The Oscar Award, also popularly known as the Academy Award, is an event where masterclass performances in the film industry are given notable accolades. Each year, filmmakers and fans are always on their toes in anticipation of the announcement of the nominees and eventual winners of different categories, giving space to expectations and hope for multiple people, actors, producers, and even gamblers alike who start thinking about Oscar betting odds.
Yes, alongside these awards, a thriving betting market exists—Oscars Bet. It involves gamblers and movie fans wagering on various award categories, from Best Picture to Best Actors/Actresses. Some factors influence the Oscar betting odds, and we will discuss them in this casino news.
Oscar Betting Odds: Predicting Academy Awards Big Winners
The introduction of Oscar betting odds was due to a rise in movie enthusiasts predicting and wagering on Hollywood films, especially in the United States. Initially, betting on the Oscar Awards wasn’t deemed legal, similar to how some of the best online casino real money games are treated in several states. Therefore, many fans relied on offshore sportsbooks like BetUS for the Oscar betting odds. This continued until a Supreme Court judge overturned a 1992 law that banned sports betting. By 2018, betting on Oscar award events was legal, with the first opening in states like New Jersey.
As soon as this was legalized, online casino websites or bookies faced the challenge of ensuring that the results weren’t released before they were announced. Assigning odds to various sports games is usually more straightforward because one wouldn’t know the outcome until the matches were played. However, the Oscar Awards results are always pre-determined. PwC, a renowned accounting firm, is responsible for compiling the votes for the Academy Awards; as such, only two persons are often aware of the results ahead of time. This has maintained the fairness of results over time.
Betting on Oscar awards has continued to rise, with sportsbooks like BetMGM offering odds on various categories, particularly Best Picture. Today, while 38 states in the U.S. specialize in sportsbooks, only 7 add the Oscar betting odds option to the mix, including Indiana, Kansas, Massachusetts, Michigan, Louisiana, Arizona, and most especially New Jersey. Oscar betting has become increasingly popular, attracting both high-stakes gambles and casual fans looking to add excitement to watching the awards show.