The awards are ranked only below the Academy Awards in cinema and can act as a strong indication of who is going to win at the Oscars, for which the nominations will be announced on 23rd January.
Here is a guide to who could be collecting the glittering prize in Tinseltown this weekend.
Best Picture (Drama) odds
| Oppenheimer | 2/9 |
| Killers of the Flower Moon | 3/1 |
| Past Lives | 14/1 |
| Anatomy of a Fall | 28/1 |
| Maestro | 28/1 |
| The Zone of Interest | 28/1 |
Oppenheimer has already been hailed as a masterpiece and it is hot favourite to take the Best Picture award for drama (a separate award is given in the musical or comedy category).
The biopic of the inventor of the atomic bomb is just 2/9 to take the big prize with Killers of the Flower Moon, Martin Scorsese’s story of Native Americans who were murdered by those looking to exploit their oil wealth in the 1920s, 3/1.
Best Picture (Musical or Comedy) odds
The Best Musical or Comedy looks to be a two-horse race between Poor Things, a science fantasy comedy based on a novel by Alasdair Gray which is due for a UK release later this month, and the smash-hit Barbie.
Poor Things just holds favouritism at 10/11 with Barbie available at 11/10, while The Holdovers, a tale about a teacher at a boarding school who has to look after pupils who cannot go home for Christmas, can be backed at 11/2.
Best Actor (Drama) odds
| Cillian Murphy (Oppenheimer) | 4/6 |
| Bradley Cooper (Maestro) | 11/10 |
| Leonardo DiCaprio (Killers of the Flower Moon) | 12/1 |
| Colman Domingo (Rustin) | 20/1 |
| Andrew Scott (All of Us Strangers) | 33/1 |
| Barry Keoghan (Saltburn) | 40/1 |
With Oppenheimer favourite for the Best Drama, it is little surprise to see its star Cillian Murphy the favourite to take the Best Actor award for his performance in the title role.
The former Peaky Blinders star’s chief rival is Bradley Cooper, who is 11/10 to win for another leading role in a biopic for his showing as composer Leonard Bernstein in Maestro.
Best Actor (Musical or Comedy) odds
| Paul Giamatti (The Holdovers) | 4/5 |
| Jeffrey Wright (American Fiction) | 11/8 |
| Matt Damon (Air) | 6/1 |
| Timothee Chalamet (Wonka) | 16/1 |
| Nicolas Cage (Dream Scenario) | 20/1 |
| Joaquin Phoenix (Beau is Afraid) | 20/1 |
Paul Giamatti, most recently seen in the successful Showtime series Billions, is favourite in this section for his performance as the beleaguered teacher in The Holdovers.
Jeffrey Wright is 11/8 for his role as author Monk Ellison in American Fiction, while Matt Damon, who won the award in 2016 for his performance in The Martian, is 6/1.
Best Actress (Drama) odds
| Lily Gladstone (Killers of the Flower Moon) | 1/2 |
| Carey Mulligan (Maestro) | 5/2 |
| Sandra Huller (Anatomy of a Fall) | 11/2 |
| Annette Bening (Nyad) | 20/1 |
| Greta Lee (Past Lives) | 20/1 |
| Cailee Spaeny (Priscilla) | 50/1 |
Lily Gladstone is hotly fancied at 1/2 for her role as Molly Kyle in Killers of the Flower Moon, while Carey Mulligan could prove to be her nearest rival for her portrayal of Leonard Bernstein’s wife Felicia Montealegre in Maestro. She can be backed at 5/2.
Best Actress (Musical or Comedy) odds
| Emma Stone (Poor Things) | 1/3 |
| Fantasia Barrino (The Color Purple) | 7/2 |
| Margot Robbie (Barbie) | 7/1 |
| Alma Poysti (Fallen Leaves) | 12/1 |
| Natalie Portman (May December) | 20/1 |
| Jennifer Lawrence (No Hard Feelings) | 40/1 |
Emma Stone plays a young Victorian woman Bella Baxter, who is resurrected to embark on adventures of self-discovery in Poor Things and she is the shortest price in any of the acting awards up for grabs.
Fantasia Barrino, who stars as Celle Harris-Johnson in coming-of-age musical The Color Purple, is 7/2.
Best Supporting Actor odds
| Robert Downey Jnr (Oppenheimer) | 1/2 |
| Ryan Gosling (Barbie) | 4/1 |
| Robert De Niro (Killers of the Flower Moon) | 11/2 |
| Charles Melton (May December) | 12/1 |
| Mark Ruffalo (Poor Things) | 12/1 |
| Willem Defoe (Poor Things) | 40/1 |
Robert Downey Jnr receives his first nomination since he won the Best Actor award in the musical or comedy category for his performance in Sherlock Holmes, and he is 1/2 to take away the big prize.
Ryan Gosling was Ken in Barbie and is 4/1 to win.
Best Supporting Actress odds
| Da’Vine Joy Randolph (The Holdovers) | 2/7 |
| Danielle Brooks (The Color Purple) | 5/2 |
| Emily Blunt (Oppenheimer) | 12/1 |
| Julianne Moore (May December) | 25/1 |
| Jodie Foster (Nyad) | 25/1 |
| Rosamund Pike (Saltburn) | 25/1 |
Another category that is expected to be a two-horse race, with both films at the top of the market represented in the musical or comedy section.
Da’Vine Joy Randolph is expected to triumph for her showing in The Holdovers at 2/7, but don’t discount the 5/2 available for Danielle Brooks from The Color Purple.
Best Director odds
| Christopher Nolan (Oppenheimer) | 1/6 |
| Martin Scorsese (Killers of the Flower Moon) | 9/2 |
| Yorgos Lanthimos (Poor Things) | 11/1 |
| Bradley Cooper (Maestro) | 25/1 |
| Greta Gerwig (Barbie) | 25/1 |
| Celine Song (Past Lives) | 25/1 |
Christopher Nolan is the hottest favourite of the night to claim a win having failed to take the Best Director award for both Inception in 2010 and Dunkirk in 2017.
Veteran Martin Scorsese is 9/2 to bring home his fourth Best Director award on the 10th occasion he has been nominated. He previously won in 2003 for Gangs of New York, in 2007 for The Departed and in 2012 for Hugo.
Any odds displayed were correct at the time of writing and are subject to fluctuation.
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