In most parts of the world, betting on awards shows and reality shows is an established part of the sports betting landscape. In the United States, however, where regulated sports betting was really only allowed in one state for most of the 20th Century, that hasn’t been the case. But since New Jersey shattered the sports betting ban, awards show betting is set to become as common in the US as it is in the rest of the world.
Late last month, gaming regulators in Indiana paved the way for the Hoosier State’s sportsbooks and casinos to start taking action on the Academy Awards. That makes them the second US State to allow for that since New Jersey broke the seal on Oscars wagering last year.
In the past, wagering on awards shows and reality shows was not allowed in Nevada because the outcome of the event was already determined. Unlike sporting events, which generally play out live with no one really knowing the winner, reality and awards shows already have determined winners. This potentially sets the stage for fraud – though there seem to be no serious cases of that actually happening. In fact, regulated markets go a long ways towards preventing this type of fraud because a stranger who walked in a sportsbook to place large wagers on Oscars long shots would raise plenty of attention.
Awards show wagering also seems to be a pretty good deal for the casinos and sportsbooks taking the action. Last year New Jersey operators got to keep 75 percent of the action that was placed on the Oscars.