Betting is underway over who will succeed David Cameron just hours after the prime minister said he will step down after Britons voted to leave the EU. A visibly emotional Cameron said the country required "fresh leadership" and set out his aim for a new leader to be in place by the Conservative Party conference in October.

Chancellor George Osborne was seen as a strong contender to take over from Cameron as leader of the Tory party and he campaigned alongside the prime minister for Britain to stay in the EU. But a Brexit was backed by 51.9% of voters compared to 48.1% who wished to remain and the result has left Osborne's leadership hopes in tatters, according to bookies.

So, who's in the running to become the next prime minister of the UK?

According to bookies, prominent leave campaigner and former Mayor of London, Boris Johnson is the odds on favourite to lead the country. He is followed by Home Secretary Theresa May, who campaigned to stay in the EU.

In third place is Johnson's fellow Leave campaigner and Justice Secretary, Michael Gove. Other candidates who are also in the running, albeit some way back, are Labour leader Jeremy Corbyn, Foreign Secretary Philip Hammond, Business Secretary Sajid Javid and Health Secretary Jeremy Hunt.

Paddy Power's odds for the next prime minister are as follows: 8/11 Boris Johnson, 9/4 Theresa May, 5/1 Michael Gove, 10/1 Andrea Leadsom, 16/1 Jeremy Corbyn, 17/1 Chris Grayling, 20/1 Sajid Javid, 20/1 Philip Hammond, 20/1 Priti Patel, 20/1 Stephen Crabb, 20/1 Ruth Davidson, 25/1 George Osborne, 25/1 Jeremy Hunt and 25/1 Dan Jarvis.

Ladbrokes is offering the following odds on next prime minister: 4/6 Boris Johnson, 11/4 Theresa May, 7/1 Michael Gove, 14/1 Andrea Leadsom, 20/1 Priti Patel, 20/1 Dominic Raab, 25/1 George Osborne, 25/1 Sajid Javid. 25/1 Philip Hammond, 25/1 Liam Fox, 25/1 Chris Grayling, 25/1 Graham Brady, 25/1 Amber Rudd and 25/1 Stephen Crabb.