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Oscars Odds 2020: How To Bet on the Academy Awards Online
4th February, 21:27The ability to bet on the Academy Awards is a relatively new phenomenon in the US. Since sports betting was legalized in 2018, some states have moved toward allowing sportsbooks to take action on unique events, like awards shows, e-sports, and maybe even the election.
Oscars betting is legal in two states:
Other states that offer online wagering, including Pennsylvania and Iowa, do not allow for betting on events with predertmined outcomes. But more progressive betting states like NJ and IN know Academy Awards results are well-protected, and therefore can safely be bet on without a significant risk of fraud.
Currently, only a few apps offer you the ability to bet on Oscars markets. They are:
Your best option is DraftKings, which is currently offering 10-to-1 odds on any movie to win Best Picture if you're a new user and placing your first bet with them.
Here's the full list of current Oscars betting categories:
1917, winner of the Golden Globe for Best Picture, is the odds-on favorite. Their -250 odds mean you would have to bet $250 to win $100. Of course, if you take advantage of DraftKings' promo, then you'd only have to bet $10. Parasite and Once Upon A Time in Hollwood are the biggest challengers.
Renee Zellweger is a heavy favorite with no real challenger other than Scar-Jo.
When you chose DraftKings or FOX Bet to bet on the Oscars, you'll want to understand a few basics with regard to betting.
Oscars odds are presented as "futures" odds- this means you can wager a certain amount to win a predetermined amount if your outcome happens.
Everything is based on a $100 scale, though you don't actually have to bet $100. In fact, you can bet as little as $1.
Negative odds (like, -300) mean you have to wager $300 to win $100 ($400 in total- your $300 back + $100 winnings), or $3 to win $1.
Positive odds (like, +850) mean you can wager $100 to win $850 ($950 total).
Odds are set based on probability of an outcome and where other bets are coming in. Sportsbooks may change the odds at any time if they want to encourage more bets on a certain outcome to limit their risk on another. But whatever price you lock your bet in at is the price you'll get- regardless of where the closing line stands.
And while it might seem like + odds provide more value (they often do), it's worth considering that something like +850 odds imply an only 10% chance of the event happening- so it is a much riskier bet. Negative odds, on the other hand, are likely to happen, and so the payout isn't as great.
For betting on the Oscars, you need not worry about things like the spread, total, or parlays, which you may have heard about if you're into sports betting.
Legal sports betting is a heavily regulated industry, meaning the app signup process will be more involved than other apps. Not prohibitively so, but here's the information you can expect to provide when signing up:
This may seem like a lot - and it is - but things like SSN and drivers license are requested to verify your identity and that you're at least 21, the legal betting age in most states. Bank or credit card info is needed to deposit funds into your betting account. Some operators offer other online payment methods, but typically the best method is online banking access, as several credit card providers block payments to gambling sites. But you shouldn't worry about how this data will be used- all betting apps are heavily regulated and secure with your data.