The Labour politician, a 100/1 outsider to win, is the 9/4 favourite to fall at the first hurdle on the ice leaving Anthea Turner next in the elimination betting at 3/1 from Joe Pasquale at 4/1.
Tonight will see the twelve celebrities who have signed up for the new series skating live for the first time.
But it sounds as if their fate has already been decided, with bookies claiming only a huge shock could stop Oona or Anthea from leaving this evening.
Despite Beth Tweddle being the hot favourite at 9/4 ice fans are full of confidence in Shane Ward as he has attracted over 65% of all bets to win in the last 48 hours.
Alex Donohue of Ladbrokes said: "Unless there's a huge shock it looks like Oona or Anthea will be packing their skates up sharpish. As for the winner many expect Shane to give Beth a huge run for her money."
Ladbrokes latest betting
Dancing on Ice first elimination
Oona King 9/4
Anthea Turner 3/1
Joe Pasquale 4/1
Keith Chegwin 6/1
Lauren Goodger 8/1
Luke Campbell 8/1
Gareth Thomas 14/1
Pamela Anderson 20/1
Shane Ward 40/1
Samia Ghadie 40/1
Matt Lapinskas 50/1
Beth Tweddle 66/1
Browse the stars of Dancing On Ice below...