How Oscar Betting Works: Your Step-by-Step Guide

The legal landscape of Oscar betting: what you should remember before you bet

Before you place any wagers, it's crucial and important to understand the legal framework surrounding Oscar betting. That said, you should always keep the following in mind:

• New Jersey: In the United States, New Jersey stands out as the pioneer in legal Oscar betting. Case in point: in 2019, the New Jersey Division of Gaming Enforcement authorized licensed sportsbooks to accept bets on the Academy Awards, marking the first instance of legal Oscars betting in the US. This means that if you would like to legally make bets on the Oscars, such as what film would win Best Picture or which actor would take home the Best Actor award, you must go to New Jersey in order to place your wager. You don’t have to be a resident – you can just visit the state and place your bets in any regulated casino and sports betting website operating in New Jersey.
• Offshore betting sites: For those who live outside New Jersey or in regions where Oscar betting isn't legalized, offshore sportsbooks offer an alternative. These platforms, while operating outside US jurisdiction, provide betting options on various entertainment events, including the Oscars. However, a word of warning: engaging with offshore sportsbooks carries inherent risks, such as legal repercussions and potential issues with bet payouts. It’s better to be safe than sorry, so if you have the option, it’s best to stick to regulated and licensed betting sites and bet in a state that’s legal (i.e., New Jersey).

Steps to bet on the Oscars

After all the facts mentioned above, if you want to engage in Oscar betting, it’s easy enough. There are several key steps to Oscar betting, and these are as follows:

1. Select a reputable sportsbook

For New Jersey residents or visitors: We highly recommend that you opt for state-licensed sportsbooks, as you can be sure that they are authorized by the New Jersey Division of Gaming Enforcement. In addition, go for platforms like FanDuel and DraftKings, as they have previously offered Oscar betting markets.

For non-New Jersey residents: If you are considering offshore sportsbooks, make sure to conduct thorough research about these sportsbooks. You should, for instance, assess their credibility, look at user reviews, and evaluate their payout histories. Remember, these platforms operate outside US regulations, which may pose additional risks, such as not getting your payout, getting your identity stolen, and more.

2. Create an account

Registration: To register, you must provide all the necessary personal information, including your name and address as well as date of birth.

Verification: You must also submit all the required documents to verify your identity and location.

Funding: After you have done the above, it’s time to deposit funds to your account. You can deposit funds into your account using the available payment methods, and most sportsbooks accept credit/debit cards, bank transfers, or e-wallets.

3. Understand the betting odds

You should also familiarize yourself with how betting odds are presented:

American odds: These are displayed as positive (+) or negative (-) numbers. For example, if a nominee has odds of +150, a $100 bet would yield a $150 profit upon winning. Conversely, if a nominee has odds of -150, this means you would need to bet $150 to win $100.

4. Explore betting markets

Oscar betting in the US offers various betting markets, as follows:

Category winners: You will be betting on who will win specific awards, such as Best Picture, Best Director, Best Actor, and Best Actress.

Proposition bets (prop bets): These are wagers on specific occurrences during the event, such as the length of acceptance speeches or the number of awards a particular film will win.

Aside from the above, the Oscar betting markets for this year’s Best Picture, to give you an idea, are below. Note that you can bet in Canada or New Jersey with Bet365 and DraftKings (but to be extra sure, visit the sites to get first-hand info):

5. Place your bet

Selection: Once you are in your account, navigate to the desired category and select your preferred nominee.

Wagering: All you have to do at this point is enter the amount you wish to bet. The platform will display potential payouts based on current odds.

Confirmation: You should make it a point to review your bet for accuracy and confirm the wager.

Tips and strategies for successful Oscar betting

If you would like to enhance your betting experience even further, consider the following strategies:

Research and stay informed

Know the awards season trends: You should monitor the outcomes of precursor events like the Golden Globes, Screen Actors Guild Awards, and BAFTAs, as they often influence Oscar results. These awards shows are particularly important, as they often (but not always) give an indication of the winners for that year.

For instance, this year’s Oscars has strong contenders for Best Actor, such as Adrien Brody (The Brutalist), Ralph Fiennes (Conclave), and Timothee Chalamet (A Complete Unknown), among many others. For Best Actress in the 2025 Oscars, the favorites are Demi Moore (The Substance), Mikey Madison (Anora), Karla Sofia Gascon (Emilia Perez), Fernanda Torres (I’m Still Here), and Cynthia Erivo (Wicked). For Best Picture, the nods go to The Brutalist, Conclave, Anora, Wicked, Emilia Perez, and Dune: Part Two. So make sure you stay tuned, keep your ears close to the ground, and find the crowd favorites. Although no one can really predict the winners, knowing the trends will give you better chances of winning.

