Political Betting punters have known the Race to become next Labour Leader has been about to start for weeks

William Hill make David Miliband their 4/7 favourite to be the next leader of the Labour Party following the announcement of the resignation of former Prime Minister Gordon Brown.

'The political punters have been waiting for this race to come under orders for some time, and they have already begun placing substantial bets - we have taken a £2500 wager for David Miliband, which is unlikely to be the biggest we take. Up to £1million is likely to be gambled on this event, provided it doesn't turn into a one horse race.' said Hill's spokesman Graham Sharpe.

Visit William Hill's Political Betting site now to see all Next Labour Leader odds