When Will the Next Election Take Place? November favourite but rumours Sunak will call it soon

• November election favourite on Betfair election

• Sunak refused to rule out 7/18.00 July election

• Badenoch and Mordaunt contenders for next Tory leader

Betfair Exchange punters are eyeing a November election amid rumours Rishi Sunak may name the date today.

Sunak has always insisted his "working assumption" is that Brits will head to the polls in the second half of the year, with party strategists pressing for October or November.

But only yesterday, the PM refused to rule out a July election after speculation over the weekend that he may choose today (Monday, April 29) to finally end the speculation.

Bettors back November election

November remains the punters' favourite at 2.1211/10 [48%] today, with October at 4.94/1.

With four days before the local elections on May 2, the Tories' approval ratings have fallen to the lowest they have been in 45 years, according to Ipsos.

It follows a seven-day guessing game with odds shifting on a June election last Monday after Deputy PM Oliver Dowden reportedly urged Sunak to call it sooner rather than later.

Fearing an electoral wipeout, Dowden was among senior Tories said to have voiced concerns to the PM. Odds for June fell from 15.014/1 [6%] to 10.09/1 [10%] last week.

Then on Tuesday, odds of a July election shortened from 17.016/1 [5%] on Monday to 4.03/1 [25%] after Sunak's flagship Rwanda Bill finally made it onto the statute book.

Odds on a June election are currently 15.014/1 today, with July drifting back to 8.07/1 since last week's low.

Betfair punters back Labour majority

All indications suggest the Tories are fighting an uphill battle to cling to power, which they've had since 2010. Betfair punters are heavily backing a Labour majority at 1/7 [87%] while party leader Sir Keir Starmer is the clear favourite to be the next Prime Minister at 1.251/4 [83%].

Meanwhile, Kemi Badenoch 4.47/2 is the frontrunner to replace a defeated Sunak despite weekend rumours of a Tory plot to replace Sunak with Penny Mordaunt 6.25/1.

Betfair spokesperson Sam Rosbottom said: "It is a big day for Britain.

"Odds on Humza Yousaf to step down crashed before confirmation that an announcement surrounding his departure as leader of the SNP would be coming today.

"Around Westminster, there is a buzz of anticipation, could today finally be the day that Rishi Sunak ends the on-going speculation and calls a general election?

"While the PM has always hinted at an autumn election, his refusal to rule out a July election has kept keen eyes on the market - and even keener eyes on who might be the person to replace him."

As well as this year's UK general election, there will be a fascinating US presidential election in November and the odds indicate that it could be one of the closest ever.

The last US election broke records on Betfair and this year's looks set to be an enormous betting event again.

There will be many twists between now and election day so keep reading Betting.Betfair for the latest US and UK election 2024 betting news.

Now read Next General Election Date: Is Rishi Sunak about to call the election?