Boris Johnson has overtaken yesterday's bookies' favourite Theresa May and is back in front in the three horse race to get to 10 Downing Street.
May's odds have been lengthened to 7/4, while Stephen Crabb is now in third place with odds of 8/1. He has now overtaken yesterday's favourite, Andrea Leadsom, whose odds stand at 12/1.
"Crabb has made headway to join Boris and May but it's the runner with the blonde mane who is in the lead again and picking up pace. The front three appear to be streaking away from the rest of the field with a crucial hurdle fast approaching," Ladbrokes spokesman Alex Donohue said.
This morning, Crabb, who is the work and pensions secretary, announced he was putting himself forward as the first official candidate for Conservative leadership.
Crabb has teamed up with business secretary Sajid Javid, who would likely become chancellor if he wins.
Punters at fellow bookmaker William Hill have also backed Johnson over the home secretary. Odds on the former mayor becoming the next prime minister have been shortened to 8/11 favouritism, while May is second favourite at 7/4 and Crabb's odds have been shortened to 6/1.
William Hill spokesman Graham Sharpe said: "22.6 per cent of all the bets we have taken for Tory leader are for Theresa May, who has attracted 21.2 per cent of all the money staked, while 18.4 per cent of all bets are for Boris - but they account for 50.2 per cent of the money staked.
"Our turnover on the outcome of the leadership race is already approaching six figures. We have seen a string of four figure bets for Boris, the largest for £2000, while the support for Theresa has slowed significantly and the biggest bet for her today was £454."