Three and a half hours after the shock exit poll predicted a hung parliament, Paddy Power changed its odds to make the Labour leader 10/11 favourite to walk into Downing Street, ahead of Theresa May.
Betfair also now has Corbyn as narrow favourite to be prime minister and “pull off the biggest upset in political betting history”.
Gary Lineker, the ex-footballer who has become a prominent voice of Britain’s anti-Tory movement, summed what must be most people’s thoughts.
The exit poll is predicting a hung parliament, with the Tories on 314 seats and and Labour on 266 - a world away from the Tory landslide many expected.
While early results suggested the poll was off the mark, initial results have made it more and more apparent the Tories have fallen far short of expectations.
After the polls closed, Corbyn said: “I want to send my thanks to everyone who voted for our manifesto and its radical vision for a fairer Britain.
“Our team has worked so hard on this campaign - from door knocking to social media - and it’s great we have won so much support across the country.
“Whatever the final result, our positive campaign has changed politics for the better.”
A consistent theme of the results has been the collapse of the Ukip vote but the party’s voters are going to both Labour and the Tories, not just the Tories.
Ex-Ukip leader Nigel Farage said Corbyn was “much stronger and more sincere” than May.