Despite missing the cut in his last major, defending champion Tiger Woods remains the favourite to win his third Open title at Hoylake this week.

Consecutive rounds of 76 saw Woods miss the cut in a major for the first time as a professional in last month's US Open, although there were extenuating circumstances.

The world number one went into the event after an unprecedented nine-week lay-off following the death of his father, Earl, in May, and was understandably rusty on an extremely demanding course.

However, the 30-year-old finished second in the Western Open two weeks ago and has been installed as the 5/1 favourite, ahead of world number two Phil Mickelson.

Mickelson, who would have been going for the career grand slam this week if not for his double bogey on the final hole at Winged Foot, is 12/1 with Vijay Singh and Ernie Els available at 16/1.

Ireland's Padraig Harrington, another player in contention at the US Open, is the best-priced European at 20/1 ahead of Ryder Cup team-mate Luke Donald at 25/1.

Colin Montgomerie, who like Mickelson double-bogeyed the 72nd hole at Winged Foot to blow his chances of victory, is at 33/1 with current European number one David Howell 40/1.

US Open champion Geoff Ogilvy is ranked a 50/1 outsider while three-time champion Seve Ballesteros, who has not played in the Open for five years, is 2,500/1. Ballesteros, who finished last in the French Open three weeks ago with two rounds of 81, is odds-on to miss the cut.