Super Rugby Trans-Tasman: NZ sides overwhelming bookies' favourites against Aussies, Waratahs paying $501

New Zealand teams are the overwhelming favourites to lift the Super Rugby Trans-Tasman trophy, with all five Kiwi sides at better odds than their Australian counterparts at the TAB.

Unsurprisingly, after lifting their fifth title in as many seasons, the Crusaders are expected to add another trophy to their haul, paying just $1.83 for the inaugural competition.

Despite missing out on the Super Rugby Aotearoa final, the Blues - on paper - the next-strongest chance to win the crown.

Beaten finalists the Chiefs round out the odds for the Kiwi sides, paying $8.50, along with the Hurricanes and Highlanders.

But if bookmakers are right, the Australian contingent are much less likely to prevail.

The Brad Thorn-coached Reds, who won Super Rugby AU, are the best placed of the Australian sides, paying $13 - nearly $5 more than the bottom New Zealand sides. 

Australian runners-up ACT Brumbies are next at $15, before the paying odds start to get ridiculous.

Melbourne Rebels are Australia's third-placed team, even at a highly unlikely $67 for the title, while Western Force are the first team to pay triple figures at $151.

Comfortably in last place are the Waratahs, paying a certainly impossible $501 to win Super Rugby Trans-Tasman. 

The Waratahs finished bottom of Super Rugby AU, losing all eight matches.

The Highlanders kick off the competition against the Reds on Friday in Dunedin, then the Waratahs host the Hurricanes in Sydney.

The Crusaders open their quest for a sixth trophy in five seasons against the Brumbies on Saturday, before the Rebels host the Blues in Melbourne and the Force host the Chiefs in the early hours of Sunday morning.

Join Newshub for live updates of the Highlanders v Reds Super Rugby Trans-Tasman from 7pm Friday