Betting markets give a more than 80-percent probability of May winning an overall majority, though betting markets were wrong ahead of the unexpected Brexit result in the June 23 referendum.
The news came after a string of opinion polls show a narrowing lead for May's Conservatives, shaking the confidence among investors that May would easily win a majority in a national election on June 8.
Sterling, however, recovered during Wednesday's session to trade above $1.29, after two polls showed the party is now the leading choice among voters.
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Meanwhile, the pound slumped against the dollar upon the publication of the story, further underscoring the Conservative Party's core message that only they, led by Theresa May, can delivery a "strong and stable" economy.
"Theresa May called this election with the aim of increasing the size of the Tory majority, so to actually lose their majority would be a monumental disaster", said Betfair spokespersonKatie Baylis.
May has repeatedly sought to present herself as the only party leader able to make a success of Brexit, though she has given few details of how she will handle the negotiations.
However, the Tories' apparent failure hasn't come because Labor or Jeremy Corbyn suddenly chose to change their policies or rhetoric, which are already near-Communist, but stem from the fact that the Conservatives have started proposing policies that are deeply unpopular with the British.
The latest YouGov voting intention figures sees voting intention for the Conservatives down one point to 42% from the 43% it was at the weekend.
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During the European Union referendum campaign it consistently showed that more voters favoured Leave than Remain.
"Corbyn is selling a wonderland", The Sun said.
More alarming for the Conservatives was that, asked who would make the best prime minister, 37 per cent of Londoners picked Corbyn, compared to 34 per cent for May.
Labour would get 257 seats, up from 229, the Liberal Democrats 10, up from the nine Tim Farron's party held when the election was called, the SNP 50, the Greens one and Plaid Cymru three.
The Conservatives were represented by Home Secretary Amber Rudd, who accused Labour of having a "money-tree, wish-list manifesto and no plan for Brexit".
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And Corbyn has been seizing the moment, making a last-minute decision to participate in a debate with other party leaders.