There's six major categories listed at BetPhoenix odds (entertainment) to wager on making up the star-studded evening when the stars come out to shine, showcasing enough expensive bling and wardrobes with a combined worth that could recover our economy, including Best Picture, Best Actor, Best Actress, Best Supporting Actor, Best Supporting Actress and Best Director.

The Best Picture of the Year Award annually generates the most Oscar betting dollars. This year's favorite is "Slumdog Millionaire," a film that focuses on the young winner of an Indian "Who Wants to Be a Millionaire" contest, as the priciest pick among the BetPhoenix Oscar odd's best-picture category at a hefty -1200.

The story of Jamal Malik, an 18 year-old orphan who grew up in the slums, becomes a contestant on the Indian version of "Who Wants To Be A Millionaire?" He is arrested under suspicion of cheating after the show breaks for the night, and while being interrogated, events from his life history are shown which explain why he knows the answers to the questions that raises suspicion of fraud.

The police inspector shows the videotape and after each question, Jamal tells parts of his childhood with his brother Salim, his crush for Latika and their fight to survive on the streets to justify each correct answer, guided by his common sense and past experience to prove his innocence.

Slumdog Millionaire dominated the British Academy Film Awards (BAFTA) by winning in seven categories. And Danny Boyle is the -1000 favorite to win the Best Director Oscar for Slumdog Millionaire. Boyle was named Best Director at the BAFTAs and the movie also took the prizes for Adapted Screenplay, Music, Cinematography, Editing and Sound.

The show experts predict as having the possibility to surprise on Oscar Night is Milk which holds betting value of +2000. It's oddsmakers third choice to win Best Picture of the Year Award, but it's received high praise and raves from some of the biggest names in the business.

Who To Watch For?—Jeff Gordon (+500)—After six wins in 2007, Gordon failed to post a win during last season for the first time since his 1993 rookie year. However, he made last season's Chase and started in tenth. The problem seems to be Gordon's still not comfortable in the COT. Though, being Jimmie Johnson's teammate at Hendrick, he's most likely only one step from returning to his winning ways by catching up to the COT program.

A movie based on Harvey Milk, who became a Gay Rights activist and San Francisco politician. On his third attempt, he was elected to San Francisco's Board of Supervisors in 1977, making him the first openly gay man to be elected to public office in the USA. The following year, both he and the city's mayor, George Moscone, were shot to death by former city supervisor, Dan White.

Milk had been the subject of several books and the Academy Award-winning documentary feature, The Times of Harvey Milk (1984); but Milk (2008) is the first fictional feature to explore private aspects of the man's personal life and career. Many of Mr. Milk's real-life surviving friends and former associates participated in the making of this film, several appearing on camera.

Sean Penn's performance as Milk ranks up there as one of his best, earning oddsmakers respect as second choice at +170 to win Best Actor Award with his film's role. The biography drama filled movie competes with all the nominees in terms of emotion and intensity.

The BAFTAs also saw Mickey Rourke claim the Best Actor award for The Wrestler and the Best Supporting Actor award was presented posthumously to Heath Ledger for The Dark Knight. Both are BetPhoenix odds on favorites to win their respective Oscar categories. Rourke is a modest -160, while Ledger is oddsmakers overwhelming clear favorite priced at a colossal -2750.

On the ladies side at the BAFTAs, twice-nominated Kate Winslet took Best Actress for The Reader and the Best Supporting Actress honor went to Penelope Cruz for her role in Vicky Cristina Barcelona. Winslet is -200 and Cruz is priced at -220 to cash for supporters in their respective categories on Oscar Night.

If you bet on Oscars as a first-time sports betting fan looking to expand your horizons, or a veteran gambler aware of the great money-making odds, BetPhoenix has your red-carpet ticket to all the Oscars betting online excitement. The 81st annual Oscars are on Sunday, Feb. 22 live on ABC, starting at 8:00pm EST.