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.

Predicting the outcome of a papal election is always challenging, but oddsmakers say that two top contenders are Cardinal Pietro Parolin of Italy, who was Francis’ second-in-command, and Cardinal Luis Antonio Tagle of the Philippines,

Multiple rounds of voting likely will be required before a candidate emerges with the two-thirds majority required to become the next pope.