According to Sky Bet, Johnson’s odds to become PM skyrocketed just hours after the shocking exit poll on Thursday night predicted a hung parliament, with odds jumping from 66/1 to 5/1. They were later adjusted to 6/1, 7/1 and are currently at 8/1.
The Foreign Secretary, who briefly contested the Conservative leadership after David Cameron stood down after the Brexit vote, has so far refused to engage with reporters pressing him on the Tory leadership, stating only that it was “early days”.
“It is early to comment on the events unfolding tonight in this General Election,” he said.
“But one thing is absolutely clear, I think to all of us who have been elected as MPs tonight across our fantastic country, that is we have got to listen to our constituents and listen to their concerns.”
He added: “I am proud to be re-elected as the member of parliament for Uxbridge and South Ruislip.”
As of 7am Friday, as May braced herself against calls to resign as her hopes of a landslide victory were submerged by a Labour surge, Johnson, who retained his seat in Uxbridge and South Ruislip, had 8/1 odds, according Sky Bets.
May’s chances were 1/4 and Corbyn 11/1.
Betfair Exchange also had the Labour Leader as their top pic with people backing the Islington North MP pocketing £2.48 for every pound they put on him.
Those backing May will win £2.58 – suggesting that it is slightly less unlikely.
Paddy Power last night had May as favourite with odds of 8/11, Corbyn second at 7/1 and Johnson 11/4.
Nate Silver, editor-in-chief of US poll analysis website, tweeted Johnson - who led the campaign for Britain to leave the European Union - had an 23.8% chance of being PM, an increase of 23.4%.
May’s chances, according to his prediction shortly before 4am, had dropped by 50.9% and were now 35.5%.
Corbyn was on 18%, up 5.4%.
Silver suggested further that May “survives long enough” to form a coalition, then reigns.
Corbyn became the bookies’ favourite to lead the country soon after exit polls were announced at 10pm Thursday in what was suggested, could be “the biggest upset in political betting history”.
Three and a half hours after the exit polls, Paddy Power changed its odds to make the Labour leader 10/11 favourite to walk into Downing Street, ahead of May.
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.
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.