Cam Schlittler of the New York Yankees. Vincent Carchietta-Imagn Images

The betting market is buying in on the Cam Schlittler fairytale.

The Yankees wunderkind is now the betting favorite to win the AL Cy Young Award at bet365 Sportsbook with +230 odds, putting him just ahead of teammate Max Fried (+300).

Schlittler entered the season as a triple-digit long shot at some sportsbooks.

While Schlittler’s rise up the betting board coincides with back-to-back AL Cy Young winner Tarik Skubal underdoing elbow surgery that is likely to sideline him for two to three months, his numbers paint him as a deserving favorite.

The Walpole, Mass., native is 5-1 with a 1.52 ERA and 0.87 WHIP in eight starts, and he’s fourth in the majors with 53 strikeouts in 47 1/3 innings.…