This is the first year you can bet on the Oscars in the US … and it likely won’t be the last

While international bookmakers have allowed Americans to bet on the Oscars, this is the first time they could legally place bets domestically.
The 91st yearly Academy Awards are scheduled for Sunday night.
New Jersey is the only state allowing such bets, but the growth from conventional gaming — horse and dog racing and sport — signals a fascination by gaming commissions to pursue a larger consumer base.
“New Jersey is using the commercial opportunities,” explained Chad Millman, head of press for the sports betting analysis company Action Network. “They are a newcomer to the market and trying to expand their customer base.”
About a dozen sportbooks, including FanDuel and DraftKings, are offering wagers. Some are allowing bets on all categories up for awards while others are just doing the large six — best film, best director, best actor, best actress, best supporting actor and best supporting actress.
“There is potential clients who may not be interested in athletics, but that are interested in Hollywood,” said Emily Bass, spokeswoman in FanDuel. “Thus, this is a perfect way for us to reach that market.”
This season is very much a trial season for this type of gambling. Millman said other states will probably be paying close attention to the way New Jersey’s Oscar betting performs. If it’s deemed successful, he said, other areas in the U.S. could open this up betting pool next year.
Don’t expect to make a lot of money on your stakes. A lot of the reason that the Academy Awards has not been utilized in betting pools in the United States is the fact that there’s a known outcome. While the winners are a tightly guarded secret, there is the risk that somebody could figure out who they are.
“Nevada hasn’t done the Oscars,” said Jessica Welman, sports betting analyst for “They don’t touch the Oscars.”
It’s also the reason the stakes themselves are relatively low. Welman traveled to New Jersey to try out the different sportbooks, and if she tried to put $20 down “Black Panther” for best picture, she had been told that the greatest she could wager was 3.88. The payout, if she needs to win, would be about $107.
“Seems like everyone is keeping an eye on it and keeping it small,” she said. “They aren’t making it rewarding enough for anybody to throw things or cheat or collude.”
In reality, the most significant pot she could have won was roughly $860 about the editing group if”Bohemian Rhapsody” took home the trophy.
“No one will earn a living doing so,” Welman said.
For a while now, fans of the Oscars have completed their very own office pools, betting small sums only for fun, not to earn a profit. Millman equates it to the prop bets that buffs do during events such as the Super Bowl. Prop stakes are novelty aspect bets made on things that occur during an event instead of predict the outcome of the occasion.
For example, through the Super Bowl, hundreds of prop bets are available ranging from which group would be penalized first to the color of the Gaterade dumped on the winning coach.
The growth in popularity of these novelty bets hasn’t just motivated traditional gambling companies, but for free-to-play apps and websites.
Tally is one such program. The forecast game has been co-founded by Seattle Seahawks quarterback Russell Wilson and seeks to drive engagement with fans during live television events.
Tally started as a means for sports fans to forecast the outcomes of NFL and NCAA football games without putting any money up front. Once that gained traction, the company began doing it for nonsporting events such as the Golden Globes, the State of the Union and”The Bachelor” reality TV show.
By way of example, for the Golden Globes Tally did a traditional prediction spread for all the categories, but for”The Bachelor” it allowed fans to wager on the amount of times women would disrupt each other to talk together with the mentor and how many times it had been cited during the premiere event that mentor Colton Underwood was a virgin.
For the State of this Union, Tally had prop bets on how many occasions President Donald Trump employed the word”crisis” or stated”make America great again.”
Since Tally is free-to-play, it is not considered gambling and therefore, the company may offer unique prop bets for occasions which other gaming institutions can’t, said Jason LeeKeenan, Tally co-founder and CEO.
For the Oscars, Tally will probably be doing a similar set up as the Golden Globes. Fans can make predictions for each of the awards for a chance at a $5,000 jackpot should they get them correct.
LeeKeenan noted that the scoring does differ dependent on the number of different individuals who also made that prediction.The number of points are related to how many people selected that forecast, ” he explained.
“You get more points for upsets,” LeeKeenan said.
The man who gets the most points will receive $250. Second place gets $100 and that amount decreases all the way down to 10th location.
LeeKeenan stated Tally’s type of betting will probably expand beyond the Oscars and sports into other tv events like the previous season of”Game of Thrones” and other hotly anticipated premieres.
“Live events, that is the future of television,” LeeKeenan said.

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