A Labour majority is the clear favorite in the early betting odds now that UK Prime Minister Rishi Sunak has called for a general election in 2024.

The Conservative PM announced the news on Wednesday this week in a press conference from Downing Street. Speaking with reporters, he vowed to “fight for every vote” ahead of the general election on Thursday, July 4. Meanwhile, his opponent, Labour Leader Sir Keir Starmer, said it was “time for change” away from “Tory Chaos.”

the Irish bookmaker has given odds of +2000 for a Conservative majority

The sportsbooks have given their take, believing that Starmer’s camp can do the job. A Labour majority is now priced at -1000 with Paddy Power, while the Irish bookmaker has given odds of +2000 for a Conservative majority. No overall majority is priced at +550.

The reason for the contrasting odds lies in the swing towards Labour this year. A cost-of-living-crisis, caused partly by the war in Ukraine, has hit the UK hard. Energy and grocery prices have risen substantially across the board, pushing people away from the Conservative government that has held power since 2010.

Sunak has argued that only his party can provide stability in the face of the crisis, but the polls indicate that the public do not agree. Starmer’s Labour party has held a substantial lead over the Conservatives for months now, and most experts predict a comfortable victory for Labour come July.

That said, there is still plenty of time for debate over the key issues. In addition to the economy, this includes the state of public services, such as the beleaguered National Health Service, and migration – the latter of which Sunak has proven particularly controversial thanks to his plan to ship illegal immigrants off to Rwanda.