Know the buzz in the industry: It is also recommended that you stay updated with entertainment news, film reviews, and industry analyses to gauge momentum and public sentiment around nominees. You can even practice by using an Oscars betting sheet – here’s an example. This spreadsheet was made by a Reddit user, and as you can see, they listed down the Oscar 2025 would-be bets. But it is made in such a way that you can easily fill in your chosen year and the Oscars Tracker sheet will be automatically updated. Of course, you can make your own if you so choose, but the Oscars Tracker makes things so much easier and more convenient!

Analyze the betting odds

Line movement: You should also observe how the odds change leading up to the main event. Significant shifts, for instance, can indicate emerging favorites or underdogs gaining traction. You can refer to the table we made here. As you will see, we have listed the odds for Best Picture, Best Actor, and Best Actress, based on odds presented by popular sportsbooks. But again, keep in mind that these odds can still change, especially in the weeks leading up to the Oscars. These can simply serve as a guideline to help you gain a better understanding of your winning chances.

Comparative analysis: You can also compare odds across multiple sportsbooks so that you can identify value bets and ensure you're getting the best possible return.

Manage your bankroll

Set a budget: It’s important that you set your budget early on, as this will help you determine the amount you're willing to wager. Having a set budget will also help you avoid exceeding your limit. Remember: bet only what you can realistically afford to lose!

Diversify your bets: If you are familiar with stocks, you might also want to consider spreading your bets or wagers across multiple categories (diversifying your income streams) or outcomes to mitigate potential losses.

Other important considerations

Legal compliance: It’s your responsibility (and no one else’s) to ensure you're adhering to local laws and regulations regarding gambling. If you engage with unauthorized platforms, this can lead to legal consequences – so it’s best to be safe than sorry!

Responsible gambling: If you are betting, betting should be done for entertainment purposes only. Avoid chasing your losses and seek support if you feel your gambling has become increasingly problematic.

Offshore betting risks: While yes, there are a number of offshore sportsbooks that provide access to Oscar betting, bear in mind that they operate outside US legal jurisdiction. This can pose many challenges related to legal protections and dispute resolutions. In other words, if they are not regulated in the US, you will not have any necessary support and back-up in case there is a dispute that arises, especially when it comes to payouts!

While there’s no denying that betting on the Oscars adds an extra layer of excitement to the annual celebration of cinematic excellence (and it’s a super fun activity you can do with your friends), you also have to have a clear idea of the rules and regulations. By understanding the legal landscape of Oscars betting, selecting only the most reputable platforms, and employing informed betting strategies, you can enhance your viewing and wagering experience. Lastly, always prioritize responsible gambling and stay informed to make educated wagering decisions.

Our final say

Betting on the Oscars adds a thrilling dimension to an already dazzling and glamorous event – and it makes Hollywood’s biggest night even more engaging for entertainment fans and enthusiasts! But it doesn’t really matter if you’re a seasoned bettor, just testing the waters, or having fun with your friends - understanding the legal landscape of betting in the US and choosing reputable sportsbooks is understandably crucial for a safe and enjoyable experience. While New Jersey offers the only regulated option in the US, offshore platforms exist – but remember that they come with risks, making it essential to proceed with caution. We’d even go so far as saying that it’s best to avoid them altogether and visit New Jersey instead!

In addition, a successful Oscar betting strategy hinges on thorough research and staying updated on awards season trends. You also have to analyze the betting odds for potential value. Watching the buzz in the industry, following precursor awards like the Golden Globes and BAFTAs, and tracking odds fluctuations can further improve your chances of making well-informed wagers. Next, don’t forget the next crucial part: managing your bankroll and diversifying your bets can also help mitigate the losses you may incur and enhance your overall betting experience.

Ultimately, Oscar betting should always remain an entertaining and responsible activity. Whether your chosen nominees take home the golden statuette or not, the thrill of predicting winners and engaging in the excitement of Hollywood’s grandest celebration makes the experience worthwhile. So, enjoy the spectacle, bet smartly, and may your predictions turn out to be award-winning!