Best Picture award at the Oscars shocks bookies

(PRESS RELEASE) -- While bookie William Hill Sportsbook & Racebook was surprised that La La Land did not pick up the Best Picture award at the Oscars, it was not a huge shock given that Moonlight has received a huge amount of support in the lead up to the ceremony.

The shortest price that was offered on La La Land winning the big one was 1/9; however, by the time the nomination was made, it had drifted to 1/5 with Moonlight the 4/1 second favorite, having been as long as 16/1 just two weeks ago.

Just over half of all wagers on the Best Picture market from midnight on 26 February to the opening of the envelope were for Moonlight, and its price came in significantly from 6/1 to 4/1 on the day.

"On the whole, the Oscars are a pretty predictable affair and only once in a blue moon anything even resembling a shock occurs in the 'big six awards.' However, this year is one of those times, and the long-time favorite has been resoundingly beaten here," said William Hill spokesman Joe Crilly.

The awarding of the Best Picture award was not without its drama, and William Hill is offering 10/1 that an incorrect winner is announced for one of the big six awards at next year's ceremony.

Will an incorrect winner be announced for one of the big six awards next year: 10/1 yes

The big six are Best Picture, Best Actor, Best Actress, Best Director, Best Supporting Actor and Best Supporting Director.