2025 Oscars Odds: Picks, Ultimate Betting Guide For 97th Academy Awards

The 97th Academy Awards ceremony airs Sunday 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 the full odds are available as the show draws near. 

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

Not all legal sportsbooks offer betting on the Academy Awards, even if permitted to do so. 

Meanwhile, Kalshi, a legal trading market, offers trades on 18 Oscar-related items in all 50 states. 

The Oscar voting ended February 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 Offered In 23 Categories

In 2025, DraftKings and FanDuel offer markets in all 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.

"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.”

This year, "Emilia Perez" has 11, as well, including "Best Picture." 

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.

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: Smaller is bigger this year. The surprise of the year - "Anora" - enters Oscar week as the favorite at -200 at DraftKings and 61 cents at Kalshi to win best picture despite back-to-back wins for "Conclave" at the BAFTA and SAG awards. That film cost just $6 million to produce. And votes might want to send a message this year that it's time to break away from big-money films and push more toward unique stories. 

"Anora" was priced at +500 just 3 weeks ago, it moved into the favorite's spot at -225 to win best picture while much of America was focused on the Super Bowl. "Anora" swept the top categories at the Critics Choice awards (Best Picture), the Producers Guild award, and the Directors Guild awards (Sean Baker) over the weekend. "Anora" had 5 Globe nominations but won nothing. Its price slipped from +350 to +500 after the Academy Award nominees were announced. 

"Anora" tells the story of a bride from Brooklyn whose fairytale marriage to the son of a Russian oligarch runs into some unexpected trouble. Mikey Madison, who plays the bride Ani, is up for Best Actress honorees. "Anora" is trading at 61 cents, vs. 25 cents for "Conclave," to win Best Picture honors at Kalshi. That means you get back $1 per share if "Anora" wins for your 63 cents, or $1 back per share if "Conclave" wins for your 25 cents. 

The Papal drama "Conclave" was as high as +1400 before awards season. That film edged back to +550 after taking Best Picture honors at the BAFTA awards then saw its price more than double after its win at SAG awards. 

The biggest loser after the SAG awards was "The Brutalist." 

“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. It's price tumbled to +600 after being shut out at both the BAFTA and SAG awards. 

“The Brutalist" 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.

The post-Globes bounce is the Netflix Spanish-language musical "Emilia Perez" has evaporated. The film 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. It has now tumbled to +6500. 

"Wicked" - which earned 10 nominations - opened at the bottom of this market at +8000, but soared to +700 before seeing its price fall back to +5000. 

And the winner is . . . "Anora" could win as the result of perfect timing. Its big DGA and PGA wins came right on the eve of Oscar voting. Its price spiked along with "Conclave" after that file won the BAFTA and SAG awards.  "The Brutalist," much like "Oppenheimer," bites off much more than any of the other finalists. Its subject matter is compelling and should connect with voters. It has an aura of an "epic" - now that it's available to a wider audience. But it faded during awards season at the expense of "Conclave." There is still value on "Conclave" at +225 ahead of Sunday's ceremony. Our pick is "Anora."

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 opened as a runaway favorite in this market. Corbet was -310 and topped a field that includes Sean Baker ("Anora"), That film was shut out at the Globes. Baker saw his numbers surge after "Anora's" sweep in the Critics Choice, Producers Guild, and most importantly, Directors Guild awards. All eligible Academy members vote for Best Picture, However, only those who work in each of the other categories, vote in those categories. Hence, Barker's win in the Directors Guild could be considered a harbinger. Baker was up to +450 in this category before the awards season began. 

And the winner is . . . We may well see a split this year between the Best Picture and Best Director honors. The win in the Directors Guild pushed Baker's number to -175 but it has since softened to -140 after Corbet's win at the BAFTA's. Corbet remains competitive at +125 and pulls this one out in a squeaker. 

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. 

And the winner is . . . Demi Moore is strong here. Her performance in "The Substance" was compelling - vintage Demi. That, plus the weight of her 40-year career in Hollywood, and her bare Oscar trophy case, carries the day. Moore's win at the SAG awards pushed her price up from -140 to -250. Mikey Madison was gaining steam and buzz before her Best Actress nod at the BAFTAs. This is another tight race. Back in the day, Moore would win with ease, given the makeup of the Academy now, Madison has a real chance at the upset at +165. Still, we're sticking with Moore here, even with the spike in her price.  

Best Actor - 97th Academy Awards Odds

(Odds via at DraftKings.) 

Oscars Best Actor Betting Analysis

The Buzz: Another tight market. Adrien Brody remains the favorite at -230 for his role as a Holocaust survivor finding his way in post-War America 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. On Kalshi,  Brody is trading at 65 cents per shape to win Best Actor honors, while Chalamet is at 34 cents.Two years ago, Austin Butler went all-in on "Elvis" only to fall short to Brendan Fraser's stirring performance in "The Whale." Brody became the youngest Best Actor winner at age 29 in 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 a conclave to select the next Pope. 

And the winner is . . . While Chalamet and Brody are co-favorites, Ralph Fiennes could steal this one in the same way Anthony Hopkins did. He won "Best Actor" for his performance in "The Father" when the world was expecting Chadwick Boseman. Brody won his Oscar for playing a similar character to the one he portrays in "The Brutalist." Our pick is Chalamet, he can score with older Academy members for his role as Bob Dylan, as well as younger ones. And his performance was immersive as it was excellent. Brody's price tightened significantly after his win in this category at the BAFTA awards, but Chalamet gained some ground after his win in the SAG awards. The SAG membership and the Academy membership who choose the acting awards enjoy a significant cross-over. By the way, Chalamet is 29 this year. The same age as Brody when he won his Best Actor statue. 

Best Supporting Actress - 97th Academy Awards Odds

(Odds via at DraftKings.) 

Oscars Best Supporting Actress Betting Analysis

The Buzz: Zoe Saldana ("Emilia Perez") was installed as a -700 favorite and her price has skyrocketed since. She plays a high-powered defense attorney in the 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 alongside best-actress nominee Cynthia Erivo.

And the winner is . . . "Emilia Perez" earned a stunning 11 nominations. Given that was as many as "Oppenheimer" and more than "Godfather - Part II," some voters might seek a backlash. The film has also been beleaguered by disastrous news concerning its star and use, or misuse, of the Spanish language.  Zoe Saldana should be immune to that. She was installed as the prohibitive favorite because her performance in this farce was worthy. She gets the statue here. Her price doubled after her BAFTA win and further rose after she took home the SAG award. 

Best Supporting Actor - 97th Academy Awards Odds

(Odds via at DraftKings.) 

Oscars Best Supporting Actor Betting Analysis

The Buzz: Kieran Culkin ("A Real Pain") remains the prohibitive favorite in this category. His price has tightened from -900 to -3500. 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. 

And the winner is . . . Each year there are 2 or 3 categories that are more or less locks - this is one. Kieran Culkin. His win at the SAGs was the clincher. 

What About Oscar 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 Dominic 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.