Penny Mordaunt is the favourite to succeed Boris Johnson as leader of the Conservative party as the prime minister fights for his political life.
The 49-year-old, who became an MP in 2010 and is minister for trade policy, is 5.85/1 in the Tory leader betting and 6.05/1 to be Britain's next prime minister.
With Johnson 1.121/8 to leave this year, it is likely there will be a leadership election soon.
The markets are moving rapidly as events unfold but, for now, bettors are backing Mordaunt.
The odd indicate they think she can persaude her party that she can unite them and lead them to victory at the next general election.
Interestingly, the Tories shortened from 4.03/1 to 3.65 to win a majority at the next general election, after last night's resignations made it more likely that Johnson would leave.
Rishi to rise again?
The two high profile resignations sent shockwaves through the government as Sajid Javid and Rishi Sunak resigned as health secretary and chancellor respecitvely.
Sunak, whose chances of becoming his party's next leader appeared to have been ruined by allegations about his family's tax arrangements and receiving a fine for breaking Covid rules, is resurgent in the market.
He had previously drifted but, after being praised for what some Tories are calling a principled resignation, has shortened to 7.26/1 second favourite.
Wallace and Truss stay on sinking ship
The defence secertary Ben Wallace and the foreign secretary Liz Truss, who both decided to stay in the government yesterday, are the same price of 10.519/2 to be next Conservative leader.
The new chancellor Nadim Zahawi, who is expected to stand for the leadership, is the same price as Wallace and Truss.
Javid, who stood against Johnson in the 2019 leadership election, is 13.5 while Jeremy Hunt, who was the runner-up in that contest, is 14.013/1.
Hunt has spent the past three years on the backbenches where he has been a consistent critic of the government.
He has also chaired key committees, distancing himself from the Johnson administration and rebranding himself as an alternative to the kind of hardline right-wingers that have filled Johnson's cabinet.
Tom Tugendhat, who has a background in the army and has been tipped as a potential Tory leader, is 14.5.
Two members of the government, who have previously stood for the leadership, but are long odds for another shot are Michael Gove 30.029/1 and Dominic Raab 42.041/1.