Academy Awards Odds and Betting Preview - The Artist heavy favourite to win Best Picture Oscar

LOS ANGELES, USA - With the world's most prestigious film awards ceremony only three weeks away, we take a look at some of the biggest categories, and which films and people are favoured by the bookmakers to return from the Kodak Theatre with an Oscar.

In the Best Picture category, Michel Hazanavicious's The Artist, is a heavy favourite to win the gong, best priced at 2/9 with Paddy Power. Hazanavicious's silent film has been critically acclaimed, and has already won numerous awards, including the Golden Globe for best musical or comedy. The Artist has been nominated for ten Oscars including Best Picture.

Next in the betting for the most prestigious award is The Decendants, directed by Alexandre Payne and starring George Clooney. The film has been nominated for five Oscars in total, and is another to have claimed glory at the Golden Globes, winning the Best Drama award. Payne's film is a top-priced 7/1 with Bodog to win the award.

Martin Scorsese's Hugo is the most nominated film in this year's awards with a possibility of twelve awards. The animated picture is a best priced 18/1 with Bet365. Next is The Help, which is a best priced 20/1 with Blue Square. Tate Taylor's film is about a progressive thinking woman in the civil rights era, and made a huge profit at the box office, earning $205million from a $25m budget.

Steven Spielberg's War Horse has also been nominated for Best Picture, and is a 40/1 shot with Bet365. The film is based on Michael Morpurgo's novel, and the odds suggest that Spielberg might have to wait for his second Best Picture award. The other nominees are Extremely Loud and Incredibly Close, Midnight in Paris, and Moneyball, which are all 80/1 with bet365, and The Tree of Life which is a 100/1 shot with Skybet.

George Clooney is currently favourite to win Best Actor for The Descendants, priced at 8/13 with Bodog. Next is Jean Dujardin for The Artist, priced at 7/4 with Ladbrokes, followed by Brad Pitt, who is at 22/1 with Coral for his role in Moneyball. Gary Oldman has been nominated for his performance in Tinker Tailor Soldier Spy, and is a 33/1 chance with bet365, and the outsider is Demian Bichir who starred in A Better Life.

Viola Davis is odds-on to win Best Actress, priced at 10/11 with Ladbrokes. She played Aibileen Clark in The Help. Next is Meryl Streep who will be looking for her third Oscar for her performance in The Iron Lady. She is a 6/5 shot with Bodog. Michelle Williams has been nominated for her performance as Marilyn Monroe in My Week with Marilyn and is a 16/1 shot with Paddy Power. Rooney Mara is 50/1 shot with Skybet for her portrayal as Lisbeth Salander in The Girl with the Dragon Tattoo. Glenn Close is also a 50/1 shot, this time with Paddy Power, for her performance as the title character in Albert Nobbs.

Michel Hazavanicious is favourite to win Best Director for The Artist, priced at 1/5 with Coral. Next is Martin Scorsese at 9/2 with Bet365 for Hugo, and Alexandre Payne is 15/1 with the same firm for The Descendants. Woody Allen will be looking for his fourth Oscar for Midnight is Paris, and is a 40/1 shot with Paddy Power to win the award. Terrence Malick is a 50/1 shot with Coral for The Tree of Life.

The Oscars take place on February the 26th.

Best Picture betting odds

Best Actor betting odds

Best Actress betting odds

Best Director betting odds