Oscars Betting Odds — How To Bet On the 2023 Academy Awards

Ted Dahlstrom (tedd)

Created 7 months ago, Last Updated 6 months ago

Grab your popcorn and get ready for some Oscars betting odds! The 95th annual Academy Awards is slated for Sunday, March 12, and more states than ever will allow legal betting on the biggest awards ceremony in the entertainment industry. Here’s what you need to know about the 2023 Oscars betting markets at U.S. sportsbooks.

Where Can You Bet On The Oscars?

Betting on the Oscars is a rather new concept for gamblers in the United States. Unfortunately, not everyone will be able to get in on the action. Though over 30 states have legalized sports betting in some form, only six states will allow their local sportsbooks to post 2023 Oscars betting odds for each of the 23 categories.

Of course, that’s an improvement from just a few years back. In 2019, only New Jersey allowed sportsbooks to offer betting markets for the Academy Awards. Indiana joined the niche betting scene in 2020, and Michigan followed suit in 2021. In 2022, Louisiana and Colorado joined the Oscars betting party, and Massachusetts became the sixth state to allow wagering on the Oscars when they legalized sports betting in 2023.

As time passes and sports betting becomes more of a norm in the U.S., it’s safe to say that more states will follow New Jersey, Indiana and Michigan’s lead. Eventually, betting on the Academy Awards and Grammys could be as common as it is across the pond, where gambling on awards shows and political elections is just like betting on everyday sports.

States With Oscars Betting Odds

• New Jersey
• Indiana
• Michigan
• Colorado
• Louisiana
• Massachusetts

If you aren’t in these states, well, looks like you’ll have to stick to NFL Draft odds, NBA betting, MLB betting, and PGA golf betting. Hopefully, your state will join the festivities next year!

With online betting growing across the country and competition heating up among sportsbooks, don’t be shocked if Virginia, Pennsylvania, and Tennessee try to get in on the Oscars betting action soon. After all, betting on pop culture and award shows like the Academy Awards is one way that sportsbooks like DraftKings, PointsBet, BetMGM, FOX Bet, and FanDuel can introduce their brands to an entirely new population of potential customers.

And even if you aren’t in a state with Oscars wagering, you’ll still want to read these Oscars betting tips if you’re participating in any free-to-play Academy Awards pools with friends and family.

Academy Awards Categories & Odds 2023

In total, there are 23 separate categories that will receive honors Sunday night. Sportsbooks used to only offer odds on a few of the top categories, but now they offer wagering on just about all of them.

Sportsbooks use data when creating odds for any event, including Academy Awards odds. For the Oscars, the data includes results from all the awards shows leading up to the Oscars. Academy Awards odds can swing wildly based on how movies and individual performances were received at the Golden Globes, Critics’ Choics Awards, SAG Awards, and more.

This page will cover the biggest seven categories. All odds are courtesy of our friends at DraftKings. Other books may have slightly different prices, but the favorites are all likely the same.

Odds Updated on March 9, 2023

Best Picture Odds

This award won’t be announced until the end of the night, but Best Picture is what Oscars bettors are most interested in.

Everything Everywhere All At Once enters as the HEAVY favorite to win the biggest award of the night, requiring bettors to risk roughly $1400 for every $100 they want to win. A few weeks ago it was at -280, so you can see how much momentum it has going into Sunday. If you aren’t interested in laying those odds, consider betting on a dark horse like All Quiet on the Western Front at +1100. It didn’t get much buzz when it hit theaters, but many are saying it is the only movie that can possibly take on EEAAO.

The Fabelmans won the Golden Globe for Best Motion Picture – Drama while The Banshees of Inisherin beat out Everything Everywhere All At Once to snag Best Motion Picture – Musical or Comedy. That seems to be where the momentum for those two movies ended. Either of those movies winning the Oscar for Best Picture would be a huge surprise. Right now it will be shocking if EEAAO doesn’t sweep all the major categories. Remember that the favorite wins the Best Picture Oscar most years, so don’t blow your bankroll taking long shots in the biggest category.

Best Director Odds

Speaking of odds-on favorites, it doesn’t get much heavier than Kwan and Scheinert at -1200 to win Best Director. Our advice here is to take “The Daniels” in your Oscars pool but skip any wagering in this category. There is no value in betting $12 just to win $1 and there is almost no chance of any of the other directors winning the award. The only nominee with any sort of chance of winning the Oscar is Steven Spielberg for The Fabelmans. The Academy loves him and they may go with someone they know rather than a newcomer. Still, that is a low-probability outcome.

