Las Vegas has posted odds on the Oscars. The one catch: You can't place actual money bets. That's right, Oscars Vegas odds are just that, odds rendered useless, especially since they have no idea which way the action is moving to determine how they should update their odds based on "real time betting".
Vegas sportsbooks are just that, they are permitted to take bets on sports but not anything related to entertainment or politics. We suppose the Oscars can fall into both categories certain years.
And boy is Vegas losing out!
Gambling911.com Senior Editor Payton O'Brien: "This year I believe the online gambling sites are going to break all types of records on Oscars betting. We are noticing search inquiry trends leading into the weekend are way up over last year. Gambling911 is actually seeing more odds inquiries for the Oscars leading into the weekend than for the Super Bowl."
This should come as no surprise for those of us who've been monitoring this stuff the last few years.
Online gambling websites the likes of Bookmaker.com, which accepts bets from U.S. citizens, and Sportingbet.com, a publicly traded wagering company out of the UK that accepts bets from the rest of the world, are likely to witness the most money coming in for a single day's event than any other outside of the Super Bowl, Kentucky Derby and - for Sportingbet - the Premiership final. March Madness in the States and the British Open Golf in the UK attract more bettors, but over a prolonged period of time.
"And to be certain, the Oscars competes rather well with the later two events," O'Brien acknowledged.
It's a huge loss for Vegas and the United States economy in general.
That may soon change.
House of Representatives Financial Services Committee Chairman Barney Frank was set to introduce a bill this weekend that would overturn a law prohibiting online gambling sites from taking bets in the United States. The Unlawful Internet Gaming Enforcement Act, however, has no jurisdiction over such companies like Bookmaker.com that operate from Costa Rica, where such activity is not only legal but a major source of revenue for that nation. Costa Rica is the largest center for online gambling in the world.
Likewise, the UIGEA does not make it illegal for a U.S. citizen to place a bet on the Oscars or any sport for that matter. Only Washington State specifically makes placing a bet over the Internet a Class C felony.
Congressman Frank has argued that the current laws place an unnecessary burden on the nation's struggling financial system by requiring them to monitor online gambling transactions, something the banks insists they cannot do.
"It's an unfunded mandate," says Joe Brennan, Jr., whose The Interactive Media Entertainment & Gaming Association, is currently challenging the Constitutionality of the UIGEA in a United States Appeals Court.
Should current legislation be repealed it is doubtful we will see betting on the Oscars in Vegas any time soon. The casinos would have to obtain licensing for such a thing and that will be no easy task. Already there are groups that oppose betting in Vegas on College Sports, fearing collusion between unpaid college students and big time gamblers. Las Vegas' close relationship with Hollywood, and the fear of crossing "integrity" boundaries (a la "insider" info from judges) will almost certainly keep Oscars Vegas odds an "entertainment only" affair.
Christopher Costigan, Gambling911.com Publisher
Las Vegas has posted odds on the Oscars. The one catch: You can't place actual money bets. That's right, Oscars Vegas odds are just that, odds rendered useless.
Vegas sportsbooks are just that, they are permitted to take bets on sports but not anything related to entertainment or politics. We suppose the Oscars can fall into both categories certain years.
And boy is Vegas losing out!
Gambling911.com Senior Editor Payton O'Brien: "This year I believe the online gambling sites are going to break all types of records on Oscars betting. We are noticing search inquiry trends leading into the weekend are way up over last year. Gambling911 is actually seeing more odds inquiries for the Oscars leading into the weekend than for the Super Bowl."
This should come as no surprise for those of us who've been monitoring this stuff the last few years.
Online gambling websites the likes of Bookmaker.com, which accepts bets from U.S. citizens, and Sportingbet.com, a publicly traded wagering company out of the UK that accepts bets from the rest of the world, are likely to witness the most money coming in for a single day's event than any other outside of the Super Bowl, Kentucky Derby and - for Sportingbet - the Premiership final. March Madness in the States and the British Open Golf in the UK attract more bettors, but over a prolonged period of time.
"And to be certain, the Oscars competes rather well with the later two events," O'Brien acknowledged.
It's a huge loss for Vegas and the United States economy in general.
That may soon change.
House of Representatives Financial Services Committee Chairman Barney Frank was set to introduce a bill this weekend that would overturn a law prohibiting online gambling sites from taking bets in the United States. The Unlawful Internet Gaming Enforcement Act, however, has no jurisdiction over such companies like Bookmaker.com that operate from Costa Rica, where such activity is not only legal but a major source of revenue for that nation. Costa Rica is the largest center for online gambling in the world.
Likewise, the UIGEA does not make it illegal for a U.S. citizen to place a bet on the Oscars or any sport for that matter. Only Washington State specifically makes placing a bet over the Internet a Class C felony.
Congressman Frank has argued that the current laws place an unnecessary burden on the nation's struggling financial system by requiring them to monitor online gambling transactions, something the banks insists they cannot do.
"It's an unfunded mandate," says Joe Brennan, Jr., whose The Interactive Media Entertainment & Gaming Association, is currently challenging the Constitutionality of the UIGEA in a United States Appeals Court.
Should current legislation be repealed it is doubtful we will see betting on the Oscars in Vegas any time soon. The casinos would have to obtain licensing for such a thing and that will be no easy task. Already there are groups that oppose betting in Vegas on College Sports, fearing collusion between unpaid college students and big time gamblers. Las Vegas' close relationship with Hollywood, and the fear of crossing "integrity" boundaries (a la "insider" info from judges) will almost certainly keep Oscars Vegas odds an "entertainment only" affair.
Christopher Costigan, Gambling911.com Publisher
