Betting On The Oscars — Not As Popular As Sports Betting

On Sunday night, we were able to witness history. The 92nd Academy Awards (aka the Oscars) took place at Dolby Theatre in Los Angeles, and some really interesting choices were made.

What seems to be the biggest event is the South Korean movie Parasite winning the award for the best picture. It is the only non-English movie ever to receive such an accolade, meaning history was made.

What many people don’t know is that betting on the Oscars is a thing all around the globe. Since the winners are kept secret before being officially announced during the Academy Awards, people have an opportunity to try and guess winners in each of the categories.

Naturally, only a couple of categories are actually popular and bet on. The most popular ones are Best Picture, Lead Actor, Lead Actress, Supporting Actor, Supporting Actress, and Best Director.

Although there are numerous other categories, as the people who work in the movie industry do all kinds of jobs, the ones mentioned above are the main focus to the majority of people.

Is Oscars Betting Popular In The US?

Betting on the Oscars is definitely an interesting activity, especially if you like watching movies and have seen all the nominees in your favorite categories. However, it seems that betting in the US (and in the rest of the world, for that matter) is mainly reserved for sports.

In other words, people who like betting are mostly sports fans and not very interested in the entertainment industry.

Some of the sportsbooks in New Jersey offer regulated Oscars betting. However, the numbers weren’t really satisfying, and the only category that was more popular than the others was Best Picture.

Simply put, people who are not into the Oscars or into movies are mainly interested to see which movie would win the Best Picture award, as it is considered the most important one; although, technically speaking, all Oscars are equally worthy.

One of the sportsbooks that offered to bet on this event was DraftKings. The company was officially given permission by the New Jersey Division of Gaming Enforcement (DGE) to offer Oscars betting, as bettors were available to place wagers in a total of 24 categories.

However, 46 percent of the bets made on the Academy Awards were made for Best Picture.

The next most popular category was Best Director, which was only seven percent of the bets. The Best Actor and Best Actress categories were both at three percent. Finally, the categories of Best Supporting Actor and Best Supporting Actress only attracted about two percent of the bets.

To sum up, although betting on Oscars is still not popular, this could become a thing in the future if marketed properly. When you think of it, the Oscars do present a unique betting opportunity, and, just like in sports, the luck factor plays an important role, as there’s no such thing as an objectively good movie.

In other words, it’s all about getting the opinion of the Academy members right.

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