England's series defeat in the West Indies has seen them drift out to 14/1 for the World Twenty20 in Bangladesh this month.
The online bookmaker made them an 8/1 chance immediately after losing to hosts Sri Lanka in the 2012 quarter-finals, two years after winning the event under Paul Collingwood.
But their demise in the format, which included a 4-1 defeat at the end of a disastrous Ashes tour, has seen them become the outsider of all the traditional major cricket playing nations.
The decision to dump Kevin Pietersen into international retirement and the loss of Joe Root for the tournament with a broken thumb have also contributed to them gaining very little support ahead of their opening game against New Zealand at Chittagong on March 22.
Stuart Broad's men have been drawn in Group One, alongside South Africa, Sri Lanka and New Zealand and they are ranked as 4/1 outsiders to progress as leaders.
Australia are 2/1 favourites to win Group Two, which also includes India, Pakistan and West Indies. Two teams from each group will qualify for the semi-finals.
The Aussies have also been installed as 100/30 favourites to win the tournament outright after being a 6/1 chance originally. The big movers since the last World Twenty20 are New Zealand, who have been cut from 14/1 to 8/1.
Sky Bet's cricket trader Tom Warburton said: "England's demise in the one-day arena is very much represented by their drift in price,.
"It can be attributed to poor form with both bat and ball. Their seam attack struggles to restrain destructive line-ups, whilst there aren't many runs amongst the batsman to chase down anything beyond an average total."
He added: "West Indies represent the best value across the market in my eyes at 13/2. Although between tournaments their form is questionable, they really turn it on when it comes to the big stage.
"They have arguably the best T20 player ever in Chris Gayle, whilst bowling discovery Sunil Narine is held in equally high regard. They're a team of match winners, capable of anything."
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