KEY POINTS:
It may not have topped the nominations tally but British drama Atonement is the favourite to pick up this year's Best Picture at the 80th annual Academy Awards.
The romantic drama, based on the novel by Ian McEwen's acclaimed novel, won best picture at last week's Golden Globe
Awards.
Betting agency Gambling 911 has the film at 2/1 odds, ahead of No Country for Old Men at 9/4 odds.
There Will Be Blood is the least favourite contender with 3/1 odds.
Previous Oscar winners the Coen brothers are the favourites for best director for their latest effort, No Country, with 2/1 odds.
Meanwhile, George Clooney and Julie Christie are the favourites to take to the podium for best actor and best actress.
Christie is an obvious choice following her Golden Globe win last week, however, Clooney's odds go against the grain as he missed out on the best actor Globe, losing to There Will Be Blood star Daniel Day-Lewis.
With the ongoing writers' strike, however, people may be better off placing bets on whether the ceremony goes ahead.
Last week's Golden Globes ceremony was cancelled and a press conference held instead as actors refused to cross the picket line and attend the glittering event.
The contenders
There Will Be Blood
Based on Upton Sinclair's 1927 novel Oil!, There Will Be Blood is written, directed and produced by Paul Thomas Anderson. Actor Daniel Day-Lewis, who has been nominated for best actor, plays Daniel Plainview, a silver prospector who strikes oil and becomes a self-made millionaire. But along with his fortunes, Plainview's morals, ethics and humanity change.
Review: 8.3/10 by Rotten Tomatoes
Atonement
Directed by Joe Wright and adapted by Christopher Hampton, this British romantic drama is based on Ian McEwen's acclaimed novel by the same name. Starring James MacAvoy and Keira Knightley, the film centres around two sisters and a serious false accusation.
Review: 7.4/10 by Rotten Tomatoes
Michael Clayton
George Clooney garners his fourth Oscar nod for his portrayal of a cut-throat lawyer at a leading New York law firm. Michael Clayton cleans up after major corporate clients and is known as 'the fixer'. But when he begins work on a massive class action suit, Clayton soon finds there is more at stake than just money.
Review: 7.6/10 by Rotten Tomatoes
No Country for Old Men
Written and directed by Oscar-winners Joel and Ethan Coen, No Country for Old Men is based on the novel by Pulitzer Prize-winner Cormac McCarthy. Set in 1980s Texas, the film centres around a drug deal gone wrong and the chain reaction of events when a Vietnam War Veteran absconds with $2 million of drug money.
Review: 8.6/10 by Rotten Tomatoes
Juno
Canadian actress Ellen Page plays a 16-year-old high school student who finds herself pregnant to a classmate. Juno and her best friend Leah embark on the mission of finding the perfect adoptive parents for her baby, and learn a lot about themselves along the way.
Review: 8/10 by Rotten Tomatoes