KEY POINTS:
Nominations are out and betting is open for this year's Oscar race.
Online bookmaker Paddy Power is taking bets on Best Picture, Best Director, Best Actor, Best Actress and, more randomly, who will design the Best Actress dress.
The website has The Departed as favourite to take the Best Picture prize, despite missing out to international drama Babel at the Golden Globes.
Offering 8-13 odds on Martin Scorsese's crime thriller, Paddy Power also rates Little Miss Sunshine's chances, with 8-13 odds.
British drama The Queen is a long shot in the Best Picture race, with 14-1 odds, but the film's star Helen Mirren is the favourite to claim Best Actress, with 1-6 odds.
Kate Winslet and Penelope Cruz are tied as the underdogs, the website offering 16-1 odds on both the actresses.
Scorsese looks to finally be in line for an Oscar, leading the race with 2-5 odds, followed closely by Alejandro Gonzalez on 3-1.
The Last King of Scotland, Forest Whitaker seems to be a dead cert, with odds at 1-4, followed by veteran actor Peter O'Toole on 4-1 and Leonardo DiCaprio on 6-1.
While the odds seem stacked in certain stars' favour, the bookmakers don't always get it right. The Departed was the favourite heading into last week's Golden Globes award for Best Picture, but lost out to underdog Babel.
Those looking for a more unusual gamble will be placing bets on Oscar night fashion. Paddy Power has the books open on more than 25 designers, who may design the Best Actress winner's dress.
Georgio Armani is the favourite, followed by Donna Karan and Dolce & Gabbana.
