Boris Johnson is currently joint-favourite to succeed Theresa May as Conservative leader
Boris Johnson and Dominic Raab are the shortest odds to take over from Theresa May
Former foreign secretary Boris Johnson and former Brexit secretary Dominic Raab are the bookmakers' favourites to take over from Theresa May as the prime minister faces a confidence vote from Conservative MPs later today.
May remains odds-on to continue as Tory leader after tonight's vote, but Brexiteers Boris and Raab are 4/1 to take over, with Remainer Sajid Javid seeing his odds cut to 6/1.
Jessica Bridge of Ladbrokes told JOE.co.uk: "Sajid Javid has been the most popular bet with punters since Tuesday evening when news of a potential leadership contest broke, however, it's Boris Johnson that has seen the most amount of money and wagers placed on him to succeed Theresa May as Tory leader."
Outsiders in the race include Jeremy Hunt and Michael Gove (8/1) with Amber Rudd, David Davis and backbencher Jacob Rees-Mogg all 16/1.
The news Theresa May will face a leadership contest came on Wednesday morning after the threshold of 48 Tory MPs submitting letters of no confidence was reached this morning.
Sir Graham Brady, chairman of the 1922 committee, said: “The votes will be counted immediately afterwards and an announcement will be made as soon as possible in the evening."
The ballot will be held between 6pm and 8pm, Brady added, with votes counted "immediately afterwards and an announcement will be made as soon as possible."