Frazier started out as a slight favorite, around 7-5, it went to around 2-1 leading up to the fight and then I believe the odds narrowed slightly on fight day. The "experts" were about evenly split, maybe slightly leaning to Frazier.
the general fighting public weren't stupid. they realized ali wasn't as good as in the 60s from watching his previous fight v bonavena but many thought he may win cuz he was still undefeated. if they were fighting in 1967 then ali would be a clear favourite. people like jack dempsey, cus etc picking frazier to win is not such a big deal at that moment in time cuz they knew the circumstances, the reality, and especially dempsey.
