Who are the favourites to win awards at this year's Oscars?

With the nominees announced for the 90th Academy Awards, speculation over potential winners is well and truly afoot.

With riders in all 24 categories announced, punters are beginning to place their bets on the likely winners.

Take a look at the bookies' favourites for Best Picture, Best Director, Best Actress and Best Actor.

Best Picture

Martin Mcdonagh's story of a search for justice, Three Billboards Outside Ebbing, Missouri is the most likely to scoop the coveted Best Picture award according to Paddy Power who offer odds of Evens.

Guillermo Del Toro directed The Shape of Water is a close second with odds of 6/4, while Phantom Thread and The Darkest Hour share the role of rank outsider with odds of 66/1.

Three Billboards Outside Ebbing, Missouri is favourite to win Best Picture (Photo: 20th Century Fox)

Three Billboards Outside Ebbing, Missouri Evens, The Shape of Water 6/4, Lady Bird 8/1, Dunkirk 20/1, Get Out 20/1, The Post 33/1, Call Me By Your Name 40/1, Darkest Hour 66/1, Phantom Thread 66/1

Best Director

The Pan's Labyrinth director is most likely to take home the Best Director gong for his emotional fantasy dramaThe Shape of Water, with Paddy Power quoting odds of 8/13.

Christopher Nolan is second favourite to pick up the award for his steering of World War II epic Dunkirk.

Director of Get Out, Jordan Peele, is 33/1 to win Best Director (Photo: Universal Pictures)

Lady Bird director, Greta Gerwig, is the only female nominated in the category

The Shape of Water, Guillermo del Toro 8/13, Christopher Nolan, Dunkirk 2/1, Lady Bird, Greta Gerwig 6/1, Get Out, Jordan Peele 33/1, Phantom Thread, Paul Thomas Anderson 33/1

Best Actress

Oscar winner Frances McDormand is touted to add a second Best Actress Oscar to her collection for her role as a vengeful mother in Three Billboards Outside Ebbing, Missouri, with Paddy Power offering odds of 1/4.

Saoirse Ronan is rated at 5/1 to win the Best Actress award for her performance as rebellious teen Lady Bird (Photo: Universal Pictures UK)

Saoirse Ronan, who earned her third Academy Award nomination for her performance in coming of age drama Lady Bird is second favourite to scoop the honour.

Following her 21st Academy Award nomination, Meryl Streep's chances of picking up the award are rated at 66/1.