Theresa May faces an uphill battle to remain Prime Minister after her decision to call a snap general election in a bid to boost her mandate spectacularly backfired.

The Conservatives relinquished the majority they had secured two years ago and Britain is now set for a hung parliament, given the Tories remain 11 seats short of securing a majority with only three constituencies left to declare.

Rumours suggest May is determined to stay on, despite overseeing the loss of 12 Conservative seats, in a bid to avoid any delays to the Brexit negotiations, which are due to start on 19 June. She remains odds-on to be Prime Minister after the election, with Betfair and Paddy Power offering odds of 1/2 (66% of probability) and 3/10 respectively for May to remain in charge, while Bet Fred and William Hill both have odds of 1/3.

"With the party Leaders scrambling to find a suitable outcome to another hung parliament, there are a number of MPs being backed to be the PM after election," said Betfair spokesperson, Naomi Totten.

"Theresa May is currently trading with a 66% chance and according to the odds in the next government market she also has a 66% chance of doing so with a Conservative minority. 'Any Other' is also trading at 14/5 in the same market in light of speculation over a deal with the DUP."

However, the Prime Minister's position has been substantially weakened by her failure to secure the significant majority she was seeking and she could be replaced.

According to the bookmakers, Boris Johnson is the favourite to replace May. The current Foreign Secretary is 7/1 with Betfair to become the next occupant of Number 10, while William Hill, Bet Fred and Paddy Power have odds of 4/1, 6/1 and 9/2 respectively.

Further down the list are Brexit Minister David Davis at 18/1 with Betfair and 12/1 with William Hill and Paddy Power, while Amber Rudd and Philip Hammond are at 33/1 and 39/1 respectively.

Meanwhile, Jeremy Corbyn remains an outside bet to lead the next government, with Betfair, Paddy Power and William Hill all offering 9/1 odds on the Labour leader.