ESSENDON has rocketed into clear-cut favouritism to take home this year's wooden spoon, according to Crownbet.

The Bombers have bolted into $1.10 favourites to win the not-so-coveted award following the Court of Arbitration for Sport's decision to find 34 past and present players guilty of taking banned substance Thymosin Beta-4.

Essendon was listed at $9 to win the wooden spoon before the news broke on Tuesday that 12 of its players would serve season-long bans.

But it hasn't stopped the club surpassing 40,000 members with over 1500 signing up in the past 48 hours.

"Our players, coaches and staff are truly grateful to our members for their loyalty, passion and commitment to the club, particularly during such a challenging period," CEO Xavier Campbell said.

"Over the past 48 hours our call centre has been inundated with more than 1500 members signing up for the 2016 season.

"As a club we know we will get through this challenging period together, our members make us stronger and continue to show they're behind us on this journey."

Carlton, which was originally listed at $1.60 to finish last for the second consecutive season, is now out to $8.

The Bombers will be severely weakened this season, with star midfielders Jobe Watson and Dyson Heppell, as well as key defenders Michael Hurley and Cale Hooker to sit on the sidelines.

The club has the option of bringing in 10 top-up players as well as elevating its six rookie-listed players to cover the losses of the suspended players.

Even with those provisions in place, the Bombers have drifted out to $1001 and are last in the competition in flag favouritism. Just yesterday, Essendon was a $251 chance (alongside the Brisbane Lions) to take home the flag.

Crownbet has also installed Essendon at $1001 to win the minor premiership, $201 to finish inside the top-four and $67 to make the top eight. 

The Bombers are now odds-on ($1.01) to miss the top-eight, according to the betting agency.

Crownbet announced this week it would give punters the option of rescinding their bets made in relation to an Essendon premiership victory – meaning bettors may be refunded the full amount of their bet if they have changed their minds.

Crownbet said markets for the Bombers' 2016 games would be handled on a week-to-week basis once the season began.

Wooden spoon market:

Essendon $1.10 (in from $9.00)
Carlton $8.00 (out from $1.60)
Brisbane Lions $11.00 (out from $2.75)              
Melbourne $17.00
St Kilda $21.00
Gold Coast $26.00 

*Others quoted