The 96th Academy Awards are set to air this Sunday at 7:00 p.m. ET on ABC, and this year, FanDuel Sportsbook has got you covered if you're looking to explore the Oscars betting market.

Before we dive into the array of categories, let's take a look at how the award winners are decided upon.

The Academy of Motion Picture Arts and Sciences, a group comprised of over 10,500 members, make up the Oscars voting body. All members of the Academy may cast their vote on all categories, and the nominee with the most votes reigns victorious. That is except for the Best Picture award, which is chosen via a ranked voting system.

With that, let's check out the Oscars betting odds and see which nominees have the best chance at leaving the Dolby Theatre with a gold trophy in hand.

Oscars Betting Odds

These Oscars betting odds are according to FanDuel Sportsbook as of 5:00pm ET on March 6th.

Best Picture

Sunday's marquee award leaves us with much to be desired on the surprise front.

Christopher Nolan's Oppenheimer was the talk of the summer and that chatter has bled through into awards season. The film has taken home just about every precursor award, including a Golden Globe, Critics' Choice Award, and a BAFTA.

Leading the way with 13 nominations, Oppenheimer received mass critical and commercial success, a combination that is rarely seen but will likely be awarded come this Sunday.

We should expect the "Oppenhomies" to populate the stage this weekend, and this award is no exception.

Best Actor

When asked if he would rather win an Oscar in 2024 or see his beloved Philadelphia Eagles take home the Super Bowl trophy, Bradley Cooper feigned humility, stating that he would rather see the Birds win.

It's looking like Cooper will go 0-for-2 in this regard, as Cillian Murphy is the heavy-favorite to win Best Actor.

Murphy has the performance and resume to back up this win. He's already taken home a Golden Globe, BAFTA, and SAG award for his portrayal of J. Robert Oppenheimer, which are key wins when tracking the Oscars race.

But I wouldn't tap Murphy as a total shoo-in. Paul Giamatti also won a Golden Globe for his performance in The Holdovers, and he beat out Murphy at the Critics' Choice Awards.

Giamatti is a venerated, veteran actor, not to mention a fan-favorite. He's been nominated for a pair of Oscars in his storied career but has yet to take home the gold.

Not only does Giamatti own the respect of the voting body, but he also portrayed an original character in his film, unlike Murphy and Cooper. I don't think a split vote will factor in too much when it comes to Best Actor, but if it does, the votes could be divided between Cooper and Murphy for their biopic work.

I'd consider Giamatti at +650. Murphy holds a strong lead, but a win for Giamatti is in the realm of possibilities. Either way, we can probably rely on Giamatti to pull up to In-N-Out Burger for a post-awards meal, trophy in hand or not.

Best Actress

While we're seeing some heavy favorites in the aforementioned categories, the Best Actress award is a tight race between Lily Gladstone and Emma Stone.

Both actresses won a Golden Globe for their respective performances. Gladstone beat out Stone at the SAG Awards, arguably the most important precursor event, while Stone reigned victorious at the BAFTA's and the Critics' Choice Awards.

Given that the SAG and BAFTA voting bodies share some overlap with the Academy, I think this race leans more towards a toss-up than the market is indicating.

Gladstone is a newcomer who shined in Killers of the Flower Moon, while Stone's inventive performance in Poor Things is equally hard to deny. For this race, I'll side with the plus odds when I can get them, meaning Stone might be the best move.

Best Director

There's little to be said here. Christopher Nolan touts -4000 odds to win Best Director, which implies a 97.6% probability.

The revered director has yet to win in this category, and if his named isn't announced this Sunday, we are fair to assume that a La La Land-esque mixup is in play.

Best Supporting Actor

On the surface we have a loaded group of excellent actors, but this Oscar is Robert Downey Jr.'s for the taking.

Downey has won every relevant precursor award for Best Supporting Actor, has deep ties within the Academy, and has exemplified the picture-perfect, up-and-down, Oscar-less Hollywood career.

For that, and his performance in Oppenheimer, he should be rewarded handsomely.

Best Supporting Actress

Congratulations are likely in order for Da'Vine Joy Randolph.

Similar to Downey, Randolph's showing in The Holdovers has caught the attention of voters. She has won every key precursor Best Supporting Actress award. There's no reading between the lines with these odds.

Best Cinematography

Oppenheimer strikes again.

The film is the market's chalk to win in the Best Cinematography category. But while the film's status in the Best Picture, Best Director, and Best Film Editing categories seem more like locks than not, I don't think we should be shocked to see Poor Things come out on top here.

If the Oppenheimer fatigue grows strong among voters, this is a potential category where the creativity of Poor Things could be rewarded.

Best Original Screenplay

Anatomy of a Fall continues to gain traction, but I wouldn't count out The Holdovers for this category.

The former's script boasts more movement, while the latter's script is a quintessential writer's document. There are grounds for an upset.

Best Adapted Screenplay

Things could get interesting in the Best Adapted Screenplay category.

American Fiction, written and directed by first-timer Cord Jefferson, is a fair favorite.

But as is with just about every category, it's hard to deny the legitimacy of Oppenheimer.

Add in Barbie, written by Greta Gerwig and Noah Baumbach, and I think we have a closer race on our hands than the market is implying.

Gerwig and Baumbach are, first and foremost, writers. They've each been nominated but have yet to win an Oscar in the Best Screenplay categories. When Gerwig was "snubbed" in the Best Director category (Barbie received 8 Oscar nominations), an online uproar ensued.

Further, the script for Barbie was, perhaps erroneously, placed in the Best Adapted category in lieu of the Best Original category. I wouldn't be surprised if the Academy throws Gerwig and Baumbach a bone for their inventive adaptation of the enigma that is a toy doll.

Best International Feature Film

The Zone of Interest is the lone film in this category that was also nominated for Best Picture.

We've yet to see an International Feature get nominated for Best Picture and end up losing out on this award. I don't think it's more complicated than that.

Best Original Score

Ludwig Goransson's score for Oppenheimer was arguably the most memorable sound achievement in the 2023 film cycle. It seems he lacks stiff competition.

Best Sound

A rare spot where we can find Oppenheimer at shorter-than-normal odds might be worth a look.

Best Original Song

The market may think that Barbie being nominated twice in this category could cause concern for a split vote, but it'd be somewhat appalling if the song that won Song of the Year at the Grammy's gets snubbed here.

Best Film Editing

Oppenheimer might not be as heavily favored in this category as some of the others, but I think the film's achievement in editing is unparalleled among these other nominees. There are some categories where choosing an Oppenheimer upset could be a solid move. I don't think this is one of them.

Head over to FanDuel Sportsbook to check out all of the Oscars betting odds options.

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The above author is a FanDuel employee and is not eligible to compete in public daily fantasy contests or place sports betting wagers on FanDuel. The advice provided by the author does not necessarily represent the views of FanDuel. Taking the author's advice will not guarantee a successful outcome. You should use your own judgment when participating in daily fantasy contests or placing sports wagers.