Key made the shock announcement that he was resigning as leader of the National Party and as PM, a position he has held since 2008.
Online bookmaker Sportsbet has already opened betting on who will replace Key with Deputy PM Bill English the obvious $1.10 frontrunner.
English dominates the betting to become the next leader of the National Party with Steve Joyce the only other candidate at single figure odds at $7.50.
Gerry Brownlee and Simon Bridges are both at $11 to replace Key at the head of the party ahead of Scott Simpson and Murray McClully (both $16) and Maggie Barry ($21)
Sportsbet make it $1.10 that the National Party will win next year’s election and $1.35 to do so with a national minority and $5.00 to gain a majority.
The Labor Party are $6.00 to pull off a shock and win the election.
Next NZ National Party Leader
$1.10 Bill English
$7.50 Steven Joyce
$11 Gerry Brownlee
$11 Simon Bridges
$16 Scott Simpson
$16 Murray McClully
$21 Maggie Barry
New Zealand Election 2017 - Party of PM
$1.10 National Party
$6.00 Labor Party
NZ Election - Type of Government Formed
$1.35 National Minority
$5.00 National Majority
$6.00 Any Other