Bookies latest odds: Theresa May is the favourite for the Conservative leadership race after Boris Johnson's withdrawal

Francesca Washtell
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Theresa May announced she will run for the leadership contest this morning (Source: Getty)

Theresa May is still the bookies' firm favourite to become the next permanent leader of the Conservative Party, following Boris Johnson's withdrawal from the leadership race this lunchtime.

May is in the lead with shortened odds of 4/7 according to Ladbrokes, while Michael Gove is punters' second favourite at odds of 11/4.

This morning May's odds were at evens, while Boris Johnson's were a lengthened 11/10 following Michael Gove's announcement that he would run in the Conservative leadership race.

"Boris becomes yet another Tory leadership hopeful to fall foul of being the favourite," Ladbrokes' spokesperson Alex Donohue said.

"May is a big winner following the latest significant twist but don't rule out Leadsom either who is quietly creeping into contention."

Read more: Andrea Leadsom is running for the Conservative leadership

Andrea Leadsom is now in third place with odds of 5/1, while work and pensions secretary Stephen Crabb and defence secretary Liam Fox are trailing behind with odds of 20/1 and 33/1 respectively.

May announced this morning that she will run in the contest, saying definitively that "Brexit means Brexit" and she will not support a second EU referendum.

The home secretary is also the favourite at market exchange Betway, where her odds have been updated to 1/2 from evens this morning.

Michael Gove's odds have shortened from 9/2 to 7/4, while Andrea Leadsom's odds have shortened from 18/1 to 11/2.

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