The 2021 Oscars (93rd Academy Awards) is set to take place on April 25, 2021 as some sportsbooks such as DraftKings are beginning to release early odds. In 2020, only Indiana and New Jersey allowed legal betting on the Academy Awards although there is hope more states legalize the market.
Along with the well-known award show, other entertainment markets typically see regulated odds available in Europe - most notably the United Kingdom. This includes the Grammys, Emmys, Golden Globes and various other special markets.
Betting Trends & Odds provided by DraftKings, which are subject to change.
Best Supporting Actor
How to Handicap the 2021 Oscars
VegasInisder.com entertainment expert Thom Cunningham provides all the details on the 2021 Oscars as he does a one-on-one interview with DraftKings Sportsbook oddsmaker Johnny Avello.
What Odds Are Offered For The Oscars?
Typically, most of the big categories will see odds offered at the Academy Awards. The most popular categories include Best Picture, Best Lead Actor and Best Lead Actress.
The other categories range from popular ones such as Best Supporting Actor/Actress and Best Director to the smaller-known categories such as Best Costume Design and Best Sound.
While betting on the Academy Awards or any award show is only legal in two states, these betting markets could be available any year in states with legal betting moving forward.
2021 Oscar Odds: Key Info
Show Date: April 25, 2021
Time/Network: 8 p.m. (ET) / ABC
Who Picks Oscars Winners?
The Academy of Motion Picture Arts and Sciences picks the winners of each category for the Oscars. There are over 8,000 members that make up the organization, which comes from a variety of positions within the film industry.
The Academy is made up of 'branches'. There are specific branches, each branch having at least one category at the Oscars. The branches include:
Each branch has at least one category, in which specific branch members nominate and vote on winners. Directors nominate and vote for directors, production designers nominate and vote for other production designers, etc...
Best Picture Oscars Voting
The Best Picture category is the only category that uses a different voting system to pick its winner. All the other categories, members get just one vote. With the Best Picture category, members rank the movies in order of preference.
This is because there are so many nominations for Best Picture now (up to nine in 2020), the Academy wanted to avoid a winner only receiving a possible 10% of votes. The system used for the Best Picture category is known as 'preferential voting'.
This system, according to Variety adds up all the No. 1 votes first. If those votes exceed 50% then the film wins, although this is apparently a very rare circumstance.
If a film that receives the most No. 1 votes is under 50%, then the counting goes to the most No. 2 votes until a film exceeds 50%. If no film has over 50% of the votes after counting all No. 1 and No. 2 votes, then the counting moves to the most No. 3 votes. This is repeated until a film goes over the 50% mark.
How to Bet on 2021 Oscars Odds
Betting on the Oscars is no different than a typical sports wager. You have your typical money-line for one favorite and multiple underdogs. This betting is most common with motorsports or golf betting, essentially 'group betting' a winner. Below is an example of what odds looked liked for one of last year's categories.
2020 Best Picture Odds
Once Upon A Time In Hollywood (+950)
The Irishman (+6600)
Jojo Rabbit (+9000)
Marriage Story (+10000)
Little Women (+15000)
Ford v Ferrari (+25000)
If a bettor wanted to wager on Parasite to win Best Picture, then it would cost a bettor $100 to possibly win back $300 ($100 wager + $200 winnings). If a bettor wanted to wager on 1917 to win instead, then it would cost a bettor $167 to possibly win back $267 ($167 wager + $100 winnings).