Since 2019, more than half a dozen states (New Jersey, Massachusetts, Michigan, Colorado, Arizona, and Kansas) have relaxed local gambling restrictions around the Academy Awards, with even more states expected to join in the future. 

On Variety’s podcast Strictly Business, senior betting analyst for Bookies.com Bill Speros explained the differences between betting on the Oscars and sports, “What makes this Oscar betting unique is, there’s no data. When you bet football, for instance, you’re looking at multiple data points. When it comes to the Oscars, there’s no data. If we were betting box office, ‘Top Gun’ would have won like every Oscar, right? Right. So with the Oscars, it’s different. You have to look at — what is the industry sentiment? What are outlets like Variety and others saying about who they believe the favorites are? What, if anything, are members of the Academy saying, which is usually nothing. And then you also look at other awards.”

Speros went on to explain that betting around the Oscars seems especially popular this year in no small part thanks to the “Barbenheimer” phenomenon, “You’ll see people take more interest after they have seen some of these movies. Because a lot of times, these Oscars movies haven’t been seen by a whole lot of people. And this year is different. That’s another reason why these books expect a pretty decent uptick … because of the success at the box office of ‘Barbie’ and ‘Oppenheimer.’” 

Speros also went on to explain how sports betting has been an effective marketing tool and suggests that the Academy of Motion Picture Arts and ABC should invest in it, stating, “The NFL in particular is benefiting from the gambling that keeps people interested in games that aren’t necessarily close. In those situations, the league is benefiting directly from sports betting revenues, and it’s benefiting indirectly from sports betting because betters are watching games until they end — the real pot of gold for all professional sports teams.” Speros reaches a simple conclusion on the subject, “The reason [sports leagues and TV platforms are] embracing gambling is that it increases eyeballs on screens.” Perhaps the increased interest in betting, and the popularity of Barbie and Oppenheimer, will lead to a more popular Oscars ceremony this year.