The 97th Academy Awards will be announced on March 2. The ceremony airs starting at 7 p.m. ET on ABC. The show will be hosted by longtime TV late-night host Conan O'Brien for the first time. 

Here is our 2025 Academy Awards betting guide, complete with odds, and predictions for the winners in the top key categories. We will continue to update this guide once full odds and, eventually, the nominees are announced. 

Wagering on the Oscars has been legal in the United States since 2019. Next year, betting sites in New Jersey, Michigan, Indiana, Arizona, Kansas, Colorado, Massachusetts and Louisiana are expected to take wagers on Hollywood’s biggest night of the year. Legal sports betting sites in Ontario are also booking action.

Not all legal sportsbooks are taking wagers on the Academy Awards, even if permitted to do so. 

The Oscar nominees were announced Thursday. Final voting takes place from February 11-18.

O'Brien replaced Jimmy Kimmel as the host. Viewership rebounded in 2024. About 19.5 million watched. That was a sizable jump from 18.7 million in 2023. Viewership bottomed in 2021 when just 10.4 million people watched. That was the smallest TV audience in Oscars history (since the first measurement in 1974). The numbers bounced back in 2022 to about 16 million, largely thanks to the Chris Rock-Will Smith slap and the stir it caused on social media.

Betting Odds To Be Offered In 23 Categories

FanDuel, for example, took Academy Awards bets just in New Jersey in 2024, and accepted wagers on just six categories.  BetMGM is approved for Academy Awards wagering in Indiana, Michigan, and Louisiana. DraftKings and Caesars Sportsbook had betting available in all states where it was allowed in 2024, except Colorado.

In 2025, DraftKings and FanDuel are expected to eventually offer markets on all 23 categories.

"We post these early odds on the Oscars because people are interested," DraftKings Director of Race and Sports Johnny Avello told bookies.com. "Many of these films have not yet been released. We'll see lots of changes for sure." 

The success of "Barbie" and "Oppenheimer" at the box office helped push Oscar betting to a new record in 2024, operators said. "Oppenheimer" received 11 nominations and won 7 awards, including “Best Picture.”

"Barbie" had 8 nominations but took home just one statue for “Best Original Song."

The allowed amount of wagers varies by state.  Avello said most Oscars bets taken by his book range between $5-$500. He wrote his first ticket in Las Vegas in 1984 and invented the Oscars betting market during his days on the OG Strip.

97th Academy Awards Odds & Predictions

There are multiple awards given out before the Oscars that can be both predictive and drive these markets. Chief among them are the prizes awarded by the Screen Actors Guild, the Directors Guild of America, the British Film Academy Awards, and the Golden Globes, which were awarded on January 5. 

Here is a breakdown of the Oscars odds listed by their best available price, our picks, and the buzz on each of the six major Oscars categories (when available).

Best Picture - 97th Academy Awards Odds

(Odds via at DraftKings.) 

Oscars Best Picture Betting Analysis

The Buzz: “The Brutalist,” like last year's winner “Oppenheimer,” carries with it the push of real-life events driving its interest, and potentially box office and any platitudes. It debuted well at the Venice Film Festival in September. "The Brutalist" saw its odds spike from +222 to -165 after its win at the Golden Globes. That number softened a bit to -125 once the finalists were announced. That film tells the story of a Holocaust survivor finding his way into American life. It won the Globe for best drama, best actor (Adrien Brody) and best director (Brady Corbet). While the film is fictional, it’s based on the real-life story of director Corbet and his mother. 

Another film enjoying a post-Globes bounce is the Netflix Spanish-language musical "Emilia Perez." It details the exploits of a Mexican attorney who has the unusual challenge of aiding a cartel drug lord work his way into retirement and to transitioning into living as a woman. "Emilia Perez" opened at +600 in this market, but saw its price more than double as it opened post-Globes at +275. It, too, settled back a bit after the Oscar nominees were announced. "Anora" had 5 Globe nominations but won nothing. Its price slipped from +350 to +400. That film fell to +500 after the Academy Award nominees were announced. The Papal drama "Conclave" once climbed to No. 3 at +350 before falling to +600. 

"Wicked" - which earned 10 nominations - opened at the bottom of this market at +8000, but soared to +700 before settling back to +1600.

