Indiana Becomes The Second State To Authorize Betting On The Oscars

Despite only being operational for a few months, Indiana continues to lead in sports betting innovation. The Indiana Gaming Commission (IGC) declared on Wednesday that it will permit the state’s sportsbooks to take bets on the Academy Awards.

Last year, New Jersey stood alone as the only state to authorize regulated betting on the Oscars. However, this year Indiana will enter the scene. DraftKings Sportsbook has already made odds available in all 24 Oscars categories in New Jersey.

It remains unclear if every category will be available for betting on Indiana’s online betting apps. The Indiana Gaming Commission’s website only mentioned “category winners”, without specifying the particular categories that will be offered.

1917 is currently the favorite to win the Best Picture Oscar.

If you’re new to Oscars betting, each nominee in every category has a moneyline indicating their odds of winning an Oscar in that specific category. Here’s a snapshot of the DraftKings odds for Best Picture as of January 22:

1917: -200
Parasite: +300
Once Upon a Time in Hollywood: +500
Joker: +1,200
The Irishman: +3,300
Marriage Story: +6,600
Jojo Rabbit: +8,000
Little Women: +10,000
Ford v Ferrari: +20,000

What does this odds interpretation signify? As the favored one, 1917 has odds of -200. This implies that if you stake $20, your winnings would amount to $30, giving you a profit of $10. Conversely, Parasite has odds of +300. This means if you place a $10 wager on that movie, your returns would be $40, yielding a profit of $30.

Don’t assume that you can earn thousands of dollars from betting on the Oscars. Last year, sportsbooks in New Jersey limited betting to ensure that winnings wouldn’t exceed a few thousand dollars. This practice is typical with niche markets and Super Bowl prop bets. Regulated, legitimate sportsbooks aim to provide the thrill of betting, but due to the possibility of insider information, the potential for significant earnings is restricted.

FanDuel and DraftKings will provide betting on the Oscars for Indiana.

Sara Tait, Executive Director of IGC, informed the Northwest Times that the Oscars have been given the all-clear. Nevertheless, if necessary, sportsbooks have the flexibility to remove the bets from the board.

We carried out an examination and ascertained that the request complies with both statutory requirements and IGC standards, therefore the requests were approved. In the event that certain activities lose their integrity due to unforeseen circumstances, the IGC reserves the right to alter its course based on new information.

In 2018, New Jersey took approximately $1 million in bets related to the film industry’s most significant awards. This amount is relatively small in the broader context.

However, attracting new bettors through niche markets like Oscars betting is more valuable to Indiana sportsbooks than just the vigorish on those bets. Encouraging new users to sign up, particularly in an emerging market like Indiana, is a significant victory for online sportsbooks.

Promoting betting, particularly Oscars betting, could potentially hasten the acceptance and expansion of online betting within the state. In December, online betting accounted for 67% of all bets. In more mature markets such as New Jersey and Pennsylvania, online betting makes up over 80% of all bets.