Robert @Peston tweets that Boris will not be pulling out of the contest
Even though he hasn't entered it yet.
It's possible he's weighing up his options and supporters as it's a risk if he goes for the job knowing he hasn't got enough support, as that potentially damages any future title challenges. He wants to be PM desperately so may let this one go for a chance later on. We'll see.
While I'm catching up, Theresa May was out a little bit earlier making her case;
Brexit means Brexit
There will be no attempts to remain in or rejoin the EU
There will be no article 50 before the end of the year
There will be no change in trading arrangements with EU in near future
It's going to take several years to get UK out of EU
There is no mandate for a deal accepting the free movement of people
Making herself pretty clear and she's the bookies favourite to get the nod for the job but the bulk of the money has been going on Boris. That's probably down to the good odds. Gove's gone in at second fav.