Bookmakers have made Steven Woolfe the early favourite in their Next UKIP Leader Betting odds market following Nigel Farage's decision to resign.
Mr Farage announced on Monday that he is standing down as leader of the UK Independence Party, saying his "political ambition has been achieved" with the United Kingdom having voted to leave the European Union.
Bookmaker Ladbrokes reacted by making North West MEP Woolfe their 5/2 favourite to replace him, ahead of Suzanne Evans and Paul Nuttall who are both 4/1 chances.
UKIP's only MP, Douglas Carswell, is 8/1, while Andrea Leadsom, current Tory leadership second favourite, was on Monday afternoon added to the list at 33/1.
Leadsom is the clear second favourite behind odds-on shot Theresa May in the race to be next leader of the Conservative Party.
Ladbrokes spokesman Alex Donohue told BetOnPolitics.co.uk: "We'll hold off on paying out any any Farage resignation bets for a few days to be sure, but one thing we are certain of is that Woolfe is the early front runner for the vacancy."
He added: "In the Tory contest it is still clearly a two horse race but some [Michael] Gove supporters think he still stands a chance of gatecrashing the final party."