General Election 2017 UK odds: Here's what bookies are saying after the local election results

 
Courtney Goldsmith
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Yesterday's local elections gave some insight into how the June General Election might play out (Source: Getty)

Despite Prime Minister Theresa May's muted response that she "will not take anything for granted", the Tories stormed ahead in yesterday's local elections, gaining 500 seats and seizing control of 11 councils.

So how has that affected the bookies' odds for the General Election on 8 June?

Conservatives

Ladbrokes cut the Conservatives' odds of a landslide victory to as short as 1/33 to win the most seats on voting day, while it and Betfair put the Tories at a 1/12 shot for a majority.

Jessica Bridge of Ladbrokes said: "The Tories had a good night in the locals, and the odds suggest it's only going to keep getting better over the next five weeks."

Labour

Jeremy Corbyn's party's odds were cut to 14/1 for a June victory, with a majority looking unlikely at 25/1, according to Ladbrokes.

Betfair's odds put Labour at 45/1 to win an overall majority and 21/1, or a five per cent chance, to land the most seats.

Read more: Local elections 2017: Labour loses control of Glasgow

Ukip

Ukip, which yesterday lost all of its 145 local authority seats, has now lost its hopes of winning seats in the General Election, according to bookmakers. Ladbrokes put the odds of the party winning zero seats to just 1/5 while Betfair said Ukip was at 1/10 to not win a single seat in June.

“It appears predictions that Ukip are in danger of not winning a seat in June could be accurate – something punters are now backing in droves," said Betfair spokesperson, Katie Baylis.

Read more: Ukip is getting wiped out in the local elections as Tories gobble up seats

Lib Dems

And what about the Lib Dems, who performed worse than expected in yesterday's local elections? Betfair shortened their odds of winning 28 seats or fewer in the General Election to 2/5 from a previous rank at 2/1.

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