Paddy Power has today slashed the odds on Pope Benedict XVI resigning his papacy from 12/1 from 3/1 following a ripple of bets placed on the unusual happening of the Pontiff stepping down.

While it remains a very rare occurrence Papal resignations have taken place in the past. Pope Celestine V and Pope Gregory XII both resigned for the greater good of the Catholic Church and as recent as 2002 there was speculation that Pope John Paul II would resign due to failing health.

The bookmaker has also reported a significant gamble on Francis Arinze becoming the 266th Pope which has resulted in the Nigerian Cardinal’s odds shortening into 4/1 (now the clear favourite).

Paddy Power said: “The dark clouds of clerical abuse scandals show no sign of abating and recent reports from Germany are surely a little too close to home for the Pope. Current betting patterns hint toward a possible papal resignation and should this happen Cardinal Arinze seems the most palpable, or should that be papal, successor.”

Who will be The Next Pope?
4/1     Francis Arinze (Nigeria)
8/1     Cardinal Angelo Scola (Venice)
8/1     Cardinal Oscar Rodriguez Maradiaga (Honduras)
8/1     Cardinal Peter Turkson
10/1    Jorge Mario Bergoglio (Argentina)
10/1    Cardinal Angelo Bagnasco (Italy)
10/1    Cardinal William Levada (America)
12/1    Count Christoph von Schoenborn (Austria)
12/1    Cardinal Tarcisio Bertone (Italy)
12/1    Dionigi Tettamanzi (Italy)
14/1    Archbishop Piero Marini (Italy)
14/1    Archbishop Raymond Burke (America)
14/1    Cardinal Leonardo Sandri (Argentina)
16/1    Claudio Hummes (Brazil)
16/1    Cardinal Francisco Javier Errazuriz Ossa (Chile)
18/1    Daniel DiNardo (Galveston-Houston)
18/1    Cardinal Marc Ouellet (Canada)
20/1    Cardinal Karl Lehmann (Germany)
20/1    Attilio Cardinal Nicora (Roman Curia)
20/1    Cardinal Ruini (Italy)
20/1    Norberto Rivera Carrera (Mexico)
20/1    Jose Da Cruz Policar (Portugal)
20/1    JaimeLucas Ortega y Alamino (Cuba)
20/1    Cardinal Renato Martino (Italy)
20/1    Wilfred Napier (South Africa)
20/1    Cardinal Antonio Canizares Llovera (Spain)
25/1    Angelo Sodano (Italy)
25/1    Cardinal Ivan Dias (India)
33/1    Antonio Marìa Rouco Varela (Spain)
33/1    Philippe Barbarin (France)
33/1    Cardinal Sean Brady (Ireland)
40/1    Giacomo Biffi (Italy)
40/1    Giovanni Battista Re (Italy)
40/1    Cormac Murphy-O'Connor (UK)
50/1    Geraldo Majella Agnelo (Brazil)
50/1    Cardinal Dario Castrillion Hoyos (Colombia)
50/1    Lopez Rodriguez (Dominican Republic)
50/1    Keith O Brien (Scotland)
50/1    Timothy Dolan (USA)
50/1    Cardinal Odilo Scherer (Sao Paulo)
66/1    Cardinal Walter Kasper (Germany)
66/1    Godfried Danneels (Belgium)
66/1    Cardinal George Pell (Australia)
66/1    Diarmuid Martin
80/1    Cardinal Amigo Vallejo (Spain)
80/1    Francis George (USA)
100/1  Cardinal Carlo Maria Matini (Italy)
125/1  Silvano Piovanelli (Italy)