Bookmakers are offering shortened odds on Owen Smith winning in a Labour leadership election just hours after the Welshman entered the race

Mark Sands
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Former shadow work and pensions secretary Owen Smith revealed plans to challenge Corbyn earlier today. (Source: Getty)

Bookies have cut the odds on Owen Smith triumphing in a Labour leadership contest just hours after the Welshman entered the race.

Smith said this morning that he would join Angela Eagle in challenging Corbyn, and the former shadow work and pensions secretary is now priced at similar odds to the Labour leader.

William Hill has cut Smith's price from 2/1 to evens, while Corbyn has drifted out from ½ while retaining marginal favourite states at 4/5.

Ladbrokes is offering Smith at 11/8 to win a leadership election, while Corbyn is 8/11.

However, the bookmakers have bad news for Eagle, whose odds have diminished.

Ladbrokes is pricing the former shadow business secretary at 8/1, while William Hill has lengthened her odds from 2/1 to 14/1.

William Hill spokesman Graham Sharpe said: “As soon as Mr Smith entered the contest he attracted strong betting support while Angela Eagle has been virtually ignored in the market.”

Read More: Five things you need to know about Owen Smith

The Labour party announced last night that Corbyn would be on the ballot for any challenge as Labour seeks to find a new leader.

After Theresa May was left as the sole candidate to replace David Cameron as Prime Minister, Labour election co-ordinator Jon Trickett said he was putting the party "on a general election footing", despite May's repeated commitments to maintaining the timetable of a May 2020 election.

William Hill has responded with a price of just 15/8 on a general election this year, although the odds of a 2020 vote remain shorter at 4/6.

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