Cardinal Pietro Parolin remains the favorite Thursday.

Black smoke has again poured out of the Sistine Chapel chimney, indicating no pope was elected on the second or third ballots of the conclave to choose a new leader of the Catholic Church.

With no candidate securing the necessary two-thirds majority, or 89 votes, the world will need to wait longer for a new leader of the Catholic Church. The 133 cardinals took a lunch break before returning to the Sistine Chapel for Thursday’s afternoon voting session, where two more ballots were possible.

Despite the disappointment, hopes were still high that a pope would be chosen quickly, perhaps as early as Thursday afternoon’s fourth or fifth ballot.

“I hope by this evening, returning to Rome, I’ll find white smoke,” said Cardinal Giovanni Battista Re, the 91-year-old dean of the College of Cardinals who presided over the Mass before the conclave.

Don't count out the long shots, most of which offer generous payouts.

"Outsiders shouldn’t be discounted in the next pope betting market," Sam Eaton, U.K. manager for Oddschecker, wrote Tuesday in an email. "Back in 2013, Jorge Mario Bergoglio was 50/1 (2% probability) just two days before being elected.”

Updated Next Pope Odds

Here are the current odds at BetUS (subject to change)

+150 pays US$150 for every US$100 bet, +500 pays US$500 for every US$100 bet, and so on.

Luis Antonio Tagle         +150
Pietro Parolin         +150
Peter Turkson         +500
Robert Sarah         +1000
Matteo Zuppi         +500
Peter Erdo         +800
Pierbattista Pizzaballa         +400
Fridolin Ambongo Besungu         +1800
Kevin Farrell         +3500
Jean-Marc Aveline         +1400
Robert Prevost         +1800
Francis Arinze         +4000
Mario Grech         +2000
Raymond Leo Burke         +2500
Charles Maung Bo         +2500
Mark Ouellet         +3000
Mykola Bychok         +3500
Reihard Marx         +3500
Fernando Chomali Garib         +4000
Cristóbal López Romero         +2500
Angelo Scola         +4000
Timothy Dolan         +3500
Mauro Gambetti         +3500
Jean-Claude Hollerich         +4000
Thomas Aquino Manyo Maeda         +4000
Caludio Gugerotti         +3500
Joseph W. Tobin         +4000
José Tolentino de Mendonça         +3300
Timothy Radcliffe         +4000
Orani João Tempesta         +4000
Leopoldo Brenes         +4000
Wim Eijk         +4000
Anders Arborelius         +3500
Gerald Cyprien LaCroix         +3500
Giorgio Marengo         +5000
Sean O'Malley         +5000
Agostino Sandri         +4000
Christoph Schönborn         +3000
Malcolm Ranjith         +4000
Óscar Andrés Rodríguez Maradiaga         +5000
Piero Marini         +4000
João Braz de Aviz         +4000
Norberto Rivera Carrera         +4000
Odilo Pedro Scherer         +4000
Vincent Nichols         +5000
Angelo Bagnasco         +4000
Mauro Piacenza         +5000
Konrad Krajewski         +4000
Angelo De Donatis         +5000
Antonio Cañizares Llovera         +5000
Gerhard Ludwig Müller         +5000
Gianfranco Ravasi         +5000
Dominik Duka         +5000
Wilton Daniel Gregory         +2000
Jaime Spengler         +5000
Angel Artime         +5000
Daniel Sturla         +5000
Chibly Langlois         +4000
Bechara Peter Rai         +5000
Artur Roche         +5000
Carlo Maria Vigano         +5000
Italo Dell'Oro         +5000
Blase J. Cupich         +5000
François-Xavier Bustillo         +3000
Luis Rafael I Sako         +3300
Leonardo Sandri         +5000
Diarmuid Martin         +5000
Thomas Collins         +5000
Vinko Puljic         +4000
Wilfrid Napier         +4000
William Goh Seng Chye         +5000
Lazarus You Heung-sik         +3000
Juan Jose Omella         +3000
Pablo Virgilio David         +2000
Dominique Mamberti         +4000
John Olorunfemi Onaiyekan         +4000
Francis Leo         +4000
Michael Fitzgerald         +4000
Jose Cobo Cano         +4000
Lorenzo Baldisseri         +4000
Fernando Filoni         +5000
Michael Czerny         +4000
Giuseppe Bertello         +4000
Grzegorz Rys         +5000
John Dew         +5000
Rolandas Makrickas         +5000
Guiseppe Betori         +2800
Víctor Manuel Fernández         +3500
Soane Patita Paini Mafi         +3500
Baldassare Reina         +5000
George Koovakad         +4000
Dieudonne Nzapalainga         +4000

Here were your early odds:

• Luis Antonio Tagle         +150
• Pietro Parolin         +175
• Peter Turkson         +500
• Robert Sarah         +1200
• Matteo Zuppi         +600
• Peter Erdo         +800
• Pierbattista Pizzaballa         +800
• Fridolin Ambongo Besungu         +1800
• Kevin Farrell         +2500
• Jean-Marc Aveline         +1400
• Robert Prevost         +1500
• Francis Arinze         +2200