What are the odds for the best picture category at the Oscars?

The “Barbenheimer” battle has taken a new turn, with the Oscar Awards now offering a chance for fans to place bets on the outcome. This Sunday’s Academy Awards will see “Barbie” and “Oppenheimer” competing for the top honors, including best picture. Gamblers can wager on various categories, including the major awards and lower-profile ones such as best sound or animated short. The popularity of these two films is expected to lead to record-breaking bets on the Oscars.

Legal wagering on the film industry’s highest honors started in New Jersey in 2019, and this year, six additional states allow betting on the Academy Awards. The states believe the Academy Awards has tight controls to prevent disclosures before the winners are revealed on stage at the televised ceremony in Hollywood.

Wagers can be placed at casinos, but most are made online through apps such as DraftKings, BetMGM, and ESPN BET. The popularity of Oscar betting is expected to draw more gamblers, especially those who have no interest in sports betting. While “Barbie” won the box office battle, “Oppenheimer” is the clear favorite for the Best Picture trophy, having won top prizes at the Golden Globes, Screen Actors Guild Awards, and other contests.

The odds for the Oscars have changed as various Hollywood organizations have doled out their picks in recent weeks. For example, a week before the Oscars, it would take a $50 bet on “Oppenheimer” to win back $51 for a $1 profit, while the odds for “Barbie” were 35 to 1.

Oscars betting is a small fraction of the $23 billion expected to be wagered on the Super Bowl, but it offers casinos a chance to attract gamblers who have no interest in sports betting.