JEREMY CORBYN will cost Britain’s bookmakers at least half a million pounds if he is elected Labour leader, the Morning Star can reveal.

Industry insiders said Mr Corbyn made “political betting history” this week when the one-time 200/1 shot was made favourite.

Now Star research has found Britain’s best-known bookies are braced to lose six figure sums if “Stormin’ Corbyn” wins the contest.

Our comparison of the amount of money taken and possible payouts reveals Ladbrokes could be braced for the largest total loss.

It reported that it has taken a “six-figure sum” on the contest, including £25,000 worth of bets on Mr Corbyn.

But they will payout a whopping £150,000 if the left candidate is crowned leader on September 12.

Ladbrokes also stands to make the biggest single payout to one savvy political punter who placed a £50 bet on Mr Corbyn at 100/1 at a shop “not far from his constituency.”

Bookies welcomed the Labour leadership contest following a “slump” after the general election.

But payouts could be so big that, if trends continue, the amount some bookies would lose on Corbyn would be close to bets they have taken on the whole contest.

Paddy Power reported that it has received bets worth “just short of six figures,” but will pay-out £100,000 if Mr Corbyn wins.

William Hill could also suffer heavy losses.

It has taken £100,000 on all the candidates and will lose £80,000 of that if people power prevails.

Britain’s four biggest bookies — William Hill, Ladbrokes, Coral and Paddy Power — currently stand to lose £430,000 if Mr Corbyn wins.

Losses made by smaller bookies take total losses to £500,000, sources told the Star.

Jake Johns, political analyst at comparison site EasyOdds, yesterday braced the industry for bad news.

He told the Star: “Jeremy’s shift from 200/1 outsider to evens favourite is the biggest I’ve ever seen. It’s unprecedented.

“Some people still can’t quite believe he’s going to become leader, but it looks like it’s going to happen.”

And there was no sign of a slowdown in bets on Mr Corbyn despite half a dozen bookies shortening his odds even further.

“There’s more money for Jeremy, he’s just on the verge of going odds-on with us,” reported Coral spokesman John Hill.