by Renee Israel
The Golden Globes are usually considered the prelude to the outcome of the Oscars.
As such, bookmakers have shortened their odds on the movie, The Social Network, to win several awards at the Academy Awards.
The movie, which recreates the story of the rise of Facebook, won four Golden Globes awards at the weekend.
Bookmakers such as Paddy Power have given this movie odds of 2/5 that it will win three or for Oscars.
The Social Network faces competition from a number of movies, the toughest being in the Best Actor category.
Colin Firth currently has odds of 1/16 that he will win this award for his role as King George Vi in The King's Speech.
"The Social Network is well and truly back in the driving seat after dominating the Golden Globes but it's worth remembering that the Oscars are never straightforward and movie fans are always guaranteed at least one shock winner on the night," said a spokesperson for Paddy Power, Sharon McHugh.
"This time last year it was Avatar that was hotly tipped to win the Oscar for Best Picture, only to lose out to the Hurt Locker in the end."
Odds for Best Picture at the Oscars
The Social Network - 1/4
The King's Speech - 5/2
True Grit - 20/1
Odds for Best Actor
Colin Firth (The King's Speech) - 1/16
James Franco (127 Hours) - 12/1
Jessen Eisenberg (Social Network) - 12/1
Odds for Best Actress
Natalie Portman (Black Swan) - 1/7
Annette Bening (The Kids are All Right) - 9/2
Jennifer Lawrence (Winter's Bone) - 20/1