Latest UK General Election odds and news: Labour 1-33 to win an overall majority

Rishi Sunak's decision to call a surprise summer general election looks to have backfired according to the markets. With polling stations set to open on Thursday morning, the Conservatives' campaign has lurched from one disaster to the next and their chances of staying in power have been written off by oddsmakers.

A month ago, in the wake of Sunak's soggy Downing Street announcement that July 4 would be election day, his party were 16-1 to gain the most seats, with Labour 1-25 to have most MPs and 1-10 to be able to form a majority government.

On Tuesday afternoon, the Conservatives could be backed at 150-1 with Betfair and Paddy Power to gain most seats, with Labour 1-66 at Betfred and a general 1-200 elsewhere, while Keir Starmer's party are 1-33 to win an overall majority.

Labour held only 205 seats when parliament was dissolved, but are now 3-10 to more than double that tally and gain over 418.5, and just 5-4 to have 450 to 499 MPs.

The Conservatives are still expected to be able to form the official opposition as they are 1-6 to win the most seats without Labour but their poor polling performance means the favourites in the market on the number of seats they win are 50 to 99 at 5-4 and 100 to 149 at 15-8. To put those numbers in context, they had 344 when the election was called and 365 after the 2019 vote. 

Reform's emergence has been a wild-card factor in this campaign but their price to win seven or more seats is weak in the market at 13-8 while there has been support for one to two at 7-4 and three to four at 11-2.

The Liberal Democrats are out to 4-1 to win 66 or more seats with 61 to 65 the same price. The Greens are 4-11 to win two or more seats having been 13-8 to achieve that early in the campaign.

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