New Jersey Sportsbooks will be accepting legal Oscars bets for the first time in U.S. history, potentially expanding the appeal of both betting and the awards ceremony to new audiences.
The sportsbooks in New Jersey are the first in the U.S. to legally accept bets on the premiere movie awards show, which is scheduled to take place on Feb. 24.
The expansion into the Oscars indicates the potential of such sportsbooks in states where betting is now legal. The U.S. Supreme Court paved the way for legalized sports betting on a state-by-state basis last year. While the Oscars isn’t a sports event itself, the competition for each award outcome qualifies it for this categorization of sports betting. This could open up the potential for a host of other competitive betting opportunities that expand far beyond what might be considered sports.
“This is an incredibly exciting opportunity for American movie lovers to bet on the Academy Awards—legally—for the first time ever,” said Jessica Welman, a betting analyst for PlayUSA.com and a movie historian. “Oscars betting has been popular overseas for years, so it will be intriguing to see what the reaction here is. We suspect interest will be relatively high during a typically slow month for sportsbooks.”
Most books are offering odds on the winners of the big six Academy Awards categories: best picture, director, actor, actress, supporting actor, and supporting actress. PlayUSA.com has even compiled a complete rundown of the Oscars, including odds on every major category, a pick sheet, what sites are accepting bets, and analysis on the races.
While inevitably attracting experienced bettors, sportsbooks hope the Oscars can help broaden the appeal of betting to new demographics. New Jersey regulators cleared the way for legal Oscars betting late last month, though it could just be a one time event this year.
“The novelty alone should pique interest of bettors,” said Dustin Gouker, lead sports betting analyst for PlayUSA.com. “People already love to try to predict who will win the Oscars, and now they can actually put their money where their mouth is.”
The inaugural year of Oscars betting means that sportsbooks may be challenged with the task of setting appropriate odds. Odds for a tight Best Picture race range from the favorite, Roma (odds are as low as 1-to-2), to the dark horse, Vice (as high as 800-to-1), according to PlayUSA.
“This is a fun year, especially for bettors, because there is no heavy favorite,” Welman said. “Looking at the classic indicators of who will win Best Picture, the results are all over the map. While Roma may be the frontrunner, it is far from a guaranteed winner, which means one of these underdog winners could result in big payday for those who back them. Take Black Panther, for example. There is a scenario that the box office smash could win Best Picture. And with some books offering +2,500 odds, a small $10 bet could result in $250 profit.”