With the deadline for submissions on Tuesday, most candidates have now declared themselves and the campaign is in full swing.
The first hurdle for the candidates will be the support of at least 20 MPs by Tuesday evening, when the first vote is held.
A second vote will take place on Wednesday, when the surviving candidates must have increased their support to 30 MPs.
From Thursday, MPs will go through a run-out phase. The candidate with the least support is eliminated after each round until only two candidates are left.
This could help explain why Rishi Sunak, Penny Mourdant and Liz Truss are currently leading the way among bookmakers, having already received the support of 20 or more MPs.
Rishi Sunak has the support of more than 40 MPs, guaranteeing his survival until at least Thursday.
But ultimately, bookmakers will look beyond the second round, when the 200,000 Conservative Party members across the country will choose between the latter two.