After a long year, Saturday we concluded the 2020 music year with the completion of the Grammy Awards. The top musicians performed in Los Angeles with no fans present. Now that the Grammy awards are completed, we can turn our attention to the Oscars and how to bet on awards shows.
Betting on an award sshow is not like regular sports betting. There is rarely a lot of statistics that go into awards show bets. Furthermore, it is important to keep track of the narrative and buzz going into the show. For instance, Leonard DiCaprio had been snubbed multiple times for the best actor award. He had excellent performances in Catch Me If You Can, The Wolf Of Wall Street, and Blood Diamond. None of which won an award for best actor.
Thus, the narrative going into 2016 was that he was overdue for an Oscar, despite 2015’s The Revenant being far from his best movie. He would go on to win the award as a -700 favorite in 2016. It is not uncommon to see extremely lopsided odds on entertainment and awards shows – making it much more important to find value where possible.
How To Find Value When Betting On Awards Shows
Like anything in show business – movies are narrative-driven. They take into account political, social, and economic events that are going on at the time. When finding value in betting on these awards shows, it is ideal to make sure you have watched or listened to the media in question.
For instance, many expected 1917 to win the award for Best Picture at the Academy Awards (aka the Oscars) in 2020. DraftKings Sportsbook had 1917 as a -167 favorite to win Best Picture. Having seen all of the movies listed, however, you would know that the Parasite had a lot of fanfare.
Parasite took the social, economic, and political themes to a whole new level. They would cash as +225 underdogs and cleaned up most of the awards. This is just one case, however, you would be keen to watch or listen to find what they are really about.
In layman’s terms, the underlying message cannot be understated when looking for value. Oftentimes, the most important album, show, or movie, is the one that incorporates real-life issues with their artistry.
Sportsbooks That Allow Betting On Awards Shows
Many sportsbooks are now offering award show betting. There is specific licensing that sportsbooks must go through to offer these bets, though, and they are only available in certain states. New Jersey sports betting typically allows you to bet on awards shows – while many other states do not.
Lastly, below is a list of sportsbooks that have historically offered betting on award shows in states that allow it. The expectation is that states who did not allow for it in the past will become significantly more lenient now more than ever.
The 2021 Oscars nominees have been released and odds could be released by more sportsbooks than ever. It will be exciting to see the new options that are allowed to be apart of this increasingly popular market.