Best Actress Odds

Now we’re getting into some interesting odds. Cate Blanchett has won two Oscars during her esteemed acting career, most recently nabbing the 2014 Best Actress award for her role in Blue Jasmine. Tar has been nominated for six Oscars, so it makes sense that Blanchett WAS the favorite in this category. Like all the other categories for which it is nominated, Everything Everywhere All At Once has all the momentum going into Sunday. Cate Blanchett was -280 a few weeks back, but she has been replaced as favorite by Michelle Yeoh, who was +175 in February and is now -165.

There are many years when the Academy gives most or all the big awards to one movie, and that seems likely to happen in 2023 with EEAAO. However, getting Blanchett at plus-money is a risk worth taking, in our opinion. She is the best value in this category. The other three aren’t really worth a look, even at those prices. This is a two-woman race.

Best Actor Odds

Here we go! This one is might end up being the closest race from an odds standpoint. As you may be aware, Brendan Fraser made his triumphant return to acting as the lead in The Whale, a gripping story about an overweight man trying to reconnect with his estranged daughter. Audiences have hailed Fraser’s performance, but critics seemed less receptive to the film, scoring it just 65% on Rotten Tomatoes. Whatever anyone’s thoughts on the film, there is no denying that Fraser does a great job and is deserving of a Best Actor nomination.

Newcomer Austin Butler also turned in a triumphant performance as the lead in Elvis, breathing new life into the story of arguably the most famous musician in American history. One look at the preview shows that Butler has mastered his subject, and he makes people believe they are watching Elvis perform on stage.

Even Colin Farrell has been hailed for his role in The Banshees of Inisherin, so we can’t count him out either. This one has varied wildly. Butler had momentum for a while due to his victory at the Golden Globes. However, insiders think Fraser has the better chance as Sunday draws near. Our recommendation here is to go with Butler because he offers plus-money value and was even with Fraser just a few weeks back.

Best Supporting Actress Odds

Angela Bassett has starred in many movies throughout her career, most notably her 1993 Oscar-nominated performance as Tina Turner in What’s Love Got To Do With It. It remains an injustice 30 years later that she didn’t win the Oscar for that role. In Black Panther: Wakanda Forever, Bassett is not the lead character, but that doesn’t stop her from giving an Oscar-worthy performance. She won the Golden Globe for Best Supporting Actress, which is why she is the favorite to win an Oscar.

Jamie Lee Curtis has also had a storied career. Who can forget her role in True Lies or, for those of a certain age, Trading Places. She has recently rocketed up the odds chart, going from +1600 a few weeks back to +150 today, due mostly to the increasing likelihood that EEAAO sweeps every category it has been nominated for. Bassett was -330 in February and now offers plus value at +125. Curtis may have the buzz, but we are sticking with Angela Bassett on this one. Getting her at plus-money is a great value. Our advice is to go (relatively) big on Bassett.

Best Supporting Actor Odds

Here’s some advice: Save your money on this one. Take Ke Huy Quan in your Oscar pool and skip the wagering on this category. You don’t need to know anything about any of the nominated actors to know that Quan has this one wrapped up. Yes, we are aware that Quan lost to Barry Keoghan in the 2023 BAFTA awards. We remain severely unconvinced that Keoghan will pull off the Oscars upset. Quan’s odds of -5000 ($50 to win $1) means he has a 98.04% implied chance to win the award. There is no way he loses. Wagering on any of the other nominees, no matter how appealing the long odds may seem, is not a wise use of your hard-earned bankroll.

Best Original Song Odds

RRR is a critically-acclaimed movie from India. It was a huge hit in its home country but went largely unnoticed here in the States. The movie’s feature song, Naatu Naatu, ended up winning both Golden Globe and Critics’ Choice awards for best song. It is the heavy favorite for that reason.

That said, we suggest the play here is Lift Me Up at +400. Black Panther: Wakanda Forever was adored by critics and audiences and the Black Panther franchise’s commitment to inclusive casting has been hailed by many. The movie has been nominated for five Oscars and Angela Bassett is our pick to win Best Supporting Actress for her role as Queen Ramonda. Additionally, mega-superstar singer Rihanna is now scheduled to sing Life Me Up at the Academy Awards ceremony. Lift Me Up could be the surprise winner if Black Panther: Wakanda Forever wins multiple Oscars. It’s worth a few bucks at +400.

2023 Academy Awards – March 12 at 8 pm ET on ABC

Now that you know the odds, take your seats and lock in your bets, movie lovers! The show starts soon — 8 pm ET on Sunday, March 12.