Wednesday 29 July 2015 1:16 pm

Jeremy Corbyn is now bookmakers' favourite to become next leader of the Labour party

He may have started the fight as an outsider, but with weeks to got before the vote, Jeremy Corbyn has become the bookmakers' favourite to become the next permanent leader of the Labour party.

A surge of bets in the wake of the latest polling has forced bookies to slash odds on the left wing veteran MP winning the race from 6/4 to 5/2. 

The MP for Islington North has now overtaken former frontrunner Andy Burnham, after somewhat ironically having relied on Burnham's support to get on the ballot paper in the first place.

Read more: Andy Burnham – the Labour party lacks the courage to win back voters

Having entered the race at 100/1, if Corbyn were to win, the result would be payouts to his supporters of over £250,000 across the industry – good news for a neighbour of Corbyn's who wagered £50 on him winning, Ladbrokes said.

Odds at Ladbrokes now:

  • Jeremy Corbyn 6/4
  • Andy Burnham 13/8
  • Yvette Cooper 9/4
  • Liz Kendall 33/1

It's bad news for the likes of Tony Blair who have said those who support Corbyn "need a transplant".

Read more: Tony Blair warns the Labour Party of moving left after Jeremy Corbyn leads in poll