Prime Minister Gordon Brown will have to call a general election by summer 2010 and so bookmakers are now taking many bets on the outcome of this election.  With the country likely to head further into recession, bookmakers still believe the election will take place in 2010, with Paddy Power, Stan James and Ladbrokes all offering a price of 1/2* on the election taking place in 2010.  Bet365, Betfred, Sky Bet and Stan James are all offering odds of 13/8* on Gordon Brown calling an early election sometime in 2009.

In the latest opinion poll the Conservative Party have increased their lead over Labour and as a result the Tories are now best priced at 2/5* with Bet365, Paddy Power and Coral to win the most seats at the next general election.  In the same market Labour are 9/4* with a number of bookmakers including Stan James.  The Liberal Democrats who have not been in government since the early twentieth century when they were the Liberal Party and are very much the outsiders at 200/1* with Ladbrokes.

There is also a betting market on which party will get an overall majority.   The bookmakers believe there will be a change of government as WBX are currently giving the best price at 7/9* on a Conservative majority.  For Labour to hold on to their majority and gain a fourth term in office, they are a 33/5* shot also with WBX.  Bet365, Betdirect and Stan James are all giving odds of 200/1* on any other party gaining an overall majority.  A hung parliament whereby no party has an overall majority is very much a possibility and the betting exchange Betfair are currently giving odds of 39/19* on this happening.

There is also another betting market on who will be Prime Minster of the UK at the end of 2009.  Ladbrokes see Gordon Brown to carry on in office to at least the end of this year as he is 1/3* to have another year in office.  Leader of the Opposition David Cameron is 7/2* to be Prime Minister come the end of 2009.  Of the rest, Deputy Labour Leader Harriet Harman is 25/1*, with ministers, David Miliband and Jack Straw both at 40/1*. 

You can also place bets on which party will win individual constituencies with some bookmakers as well as the month of the next General Election.

*Odds are correct as of time of writing.

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