Joc Pederson at 7/1 odds to win 2015 Home Run Derby

LOS ANGELES -- Dodgers rookie outfielder Joc Pederson is an underdog to win the 2015 Home Run Derby, which will take place on Monday night at Great American Ballpark in Cincinnati.

Pederson is listed at 7/1 odds to win the event, per the folks at Bovada, tied for the longest odds of the event along with Manny Machado and Josh Donaldson. Pederson faces Machado in the first round of the new bracketed format.

Todd Frazier of the host Reds, tied for second in the National League with 25 home runs, is the favorite to win the event, with 7/2 odds. Cubs rookie Kris Bryant is next at 5/1 odds, followed by Prince Fielder (11/2), Albert Pujols (6/1) and Anthony Rizzo (13/2).

Pederson and Bryant are just the fifth and sixth rookies to compete in Home Run Derby, and the first since Mike Piazza in 1993.

Should Pederson advance past Machado in the first round, he would face the winner of Pujols vs. Bryant in the next round.

The Home Run Derby will be televised by ESPN beginning at 5 p.m. PT on Monday night.