"DraftKings Sportsbook director Johnny Avello said last year that his trading team relies on trade publications like GoldDerby, which specializes in tracking and predicting entertainment awards shows, to make the odds for the Oscars. He told ESPN ahead of this year's ceremony that one added factor is the continued emergence of prediction markets, which are perhaps more in tune with non-sports-related wagering and rely more closely on the movement of markets."
"As opposed to traditional online sportsbooks that are permitted to offer Academy Awards betting only in the U.S., prediction markets have a wider reach, offering Oscars betting in any state where it's allowed. Prediction market platform Polymarket extended its influence when it showed live event contracts during the Golden Globes broadcast in January."
"Amid the ever-increasing pervasiveness of betting (especially with the normalization of wagering on events outside of sports), Oscars betting has become more relevant than ever. The Academy Awards might not be the typical betting event of the year, but it's one that presents an intriguing challenge to bettors while celebrating a historic art form."
The Academy Awards have emerged as a major betting event alongside traditional sports like the Super Bowl and NCAA tournament. Sportsbooks like DraftKings rely on entertainment trade publications such as GoldDerby to establish Oscars odds, while prediction markets like Polymarket offer broader accessibility across states. Both traditional sportsbooks and prediction markets produce similar odds and contract prices, though they employ different methodologies. Prediction markets have expanded their reach by displaying live event contracts during major entertainment broadcasts. The normalization of wagering on non-sports events has made Oscars betting increasingly relevant to the betting industry.
Read at ESPN.com
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