Bookies tip Ledger to win Oscar

If Heath Ledger's name is not called out at the 81st Annual Academy Awards it will be the biggest upset in Oscar history.

On the eve of film's night of nights, bookmakers in Las Vegas, London and Australia have the late Perth-born actor at outrageously slim odds.

British bookmaker bet365.com has The Dark Knight star at the shortest odds of all, 1/250, with second favourite, Doubt's Philip Seymour Hoffman, at the long shot price of 25/1.

Australia's Centrebet is almost as tight, offering punters just three cents for a $1.00 investment for a Ledger win.

"No contest, no debate, Heath Ledger," New York Times' film writer David Carr, in an article forecasting Oscar winners, wrote.

The Los Angeles Times polled 12 Oscar experts from leading publications including The New York Post, USA Today and Us Weekly and all 12 picked Ledger as the winner.

"The idea that Heath Ledger won't win for The Dark Knight is so unthinkable, I can only imagine mass walk-outs at the ceremony and riots breaking out across the country if it doesn't come to pass," CNN.com columnist Tom Charity wrote.

Ledger's family, headed by his father Kim and mother Sally, are expected to give the acceptance speech inside Hollywood's Kodak Theatre if the Academy's 6,000 members follow the script and name Ledger a posthumous winner.

Ledger is one of six Australians nominated for Oscars this year.

If bookmakers are right, Ledger will be the only winner.

Catherine Martin was the only nominee for the epic Australia, earning her nod in the costume category.

Martin, who won two Oscars for husband Baz Luhrmann's Moulin Rouge! in 2002, is at 8/1 and on the third line of betting in the category this year with Englishman Michael O'Connor the 2/1 favourite for the Keira Knightley period drama, The Duchess.

Australian Michael Carlin is nominated for his art direction on The Duchess, but again is an outside chance with The Curious Case of Benjamin Button's Donald Burt and Victor Zolfo the 1/3 favourites.

Australian visual effects wizard Ben Snow was nominated for his work on Iron Man and is at 4/1, but the bookies' bet for the visual effects category is the team from Benjamin Button at 3/11.

There are two Aussies in the editing category, Benjamin Button's Kirk Baxter and The Dark Knight's Lee Smith, and both are expected to be swept up in the Slumdog Millionaire Oscar tsunami.

Slumdog Millionaire's British editor Chris Dickens is the top pick at 8/15, while the Aussies are more than 7/1.

Slumdog Millionaire is nominated for eight Oscars and has emerged the last fortnight as the outright best picture favourite with tight odds of 1/6, distancing itself from one time likely winner Benjamin Button currently at 5/1.

One-time bad boy Mickey Rourke (1/2) has also shot to favouritism for best actor for his extraordinary performance in The Wrestler.

A month ago Sean Penn (7/4) was the popular pick of most pundits for the biopic Milk, but Rourke has campaigned tirelessly, been on his best behaviour and has a comeback story Academy voters love.

The best actress category is one of the most open, with Kate Winslet (The Reader) still hanging on to favouritism at about 2/5 although there has been a late push for Meryl Streep (Doubt) who sits at 4/1 and a legitimate threat Anne Hathaway (Rachel Getting Married) at 5/1.

The best supporting actress race is the closest in the acting categories with Spanish siren Penelope Cruz (Vicky Cristina Barcelona) the frontrunner at 4/6 and the duo from Doubt, Amy Adams second at 3/1 and Viola Davis third at 4/1.

Slumdog Millionaire's Danny Boyle is the outright pick in the director category at slim odds of 1/10.

The Academy Awards will take place from noon Monday (AEDT).