Jacob Rees-Mogg's decision to rule out a Conservative Party leadership bid has failed to dent his popularity among political punters as he is now second favourite to replace Theresa May.

The North East Somerset MP, 48, has seen a surge of bets in his favour over the last two months. The father of six is a familiar face on current affairs shows, such as BBC One's Question Time, and is well-known for his pro-Brexit, conservative views.

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"I can't help but be flattered. But I'm not taking it seriously," Rees-Mogg recently told Conservative Home.

"I don't think giving one's son an unusual name is a qualification for being Prime Minister. And I'm glad to say there isn't a vacancy. I'm a backbench Tory MP, and can't be a serious candidate. But it's very charming."

An Old Etonian fund manager, Rees-Mogg lost out in the fifth and final round to former education secretary Nicky Morgan to become the chair of the powerful House of Commons Treasury Select Committee in July.

But despite the defeat, the most recent odds from Ladbrokes had Rees-Mogg at 6/1 (14.3% implied probability) to become the next Conservative leader. Brexit Secretary David Davis, a fellow Eurosceptic, is favourite at 3/1 (25%) and Foreign Secretary Boris Johnson is joint third with Chancellor Philip Hammond at 8/1 (11.1%).

Matthew Shaddick, head of political betting at Ladbrokes, previously told IBTimes UK that his firm would be forced to pay out around £20,000 ($25,746) if Rees-Mogg enters Number 10.

"There's been a steady stream of smallish bets," he said. "He's been in the media a lot, he's obviously a fluent, very good performer. It's only been in the last sort of six weeks or so that people have been really getting [behind Rees-Mogg]."

Shaddick added: "On the other side, it's been noticeable that no one wants to back Boris Johnson, at least not over the last two to three months. Not since the election when he was favourite to be next Tory leader."