Labour leader Jeremy Corbyn is favourite with Betfair Exchange to be the next Prime Minister.
People backing Mr Corbyn for PM will win £2.48 for every pound they put on. Those backing current Prime Minister Theresa May will win £2.58 - suggesting that it is slightly less likely.
It's only slim odds and they are subject to change but it represents a huge change considering Corbyn went into the contest as a complete outsider.
Credit: Betfair
Advert
Speaking on social media tonight, Corbyn said: "I want to send my thanks to everyone who voted for our manifesto and its radical vision for a fairer Britain.
"Our team has worked so hard on this campaign - from door knocking to social media - and it's great we have won so much support across the country.
"Whatever the final result, our positive campaign has changed politics for the better."
The news comes off the back of an exit poll which indicated that the UK is on course for a hung parliament, with the Conservatives winning the most seats but being unable to form a majority government.
Advert
If there is a hung parliament, the consequences could be chaotic.
It would cast huge uncertainty over Brexit negotiations which are set to begin in just a week's time, especially if negotiations are still going on over which party will form a government.
Theresa May could also potentially resign as Prime Minister, having called the election with the aim of winning a significant majority. If she does stand down, this will trigger a big leadership battle.
Labour's Shadow Defence Secretary Emily Thornberry, responding to the exit poll, said: "They have been right for the last 20 years or so, 30 years, so I think we're on the verge of a great result."
Advert
The exit polls usually reveal which party will go on to win the General Election. They are conducted outside polling stations and take a random sample of people who have actually voted in the election.
Featured Image Credit: PA ImagesTopics: general election
