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2024 Australian Open: What’s on the Line & Who is Favored?

With the prize money increasing 13% from last year, there’s a lot at stake at the 2024 Australian Open. Boardroom breaks it all down.

After an eventful 2023 campaign, 2024 marks a reset of all tennis Grand Slam tournaments, starting with the hardcourt competition played down under.

The 119th installment of the Australian Open kicks off for the first time on a Sunday (Jan. 12) to accommodate the 16-hour time difference between New York and Melbourne. Moreover, the Grand Slam will last 15 days, like the French Open, instead of the familiar 14-day stretch, like the US Open and Wimbledon. Instead of two days, the first round will take place over three days.

Right now, it’s difficult to determine who rules tennis on both the men’s and women’s sides.

Reigning champion Novak Djokovic has the record with the most Aussie Open titles with 10. However, he picked up a wrist injury at the United Cup, where he was beaten by Alex de Minaur earlier this month. The veteran player will be challenged by Carlos Alcaraz and Daniil Medvedev, the latter hoping for revenge after losing to Djokovic in the US Open finals last summer.

On the women’s side, back-to-back Auckland Classic singles title winner Coco Gauff is looking to capitalize on the momentum to a second straight Grand Slam trophy. However, the US Open champ has stiff competition between reigning Australian Open victor Aryna Sabalenka and, of course, world No. 1 Iga Świątek.

So, what’s at stake at the Australian Open, who is favored to win it all, and what are the latest odds? Boardroom breaks it all down below.

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Australian Open Prize Money: Total Prize Pool

No pressure, but players will be competing for $57.8 million in prize money at this year’s Australian Open, a record 13% increase from 2023.

“It is critical to the continued success of the Australian Open that we ensure that the best players in the world are compensated appropriately as we know this allows players to invest in their own careers and in many cases, helps set them up for success throughout the year,” said Australian Open Tournament Director Craig Tiley.

Both men’s and women’s champions will not only go home with the Norman Brookes Challenge Cup and Daphne Akhurst Memorial Cup, respectively, but they’ll each be awarded $2.1 million for defeating their opponents. Runners-up will earn $1.2 million, and semifinalists can earn $661,419.

Let’s look at the expected prize money by round for the singles competition.

Australian Open Prize Money by Round (Singles)

ResultPrize Money (US Dollar)
Champion$2.1 million
Runner-up$1.15 million
Round 4$250,537
Round 3$170,365
Round 2$120,258
Round 1$80,172

In doubles play, the champions will take home $487,713 in both the men’s and women’s draws, while the mixed doubles title means a $110,236 payday.

Who Are the Favorites to Win the 2024 Australian Open?

On the women’s side, Świątek (+220) has the best odds of winning, followed by the reigning champion Sabalenka (+400). Elena Rybakina (+500) is also among the favorites, with Gauff (+600), entering the tournament with a ton of confidence, trailing slightly. As for the men’s, world No. 1 Djokovic (+100) enters as the favorite, followed by Alcaraz (+350) in second and Italian star Jannik Sinner (+600) in third.

One familiar face that we were all looking forward to seeing will be absent from this year’s AO: Rafael Nadal confirmed earlier this week he won’t be participating. The two-time champion was set to make his triumphant return to the court after battling injury, however, the Spaniard underwent medical tests in Melbourne that revealed a small tear in a hip muscle requiring extended treatment.

2024 Australian Open Odds

Numbers reflect future odds to win the Australian Open at FanDuel Sportsbook as of Jan. 11, 2024.

Men’s Singles Outright Betting Odds

Novak Djokovic: +100
Carlos Alcaraz: +350
Jannik Sinner: +600
Daniil Medvedev: +1100
Alex De Minaur: +2400
Alexander Zverev: +3100

Women’s Singles Outright Betting Odds

Iga Świątek: +220
Aryna Sabalenka: +400
Elena Rybakina: +500
Coco Gauff: +600
Jessica Pegula: +1900
Qinwen Zheng: +3200

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