Betting markets split over next British PM

Betting odds showing punters' views on the next British prime minister are now flitting between Conservative incumbent Theresa May and Labour opposition leader Jeremy Corbyn, after an exit poll showed May will fail to win a majority.

Odds from betting exchange Betfair showed Corbyn was likeliest to win for around 40 minutes until around 1am (local time) on Friday before they reverted back to May.

Betting company Ladbrokes still had Corbyn as favourite at 1.26am on Friday, but Paddy Power showed May still in the lead.

The exit poll predicted the Conservatives will win 314 seats in the 650-member parliament and the leftist opposition Labour Party 266 creating a "hung parliament" with no clear winner.