Last year, “Oppenheimer" opened at +800 before peaking at -5000 after the SAG awards. This year, the field is wide open. Studios are still working on their strategy when it comes to making their own Oscar push. This year, “Gladiator II” had the closest makeup in terms of matching “Oppenheimer” in terms of box office and Oscar success. But it met with lukewarm reviews and failed to score any award buzz. 

Best Director - 97th Academy Awards Odds

(Odds via at DraftKings.) 

Oscars Best Director Betting Analysis

The Buzz: After its big night at the Golden Globes, "The Brutalist" director Brady Corbet opens as a runaway favorite in this market. Corbet is -310 and tops a field that includes Sean Baker ("Anora"), That film was shut out at the Globes. Baker may see his numbers improve if his film finds itself better received as the film awards season progresses.

Best Actress - 97th Academy Awards Odds

(Odds via at DraftKings.) 

Oscars Best Actress Betting Analysis

The Buzz: Oddsmakers see Academy voters honoring Demi Moore for both her performance in "The Substance" and her nearly 40-year career in Hollywood. We saw similar sentiment when Jamie Lee Curtis won her best-supporting actress award 2 years ago for her performance in "Everything Everywhere All at Once." Mikey Madison is the No. 2 pick here. Just 25, she earned her nomination for her role in "Anora" as a young sex worker who marries the son of a Russian oligarch. She earned immense praise for owning the screen in a world of powerful men. Karia Sofia Gascon is the first trans-woman nominated for an acting Oscar. She played the protagonist in "Emilia Perez." Which is a Spanish-language musical about a Mexican cartel leader who wants to transition into living as a woman. Finally, Cynthia Erivo is a surprising long shot at +1400 for her lead role in "Wicked." That film earned 10 Oscar nominations, including Best Picture. 

Best Actor - 97th Academy Awards Odds

(Odds via at DraftKings.) 

Oscars Best Actor Betting Analysis

The Buzz: This will be the most watched and tightest betting market among the major Oscar categories. Adrien Brody is the early favorite for his role as a Holocaust survivor finding his way in post-was American in "The Brutalist." Elsewhere, Timothee Chalamet fully immersed himself into the life of Bob Dylan in "A Complete Unknown." He's No. 2 in this market at +150. Two years ago, Austin Butler went all-in on "Elvis" only to fall short to Brendan Fraser's epic performance in "The Whale." Brody became the youngest Best Actor winner at age 29 n 2002 when he took home the Oscar for his role in "The Pianist." Ralph Fiennes earned his third Academy Award for "Conclave." In that film, he plays a Cardinal who oversees that conclave to select the next Pope. 

 

Best Supporting Actress - 97th Academy Awards Odds

(Odds via at DraftKings.) 

Oscars Best Supporting Actress Betting Analysis

The Buzz: Zoe Saldana ("Emilia Perez") has been installed as a -700 favorite. She plays a high-powered defense attorney in "Emilia Perez" is a Spanish-language musical telling the story of a Mexican cartel boss' transition into living as a woman - and their attorney's effort to make it happen. Ariana Grande ("Wicked") earned a nomination for her role in alongside best-actress nominee Cynthia Erivo.

Best Supporting Actor - 97th Academy Awards Odds

(Odds via at DraftKings.) 

Oscars Best Supporting Actor Betting Analysis

The Buzz: Kieran Culkin ("A Real Pain") opens as the prohibitive favorite in this category. His price as -900 means oddsmakers see little movement here. In "A Real Pain," Culkin plays half of a pair of mismatched cousins alongside Jesse Eisenberg who visit Poland to pay homage to their grandmother. What they find triggers old tensions and long-standing issues. 

What About Oscars Betting Surprises?

And even in Academy Awards betting, there are no true locks. There’s always an Anthony Hopkins out there. If he's not going to eat your liver, he might eat your money.

In 2021, the Academy re-designed the show to award the Best Actor statue at the end, predicting a posthumous win for Chadwick Boseman in “Ma Rainey’s Black Bottom.” When Anthony Hopkins (+800) won, the show went to credits as soon as the award was presented.

“That was a stunner. The people putting the show together weren't expecting it, because the acting category is never the last thing,” said Dominick Debonis. He led the WynnBET trading team on Oscar betting in 2023. “They set up the Best Actor as the last award, expecting the coordination and getting to honor him and all that. And then, they pretty much just cut to black when Anthony Hopkins was announced.”

“There’s always one category that does this,” added Avello. “This time it was at the end of the show.