Betting odds for next president revealed following Biden announcement and there’s one shock contender

Questions are swirling about who will be the next Democratic presidential candidate following Joe Biden's decision to step down.

After much speculation, Biden announced last night (Sunday, July 21) that he was dropping out of the presidential race.

Many had questioned if the 81-year-old was fit for another four years at the White House and Biden then contracted Covid-19 which halted his campaigning.

He didn't cite ill health as his reason for stepping down, however, but simply that he felt that it was in the 'best interest' of America and his party for someone else to take over the reins, calling it the 'greatest honor of his life' to serve as President.

Biden has now endorsed Vice President Kamala Harris as his successor and, at the time of writing, Harris is poised as the underdog and is a +200 favorite to win, Forbes reports.

Meanwhile, Donald Trump is currently a -200 favorite.

But it's the third favorite of the bookmakers' that's got people talking, and it's none other than former First Lady, Michelle Obama.

As of July 22, Obama had odds at +2000.

Michelle Obama hasn't directly spoken out on the matter following Biden's bombshell announcement but her husband, former President Barack Obama, has.

Biden had served as his vice president for almost a decade.

Michelle Obama has been named as one of bookmakers' favorites to run for president. (Todd Owyoung/NBC via Getty Images)

Part of Obama's statement read: "Since taking office, President Biden has displayed that character again and again. He helped end the pandemic, created millions of jobs, lowered the cost of prescription drugs, passed the first major piece of gun safety legislation in 30 years, made the biggest investment to address climate change in history, and fought to ensure the rights of working people to organize for fair wages and benefits.

"Internationally, he restored America's standing in the world, revitalized NATO, and mobilized the world to stand up against Russian aggression in Ukraine."

Obama concluded his message: "For now, Michelle and I just want to express our love and gratitude to Joe and Jill for leading us so ably and courageously during these perilous times — and for their commitment to the ideals of freedom and equality that this country was founded on."

Barack Obama issued a statement following the news (MANDEL NGAN/AFP via Getty Images)

Notably he didn't endorse Harris as the person to take Biden's place, sparking people to call for him to do so.

People on Instagram also replied to his statement calling for his wife to run for president; however, she had previously clarified her opinion on the possibility.

It's expected that Biden's successor will be announced sometime between August 1 - 7.