Bookies stop taking bets on May's exit after ministers quit over Brexit deal

The odds of Theresa May being booted from office have been slashed following the resignations of four ministers including her Brexit secretary, with one bookmaker suspending bets entirely.

William Hill cut the price of Mrs May leaving office this year three times in the last 36 hours, taking them from 6/1 to 6/4.

Betfair said the PM was 24/1 to go in 2018 before the announcement of the Brexit deal yesterday and was 3/1 last night, while Mr Raab’s resignation took the odds to 4/5 for her not to see out the year.

Peter Spencer, Betfred’s political media correspondent, said bets on Mrs May’s exit date are suspended following Mr Raab’s resignation.

“We see her position as untenable and a wave of support for her to leave this year has forced us to close the market ,” he said.

“Today is a big day for Theresa May and so far things are looking very bleak indeed”, said William Hill spokesman Rupert Adams, adding that Mr Raab now looks like “a real contender for the leadership”.

According to William Hill, following the Brexit Secretary’s resignation, odds of him becoming the next Conservative leader were cut from 10/1 to 6/1.

Jacob Rees-Mogg shared the same odds of taking the top job along with Jeremy Hunt and Sajid Javid, while Boris Johnson was put at 7/2 and David Davis 9/2.

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Odds for a General Election before the end of this year are at 20/1, William Hill said, with 5/4 for a 2019 election and 9/2 for one in 2020, while odds for there to be a second EU Referendum are at 5/2 for ‘Yes’ and 2/7 for ‘No’.

Betfair has put Sajid Javid as the favourite to succeed Mrs May.

Spokeswoman Katie Baylis added: “Before the announcement May was 24/1 to leave her post this year, but in the aftermath of the draft text being released, those double figure odds have been shortening by the hour and have gone from 3/1 last night to odds-on at 4/5 this morning.

“If that were to happen Sajid Javid is considered the likeliest candidate to lead the Tory party at 6/1.

“Those hoping for a ‘People’s Vote’ on the final Brexit Deal may be buoyed to see a move on a Referendum in 2020 from 7/2 to 15/8, but these odds could shorten even more across the day as we see more reaction and opposition to the deal.”