Rishi Sunak to be replaced as Tory leader to shorten to 10/1 from 12/1, but 2025 or later remains the 5/6 favourite.
2024 or later remains the clear 1/20 favourite to be the year of the next election, with a shock vote in 2023 18/1.
Betfair Exchange: Next general election – overall majority
Labour majority 10/11 (was 21/20)
No overall majority 13/8
Conservative majority 15/2 (was 13/2)
Betfair Exchange: Year of next general election
2024 or later 1/20
Betfair Exchange: Year Rishi Sunak replaced as Conservative leader
2023 10/1 (was 12/1)
2025 or later 5/6
Betfair spokesperson Sam Rosbottom said, “Early local election results appear disappointing for the Conservative party with a number of councils falling from their control, and punters believe Labour gains are what we can expect from the next general election.
“Labour have been backed by punters to become the 10/11 odds-on favourites to win a majority at the next general election having been 21/20 before the country took to the polls on Thursday.
“This has weakened the Conservatives’ chances of maintaining their sway in the Commons as their odds of retaining their majority have drifted to 15/2 from 13/2.
“The local elections were the first test at the polls for Rishi Sunak and punters still believe he’ll be in place for the long haul – he’s 5/6 favourite to be replaced in 2025 or later – but there is some slight movement on his odds to go this year with them shortening to 10/1 from 12/1.
“The signs appear good for Keir Starmer and the Labour party, according to the odds, but there’s a long way to go until the country has its say in the next general election.”
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