Odds drift on Liz Truss to be next Tory leader on day she pitches to be PM as Penny Mordaunt remains clear favourite with punters

On the day she sets out her pitch to succeed Boris Johnson, odds on Liz Truss to be the next Tory leader have drifted to 5/1 from 9/2 overnight.

Penny Mordaunt remains the 4/5 favourite with punters on Betfair Exchange, with Rishi Sunak 7/2, while the other three candidates are big outsiders.

Suella Braverman is the 1/4 odds-on favourite to be eliminated in the second leadership ballot on Thursday. Sunak (2/9) and Mordaunt (3/10) are being heavily backed to be the final two Conservative MPs battling it out to be the next party leader.

Betfair Exchange: Next Conservative leader

Penny Mordaunt: 4/5

Rishi Sunak: 7/2

Liz Truss: 5/1 (was 9/2 on Wednesday evening)

Kemi Badenoch: 21/1

Tom Tugendhat: 59/1

Suella Braverman: 229/1

Betfair Exchange: To make final two

Rishi Sunak: 2/9

Penny Mordaunt: 3/10

Liz Truss: 2/1

Kemi Badenoch: 7/1

Tom Tugendhat: 15/1

Suella Braverman: 25/1

Betfair Exchange: To be eliminated in the second leadership ballot

Suella Braverman: 1/4

Tom Tugendhat: 9/2

Kemi Badenoch: 18/1

Liz Truss: 66/1

Penny Mordaunt: 80/1

Rishi Sunak: 100/1

Betfair spokesperson Sam Rosbottom said, “Ahead of the second Tory leadership ballot on Thursday, odds on Liz Truss to be the next party leader have drifted to 5/1 from 9/2 overnight.

“Truss will set out her pitch to become the next Prime Minister on Thursday, but Penny Mordaunt, who received 67 votes in the first round of voting on Wednesday, remains the 4/5 odds-on favourite to replace Boris Johnson, while Sunak, the big winner of the first leadership ballot with 88 votes, is 7/2.”