NJ sportsbooks adjust odds on the Oscars based on rumors

A rumor started by a Penn State student caused many NJ sportsbooks to alter the odds for Best Director at the Oscars. It all happened 24 hours before the event kicked off. According to sources, the student claimed his father had inside connections in Hollywood, and he knew who was going to win at the Academy Awards. As a result, sportsbooks responded by changing the odds after the bets started pouring in.

Lesson Learned

On Saturday, just one day before the Oscars took place, a tip surfaced that Yorgos Lanthimos would win the best director award. Once that happened, word spread like wildfire across several universities in the region. Due to the volume of bets put on Lanthimos, FanDuel and Betfair both decided to lower the odds significantly.

Indeed, two days before the rumor, odds on Lanthimos were at 50 to 1, but that clearly didn’t last long! By Sunday morning, odds on the director dropped to 10 to 1. And by mid-afternoon, odds fell 5 to 1. Unfortunately, Lanthimos didn’t pull off the victory. Instead, Alfonso Cuaron took home the Academy Award for Best Director. So, once the students realized Cuaron’s odds were increasing, they set up a network in collaboration with colleagues overseas to force odds in the director’s favor. Afterward, they bet for him to win on offshore books.

Sportsbook Lose Students WinNJ new jersey

In conclusion, NJ sportsbooks lost big time because of that rumor. Meanwhile, all the students who set up the gag are laughing all the way to the bank right now! At the same time, a lot of gullible bettors lost a fair bit of money on a director that never even had a chance at winning! As for the next awards, hopefully, people learn a lesson from this story and won’t follow rumors on social media.