The betting odds suggest the spill motion will be defeated, but if there is a leadership ballot, Malcolm Turnbull is the hot favourite to be Australia’s next Prime Minister.

Bookie Sportingbet.com.au has odds of $1.80 that the spill motion will be defeated, versus $1.90 that it is successful.

However, should there be a leadership ballot this week, Mr Turnbull is the clear-cut $1.36 favourite at Sportingbet to win. Julie Bishop is a $3.75 second favourite to win the ballot, ahead of Tony Abbott at $6.50.

Liberal Party Leadership Ballot Winner

Odds from Sportingbet.com.au (bets void if no liberal leadership spill before 14/2/15)

Malcolm Turnbull $1.36

Julie Bishop $3.75

Tony Abbott $6.50

Any other $13

Even if there is no ballot this week, Mr Turnbull is still odds-on at $1.40 with Sportingbet to be leading the Coalition into the next election.

“It may not happen this week, but our punters overwhelmingly believe that it’s only a matter of time before Mr Turnbull replaces Mr Abbott as Prime Minister,” said Sportingbet’s Andrew Brown.

“Over the past seven days, Mr Turnbull has attracted more than 80% of all bets placed on who will lead the party into the next election.”

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Liberal Party leadership spill this week?

Odds from Sportingbet.com.au

No $1.80

Yes $1.90

Liberal Party Leadership Ballot Winner

Odds from Sportingbet.com.au (bets void if no liberal leadership spill before 14/2/15)

Malcolm Turnbull $1.36

Julie Bishop $3.75

Tony Abbott $6.50

Any other $13

Prime Minister at the next election

Odds from Sportingbet.com.au

Malcolm Turnbull $1.40

Tony Abbott $3.00

Julie Bishop $4.00

Scott Morrison $13

Joe Hockey $34

Christopher Pyne $41

Mal Brough $51

Greg Hunt $67

Andrew Robb $101

Peter Dutton $101

Barnaby Joyce $151

Warren Truss $251