Are you a person who is really good at figuring out who will be named Best Actor or what film will be dubbed Best Picture at the Oscars? And do you live in either New Jersey or Indiana? Now you can put your money where your mouth is as the odds are out now that nomination ballots have closed.
Two states are allowing you to do just that. Both Indiana and New Jersey are allowing sportsbooks to offer odds and take wagers on such awards as the best actor, best-supporting actress, and best director. Surprisingly, Nevada is not offering this as an option, however, sportsbooks are offering odds for “entertainment purposes” only.
Indiana had approved wagers being placed on the Oscars as part of their gambling law, which came into effect in September, 2019. This allowed people to wager on non-sporting events as long as they met a set of integrity criteria. In a statement, the Indiana Gaming Commission said that they expected that FanDuel and DraftKings would be the first two sites that would offer odds on this event.
Odds will be offered in six major categories at the event in Indiana. The listis: include Best Picture, Best Actor, Best Actress, Best Actor in a Supporting Role, Best Actress in a Supporting Role and Best Director.
New Jersey had begun offering this option before last year’s Oscar awards. They reported that nearly $750,000 was wagered on the Academy Awards, with the sportsbooks keeping about 25% of that money.
They will be offering people in New Jersey the opportunity to bet on this event again this year. It is expected that DraftKings among others will offer odds and take wagers. They are expected to offer odds in a dozen different categories.
Interestingly enough, wagering on the Oscars is not part of the sports betting law enacted in New Jersey. Wagering on this event falls under the state Division of Gaming Enforcement as an “online casino game” according to the law.
While Indiana will be new to the Academy Awards wagers, this is not the only event that will likely draw a large number of bets in the upcoming months. The Indiana law makes it legal for persons to wager on elections as well.