As the conclave to elect the next pope begins, Pietro Parolin has emerged as the betting favorite to succeed Pope Francis, according to the latest market analysis by William Hill. Parolin, who serves as the Vatican secretary of state,

Catholic cardinals are gathering at the Vatican to elect the successor to Pope Francis, who died on April 21. Voting will take place in the Sistine Chapel, with ballots continuing in succession until any candidate secures two-thirds of the available votes.