(NewsNation) — As Catholics mourn the death of Pope Francis, many are wondering who the next earthly leader of the Catholic Church will be.
There are several possible successors, and while American markets do not currently have betting markets on the next pope, international markets are already taking wagers.
Who is favored to be the next pope?
According to OddsChecker, Pietro Parolin, 70, is the favorite to be the next pope at +350, meaning if you bet $100 and Parolin is elected, you’d receive $350.
VATICAN CITY, VATICAN – APRIL 02: (EDITOR NOTE: STRICTLY EDITORIAL USE ONLY – NO MERCHANDISING). The Vatican Secretary of State cardinal Pietro Parolin presides at Mass marking the 20th anniversary of the death of Pope St. John Paul II at St. Peter’s Basilica on April 02, 2025 in Vatican City, Vatican. (Photo by Vatican Media via Vatican Pool/Getty Images) 
Cardinal Luis Antonio Tagle, Pro-Prefect of the Evangelization Section of the Dicastery for Evangelization, at the altar during the Holy Mass on the Solemnity of the Epiphany of the Lord in St. Peter’s Basilica. Vatican City (Vatican), January 6th, 2025. (Photo by Grzegorz Galazka/Archivio Grzegorz Galazka/Mondadori Portfolio via Getty Images) 
MILAN, ITALY – DECEMBER 22: Angelo Scola Milan Archbishop during the Meeting with the Press for the Season Greetings on December 22, 2011 in Milan, Italy. (Photo by Pier Marco Tacca/Getty Images) 
VATICAN CITY, VATICAN – MARCH 11: Canadian cardinal Marc Ouellet is photographed by media as he leaves the final congregation before cardinals enter the conclave to vote for a new Pope, on March 11, 2013 in Vatican City, Vatican. Cardinals are set to enter the papal conclave to elect a successor to Pope Benedict XVI after he became the first pope in 600 years to resign from the role. The conclave is scheduled to start on March 12 inside the Sistine Chapel and will be attended by 115 cardinals as they vote to select the 266th Pope of the Catholic Church. (Photo by Christopher Furlong/Getty Images)
Parolin is the Vatican’s secretary of state and has held the position since 2013. He is from Italy and was ordained in 1980.
Cardinal Luis Antonio Tagle, a 67-year-old Filipino prelate, is the second favorite at +500. Cardinal Angelo Scola, 83, and Canadian prelate Cardinal Marc Oullet, 80, are at +700.
Who is eligible to become the Pope?
Any baptized Catholic male is eligible, though only cardinals have been selected since 1378. The winner must receive at least two-thirds of the vote from those cardinals under the age of 80 and thus eligible to participate.
Francis appointed the vast majority of electors, often tapping men who share his pastoral priorities, which suggests continuity.
Anyone trying to handicap the outcome should remember that Jorge Mario Bergoglio was considered too old to be elected pope in 2013 at age 76 and that Karol Wojtyla wasn’t on any front-runner lists going into the 1978 conclave that elected him Pope John Paul II.
What is a conclave?
The conclave is when Catholic cardinals gather in a closed room or hall to vote on the next pope. In 1271, it took over two years to elect Pope Gregory X due to political turmoil. So this didn’t happen again, Pope Gregory X made it so that cardinals would have to stay together until a new pontiff was decided on.
Now, cardinals are locked in at Domus Sanctae Marthae, which is adjacent to the Vatican, to vote. They cannot leave until a new pope has been elected. An individual will need two-thirds of the vote to become the next pope.
Per the U.S. Conference of Catholic Bishops, the conclave usually happens 15 to 20 days after the death or resignation of a pope. The cardinals vote anonymously and place their vote in a chalice. Their votes are read aloud, but not who voted for who as they undertake an oath of secrecy beforehand.
The Associated Press contributed to this report.