Azarenka inherits Oz favouritism
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.
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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 7/1 to triumph Down Under.
Azarenka has inherited favouritism at 11/8 as she looks to lift the trophy for a third successive year, while Li Na follows at 11/4 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 7/1 while Simona Halep and Agnieszka Radwanska are 16/1 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 stopped 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."