Smail, who mainly plays on the Japan Tour, finished in a two-way tie for second at the New Zealand PGA championship at Clearwater near Christchurch last weekend.
He won the New Zealand Open in 2001.
Smail, New Zealand's top ranked professional at world No 88, is paying fixed odds of $10 to win and $2.70 to finish in the top five.
Danny Lee, the world No 1 amateur is joint second favourite to win, paying $13 and $3.20 to finish in the top five.
Lee won the Johnnie Walker Classic in Perth last month and is scheduled to appear at the US Masters in April. He finished in a tie for seventh at last weekend's NZ PGA Championship.
New Zealand PGA championship winner Steve Alker is fifth favourite, paying fixed odds of $25.00 and $5.50 to finish in the top five.
Josh Geary, who finished in a two-way tie for second last weekend with David Smail, is paying $80 to win and $15 to finish in the top five.
The joint runners-up of the last New Zealand Open, held in December 2007, Australians Paul Sheehan and Steven Bowditch , are paying $40 and $80 respectively to win this year.
