'Barbenheimer' mania fuels U.S. gambling on the Oscars
04/03/2024 11:00
By Lisa Richwine
LOS ANGELES, March 4 (Reuters) - After a summer face-off
at the box office, the "Barbenheimer" battle is headed to online
gambling sites in the United States.
New Jersey, Massachusetts and five other states allow
wagering on this Sunday's Academy Awards, where "Barbie" and
"Oppenheimer" will compete for best picture and other honors.
Gamblers can put their money on top prizes such as best
picture, actor or actress, or take a chance on lower-profile
categories such as best sound or animated short.
The popularity of "Barbie" and "Oppenheimer" will likely
translate to record sums bet on the Oscars, said Bill Speros,
senior betting analyst at Bookies.com, a website owned by
Gambling.com Group 6WF.H . Legal wagering on the film
industry's highest honors started in New Jersey in 2019.
This year "is the first opportunity for people to bet on two
films, and stars from those films, that have had real mass
appeal," Speros said. "You have two movies that everybody's
seen."
Gambling has been on the rise in the United States since
2018 when the Supreme Court cleared the way for sports betting
to expand nationwide. State officials have embraced it as a way
to boost tax revenue and keep people from illegal wagering,
despite the risks to gamblers of financial losses.
While exact figures are not disclosed, last month's Super
Bowl was expected to draw $23 billion in wagers, according to a
survey released by the American Gaming Association.
Oscars betting is a small fraction of that - "you will get
more money on a regular-season NBA game," Speros said - but it
gives casinos a chance to draw gamblers who have no interest in
sporting events.
Wagers can be placed at casinos, but most are made online
through apps such as DraftKings DKNG.O , BetMGM MGM.N and
ESPN BET DIS.N .
Johnny Avello, director of race and sports operations at
DraftKings, said the company sees higher participation from
women around the Oscars.
"They say 'I don't want to bet on football, but now you're
talking Academy Awards and now you're in my wheelhouse'," Avello
said. "I believe that's why we see higher engagement this time
of year."
In addition to New Jersey and Massachusetts, Oscars betting
is allowed in Michigan, Indiana, Arizona, Kansas and Louisiana.
California, the home of the Academy Awards, does not allow
wagering on the honors.
Several other states prohibit gambling on events with
predetermined outcomes, such as the Oscars, because of the risk
the results could leak out in advance.
The states that do allow Oscar bets believe the Academy
Awards has tight controls to prevent disclosures before winners
are revealed on stage at the televised ceremony in Hollywood,
Speros said.
Wagering is possible in some or all of the 23 televised
Oscar categories.
In Ontario, Canada, FanDuel FLTRF.L is offering bets on
which Barbie outfit actress Margot Robbie will wear, or whether
someone will fall while accepting an award. Those types of
wagers, unrelated to the winners, are not permitted in any U.S.
state.
The odds on Sunday's outcomes have changed as various
Hollywood organizations doled out their picks in recent weeks.
While "Barbie" won the box office battle with $1.4 billion
in global ticket sales, "Oppenheimer" is the clear leader for
the best picture trophy. The movie about the race to build the
atomic bomb has grabbed top prizes at the Golden Globes, Screen
Actors Guild Awards and other contests.
A week before the Oscars, it would take a $50 bet on
"Oppenheimer" to win back $51 for a $1 profit, according to
DraftKings. The odds for "Barbie" were 35 to 1.
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(Reporting by Lisa Richwine; Editing by Mary Milliken and
Jonathan Oatis)
((lisa.richwine@thomsonreuters.com;
Follow me on Twitter @LARichwine;
1-424-434-7324;
Reuters Messaging:
lisa.richwine.thomsonreuters.com@reuters.net))