The 97th Academy Awards ceremony airs on Sunday starting at 7 p.m. EDT on ABC. And for the first time, people in all 50 states can legally trade on the outcome of multiple categories. The trading market Kalshi is offering markets on several Oscar outcomes, including Best Picture, Best Actor, Best Actress, and Best Director.

Traditional wagering on the Oscars has been legal in the United States since 2019. This week, 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.

This year, FanDuel and DraftKings offer betting in all 23 categories. But not all operators offer Oscar betting markets where available. For example, 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.

RELATED: 2025 Oscars Betting Guide

The allowed amount of wagers varies by state.  DraftKings Director of Race and Sports Johnny Avello told bookies.com that 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.

Trading on Kalshi is legal throughout the United States. It was cleared to operate by a federal court injunction nationwide ahead of the 2024 election during a legal dispute with the Commodity Futures Trading Corporation.

Trading on Kalshi differs from traditional sports betting in that you are not making a bet against an operator but rather trading on a specific outcome against others who are on the other side of the trade.

The payouts offered on Kalshi depend on when the trade was made, in the same way, one locks in their odds when they wager on a legal sports betting app.

Accounts on Kalshi can be funded via debit card, bank transfer, crypto, or wire transfer. Credit cards are not accepted.

Kalshi 97^th Academy Awards Top Betting Markets

Here are the top Oscar-related betting markets being offered by Kalshi ranked by trading volume. Markets are listed with the top 3 outcomes, their chance, and the yes/no price on each one. The site also offers parlays with Oscar outcomes.

‘Anora’ Tops ‘Best Picture’ Market

Voting on the Oscars ended on February 18.

Ahead of the Oscar ceremony on Sunday, Kalshi is offering trades on 19 Oscar-related markets. As of Wednesday, more than $4.7 million worth of shares have been traded in the “Best Picture” category. “Anora” sits at 65 cents per share. That means a share you purchase for 65 cents will be worth $1 if “Anora” wins the Oscar. “Conclave” is currently second at 23 cents. “The Brutalist” has tumbled from a high of 56.9 cents to 14 cents.  

The price history of “Anora” offers a recap of the film’s progress during the ÷awards season. In November 2024, it was trading at 48.4 cents per share. That price tumbled to 18 cents after the film was shut out at the Golden Globes. It surged from 27.2 cents per share to 61.3 cents per share after its big Super Bowl weekend at the Directors Guild of America, Producers Guild of America, and Critics’ Choice awards. It got another boost after “Conclave” won both the BAFTA and SAG awards, as “The Brutalist” all but fell out of favor.  

Here's a look at where the odds stand for Best Picture at DraftKings