The 81st Academy Awards ceremony takes place in Los Angeles on February 22, with the bookmakers now starting to provide odds for the main Oscar categories. No Country for Old Men and The Departed have obliged for favourite-backers in the past two years, but can Slumdog Millionaire make it a hat-trick of jollies by capturing the hearts of the judges? Skybet certainly think so, offering just 1/3 that Danny Boyle’s rags-to-riches film gets the plaudits. The likes of bet365 and Victor Chandler make it less clear-cut, offering 1/2.

It appears to be a three-horse race for the top award, with The Curious Case of Benjamin Button available at 11/2 (Boylesports) and Milk a 10/1 chance (Victor Chandler). Frost / Nixon (14/1 Betfred) and The Reader (20/1 Centrebet) are the other movies that have been nominated. However, while the latter might be the rank outsider in this category, the bookies rate the chances of Kate Winslet far more highly for Best Actress.

The Brit is a best-priced 11/10 (bet365) to receive the ultimate accolade for her role as Hanna Schmitz, a former Nazi concentration camp guard in 1950’s Germany. However, it’s worth noting that she has been the Oscar bridesmaid on no less than five occasions, while she faces some stiff competition from Anne Hathaway (7/4 Paddy Power) and Meryl Streep (6/1 Victor Chandler). It’s something of a surprise to see Angelina Jolie at 14/1 (bet365) considering her remarkable performance in Changeling, while Melissa Leo (20/1 Victor Chandler) was a surprise nomination and would be a shock winner.

The Best Actor section also looks wide open, with Frank Langella (9/1 Centrebet) surely the value bet for his portrayal as Richard Nixon in the film Frost / Nixon. The 71-year-old’s effortless transformation into the former US President might curry more favour with the Academy judges than Mickey Rourke’s portrayal of The Wrestler. The latter is a 10/11 (Victor Chandler) chance to scoop an Oscar on his acting comeback, while Sean Penn is highly respected (7/4 Paddy Power) for his portrayal of Harvey Milk, the first gay man to be elected to public office in California.

Danny Boyle (1/2 Ladbrokes) is afforded the same respect by the bookmakers as Slumdog in the corresponding category, although the Trainspotting director might be safer bet than his film thanks to his visually thrilling movie. Heath Ledger looks home and hosed (1/8 Ladbrokes) for a posthumous Best Supporting Actor award, while Penelope Cruz (4/5 Centrebet) leads the way in the Best Supporting Actress category.