Online gambling sites set odds and take bets on Oscar favorites

By Ezekiel Hernandez,

Las Vegas is the prime destination for betting on all kinds of outcomes and serves as the authority on making the odds. Many don’t know that it actually does set the odds for the Oscars as well. The only catch is it’s just forbidden by law to let people put real money on it, since a few people do know the winners beforehand.

Still, individuals can put down real money on online betting sites, according to the Los Angeles Times. Kevin Bradley, the manager for Canada-based gambling site Bovada, said that the industry is growing, with a 20 percent increase in business on this year’s Academy Awards.

According to the San Francisco Chronicle site managers place limits on the amount of money individuals can bet for the Academies, given that the results are chosen prior to their announcement. Before this week, Bradley only allowed bets up to $100, but has since extended the limit restrictions to $500, and considered the jump to $1,000 on Oscar night.

Vegas’ Wynn resort posted their thoughts (in numbers) on who they thought would win Sunday’s best picture. Argo was the big favorite, paying one dollar to every two. Runner up was Lincoln, who would pay you nine dollars to every five. Over-the-top racial content is probably why Django payed 125 to 1, and most people didn’t even know that 250 to 1 long shot Beasts of the Southern Wild was even nominated.

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