And the Oscar goes to…
The state of Indiana continues to be a trailblazer in the sports betting market. Although the Hoosier State only launched its sports betting market a few short months ago, the Indiana Gaming Commission (IGC) greenlit the state’s sportsbook operators to allow wagering on the upcoming 2020 Academy Awards.
This makes Indiana the second state to approve state-regulated Oscars prop betting. Previously, New Jersey was the lone state that allowed betting on the Academy Awards.
But, people ask: “What about Nevada?”
The Silver State only permits bets on sporting events or events that actually occur on a playing field. Therefore, its state regulatory body does not allow betting on any event that is not considered a sport.
How and where to watch the Oscars
The 92nd Annual Awards ceremony takes place on Sunday, Feb. 9 at 8 p.m. EST on the ABC Network.
Not at home? Watch on the ABC app or at www.abc.com.
Wager on select 2020 Oscar category winners at DraftKings and Fanduel
As of now, DraftKings Sportsbook in New Jersey already listed odds on all 24 Oscars categories. However, it is likely that odds will remain the same once the sportsbook publishes its odds for Indiana. Once FanDuel publishes its odds, don’t expect the odds to vary too wildly from sportsbook to sportsbook.
How does betting on the Oscars really work?
So, each sportsbook offers moneyline odds on who the predicted award winner will be.
For example, let’s look at the “Big Six” categories above particularly, the Best Actor category:
- Antonio Banderas in Pain and Glory: +5,000
- Leonardo DiCaprio in Once Upon a Time in Hollywood: +3,300
- Adam Driver in Marriage Story: +1,000
- Joaquin Phoenix in Joker: -5,000
- Jonathan Pryce in The Two Popes: +6,600
Currently, the odds favor Joaquin Phoenix, who is nominated for Joker. What this means is if you wager $100 on the favorite, you would receive your $100 and profit $2.
However, if you wager $100 on Jonathan Pryce at +6,600, you would receive your original $100 back and profit $6,600.
On the other hand, if New Jersey is a guide for Indiana sportsbooks, then wagers on Oscars would be capped to winning only a few thousand dollars. This is not considered an unusual practice for sportsbooks in regard to specialized betting such as Super Bowl prop bets. These bets are regarded as an opportunity to have fun, so the ability to profit big is limited by sportsbooks.