Cardinal Jorge Mario Bergoglio was a rank outsider to be elected as the next Pope, according to Ladbrokes.
The bookmaker offered odds of 33-1 on Bergoglio to take the Vatican role and claim that no more than £10 was staked on the eventual winner in any single bet.
Your step-by-step guide to electing a new pope.
There are no swing states and no polls - all we can do is to watch the chimney for the smoke and wait for the answer, blowing in the wind.
Cardinals of the Roman Catholic Church are gathering in Rome to elect a new pope. Here are some facts about the Papal conclave.