Having given his nation a 1-0 lead over Sweden in the play-off first leg, the Real Madrid star was once again the difference as his treble overshadowed Zlatan Ibrahimovic's brace in a 3-2 victory in Stockholm.
The performance sparked an avalanche of bets on Ronaldo to win the Ballon d'Or, prompting Sky Bet to slash his price to 4/9 from 6/4 and replace Franck Ribery at the head of the market.
The Bayern Munich winger has now drifted out for 9/4 despite helping his side land an unprecedented treble and also playing his part in France's 3-0 play-off win over Ukraine on Tuesday.
Lionel Messi's odds have drifted out to 8/1. The Argentinian was installed as favourite following the confirmation of the shortlist but was initially replaced by Ribery amid industry-wide support, before drifting further following his recent injury setback.
Sky Bet Football Trader Chris Spicer said: "Punters were clearly inspired to back Ronaldo following another stunning individual display and they have certainly voted with their money on who should win the award."