Victoria Azarenka has been installed as Sky Bet's new favourite to win the Australian Open after Serena Williams suffered a shock fourth-round exit.
Ana Ivanovic upset pre-match odds of 7/1 to beat the world number one and was out to 16/1 after losing the first set before prevailing 4-6 6-3 6-3.
Reigning French Open and US Open champion Williams had been odds-on to secure a sixth title at Melbourne Park but put in a below par performance amid back problems.
Ivanovic had previously failed to take a single set off the 17-time Grand Slam champion but has now been cut from 50/1 to 15/2 to triumph Down Under.
Azarenka has inherited favouritism as she looks to lift the trophy for a third successive year, while Na Li follows at 3/1 as the highest seed in the top half of the draw, with no top 10 players in her path to the final.
2008 champion Maria Sharapova is next in line at 13/2 while Simona Halep and Agnieszka Radwanska are 14/1 and 25/1 respectively as they look to secure maiden major wins.
Sky Bet's Ned Brooker said: "We had Serena Williams as the odds-on favourite from the start and that still didn't stop the punters from backing her more than any other player.
"It was a great result for the bookmakers seeing her go out as Serena is always well fancied at any event she participates in."