The Bombers have lost their past six matches by an average of nearly eight goals, but TAB Sportsbet's Gary Davies said punters had only lost their faith in Matthew Knights' men in the past three weeks.
"After round 13, Essendon was still $81 for the wooden spoon but they've just gone terribly in the past four weeks. That's probably been the biggest shortener of the past month," Davies said on Monday.
"West Coast was long odds-on for the wooden spoon but its win over Essendon has turned the wooden spoon market around."
Davies said the Eagles' form turnaround had sparked the biggest move of the weekend, with West Coast drifting out in the spoon market after Mark LeCras' 12-goal haul led them to victory.
"We closed the market after eight rounds because Richmond was just going terribly. When we reopened it, it was West Coast favourites and then they got beaten by Adelaide.
"They were $1.50, now all of a sudden they've gone from odds-on favourites to $3. That's probably been the biggest market move in the long-term betting for the weekend."
Port Adelaide ($4) is third in the wooden spoon market behind West Coast and Essendon, followed by Richmond ($6) and the Brisbane Lions ($7).
In other betting movements, Cats star Gary Ablett is in danger of losing Brownlow favouritism for the first time this year after Hawthorn's Luke Hodge and Collingwood's Dane Swan continued their good form.
Davies said the reigning Brownlow Medallist's recent form gave the betting agency no choice but to lengthen his odds to $5, while bringing Hodge ($6) and Swan ($7) in.
"Ablett always polls well and that's why he's been at the top of the table, but his last few weeks haven't been terrific," he said.
"Both Hodge and Swan have been in great form so they had to shorten, and if they had to shorten, Ablett had to ease. If Ablett doesn't get votes on the weekend and either of those boys have a best-on-ground, we'll probably end up with a new Brownlow favourite."
Geelong ($3) remains a narrow favourite in the premiership market, followed by Collingwood ($4) and St Kilda ($4.50).
Davies was willing to forgive the Cats for their slip-up against Adelaide in round 16 after club doctor Geoff Allen suffered a heart attack during the on-field warm-up.
"It's pretty hard to think that they could concentrate right through the game. They only got done by 11 points and they've still got Stevie Johnson to come back, Tom Hawkins to come back," he said.
"Even though they've had a couple of hiccups, they're still the measuring stick so we've stayed with them as favourite."
However, he said the Magpies' win over St Kilda had given the black and white army renewed confidence, with Collingwood and Swan the best-backed chances in premiership and Brownlow markets this week.
