JEREMY CORBYN'S odds have doubled in the race to win the Labour leadership contest from 1/20 to 1/10 as William Hill have cut Owen Smith's odds from a longest 8/1 to 11/2 now, as political punters begin to risk modest sums on the outsider.
'Recent major political markets have seen hot favourites beaten in the Brexit referendum, the General Election and, of course, the last Labour leadership campaign, and it looks as though some pundits fancy another upset' said Hill's spokesman Graham Sharpe. 'Since Owen Smith hit 8/1 he has gradually been shortening in the face of a stream of bets in and around the £50 bracket. Corbyn remains a very hot favourite, but at one stage it would have cost a client £20 to make a profit of £1 by backing him, whereas now that £20 would make a profit of £2 if he wins'
LATEST WILLIAM HILL LABOUR LEADERSHIP CONTEST ODDS:
1/10 (91% chance) Corbyn; 11/2 (15%) Smith