Following a summer big office showdown, the “Barbenheimer” war is making its way to American internet gaming platforms.
Betting on this Sunday’s Academy Awards, where “Barbie” and “Oppenheimer” will vie for best film and other honors, is legal in New Jersey, Massachusetts, and five other states.
Gamblers have two options: they can bet on more obscure categories like best sound or animated short, or they can place their money on the big rewards like best picture, actor, or actress.
“Barbie” and “Oppenheimer” are expected to bring in historic amounts of money from bets on the Oscars, according to Bill Speros, senior betting analyst at Bookies.com, a website run by the Gambling.com Group. 2019 saw the introduction of legal betting on the biggest awards in the film industry in New Jersey.
The present year “is the first opportunity for people to bet on two films, and stars from those films, that have had real mass appeal,” Speros stated. “You have two movies that everybody’s seen.”
Following the Supreme Court’s 2018 decision to permit sports betting to become legal across the country, gambling has become more popular in the United States. Although there is a risk of financial loss for gamblers, state officials have welcomed it as a tool to increase tax income and prevent people from engaging in unlawful wagering.
The American Gaming Association produced a study estimating that last month’s Super Bowl would bring in $23 billion in wagers, while precise numbers are not available.
Although Oscars betting is a tiny portion of that—”you will get more money on a regular-season NBA game,” stated Speros—it offers casinos an opportunity to attract gamblers who are uninterested in sports.
While wagers can be made at casinos, the majority are put online via applications like ESPN BET (DIS.N), BetMGM (MGM.N), and DraftKings (DKNG.O), which open new tabs.
Women participate in the Oscars at a greater extent, according to DraftKings head of race and sports operations Johnny Avello.
“They say ‘I don’t want to bet on football, but now you’re talking Academy Awards and now you’re in my wheelhouse’,” Avello stated. “I believe that’s why we see higher engagement this time of year.”
Due to the possibility that the results may be leaked ahead of time, several other states forbid gambling on events with preset outcomes, including the Oscars.
According to Speros, the states that permit Oscar wagering think the organization has strict measures in place to stop leaks before the winners are announced live during the highly publicized ceremony in Hollywood.
All 23 of the broadcast Oscar categories are open to wagering.
FanDuel (FLTRF.L), a new page on its website in Ontario, Canada, is taking bets on things like the Barbie costume that actress Margot Robbie will don or if someone will trip and fall while presenting an award. These kinds of bets, which have nothing to do with the winners, are illegal in every state in the union.
Due to the distribution of choices by different Hollywood groups in recent weeks, the chances for Sunday’s results have shifted.
With $1.4 billion in worldwide ticket sales, “Barbie” emerged victorious in the box office war, while “Oppenheimer” remains the overwhelming favorite to win the best picture award. Top honors at the Golden Globes, Screen Actors Guild Awards, and other competitions have gone to the film about the race to produce the atomic weapon.
According to DraftKings, a week prior to the Oscars, a $50 wager on “Oppenheimer” would need to earn back $51 for a $1 profit. “Barbie” had a 35 to 1 chance.
