Oscars Odds: The Power of the Dog Given 61.8% Chance to Win Best Picture

Oscars Odds: The Power of the Dog Given 61.8% Chance to Win Best Picture

Oscars odds are a weird thing. Some don't even know you can gamble on the Oscars. But, in the past few years, Oscars odds have become one of the most popular niche markets for sports betting.

On Tuesday, we saw the first real shift in Oscars odds when The Academy announced the finalists for Best Picture at this year's show.

The Power of the Dog has been the favorite to win the award for Best Picture for some time, and that notion was further reinforced with the Oscars odds movement on Tuesday. Now, after officially being named a nominee for Best Picture, the Power of the Dog is odds-on to take home the Oscar.

Click here for Oscars odds for Best Picture

Oscars Odds - Best Picture Nominees

This year, there are 10 different films nominated for the Best Picture award at the Oscars. The movies nominated are:

• Belfast
• Coda
• Don't Look Up
• Drive My Car
• Dune
• King Richard
• Licorice Pizza
• Nightmare Alley
• The Power of the Dog
• West Side Story

Oscars Odds - Best Picture Odds

Prior to Tuesday's announcement of Best Picture nominees, The Power of the Dog, starring Benedict Cumberbatch and Jesse Plemons, was indeed the favorite, sitting at +120 to win the award, according to Oscars odds.

Now, just a day later, those odds have been cut pretty drastically. Right now, The Power of the Dog's Oscars odds for Best picture sit at -162. The movie's implied probability to win the Oscar went from 45.5% to 61.8% overnight.

But, The Power of the Dog wasn't the only movie that saw its odds slashed. Belfast, the second favorite to win Best Picture, had its Oscars odds slashed from +225 down to +175.