Maloney's odds have shortened to 6/1 with bookmakers Ladbrokes after he managed to avoid falling into the bottom two once again.
Maloney and Jahmene Douglas are now the only acts remaining who have yet to find themselves in the sing-off.
Meanwhile Rylan Clark remains an outsider at 25/1, with Union J at a more likely 12/1. James Arthur remains popular with Ladbrokes, with odds of 5/2, despite falling out of favour with voters this weekend.
Ella Henderson's elimination has been described as "one of the biggest upsets in X Factor history" by the bookmakers.
Henderson, who had been favourite to win throughout the series since her first audition, slipped to second behind Jahmene Douglas earlier this week. Despite this, her odds of elimination were 33/1.
Alex Donohue of Ladbrokes said: "This was one of the biggest TV betting upsets of all time. Jahmene was the big winner and he's now in pole position for X Factor glory."
He added: "The purists will be leading a campaign to bring back Ella. Sadly for her, the odds suggest the show is more likely to be cancelled."
Ladbrokes have put the odds of a Henderson return before the end of the series at 10/1 and have also put The X Factor being cancelled at short odds of just 5/1.
Watch Christopher Maloney perform 'All By Myself' below: