Bookies are expecting actors Jeff Bridges and Sandra Bullock to walk away with top honours at this year's Academy award.
And 3-D blockbuster Avatar is considered the front-runner among 10 nominees for best picture.
According to William Hill, Avatar has 1-2 odds of winning the best film, while director James Cameron has 4-6 odds to take away Best Director gong.
Cameron's ex-wife Kathryn Bigelow is tipped to win best director for her movie The Hurt Locker, with 5-4 odds.
"Avatar is breaking all records and is a worthy favourite but I wonder if the committee will show a sense of humour and give the best director to his ex Kathryn," the Mirror quoted Hill's spokesman Rupert Adams as saying.
Bridges is favourite for best actor for Crazy Heart at 2-9, followed by George Clooney (7-2), Colin Firth (8-1), Jeremy Renner (16-1) and Morgan Freeman (25-1).
Sandra Bullock is favourite for winning best actress at 5-6, followed by Meryl Streep (11-8), Carey Mulligan (4-1), Gabourey Sidibe (14-1) and Helen Mirren (25-1).