While Nevada bettors can't legally throw down money on the Oscars, they still enjoy seeing the odds, Avello says.

CNN: Handicapping odds for film's finest

"They come in and make (odds) sheets and take them home, " says Avello.

CNN: Handicapping odds for film's finest

Like Avello, Ladbrokes chose "Gladiator, " Crowe and Roberts as the respective favorites.

CNN: Handicapping odds for film's finest

Ask Johnny Avello, the Director of Race and Sports at Bally's and Paris Las Vegas, who's been running Oscars numbers for a few years now.

CNN: Handicapping odds for film's finest

Resident Joyce Avello puts the blame squarely on the federal government.

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"I don't consider that race to be close, " Johnny Avello, executive director of race and sports operations at betting company Wynn in Las Vegas told Time magazine.

CNN: 2009 Oscars: More snooze than sizzle?

Of all the picks, Avello feels most strongly about Roberts, who has also won a Golden Globe and Screen Actors Guild award for her "Erin Brockovich" performance.

CNN: Handicapping odds for film's finest

Other favorites to nab a statuette, according to Avello, are Kate Winslet for Best Actress, Mickey Rourke for Best Actor, and Heath Ledger for Best Supporting Actor.

CNN: 2009 Oscars: More snooze than sizzle?

"Between what I read and know, I come up with who I think the favorites should be, and then I compile the odds based on mathematical formula, " says Avello.

CNN: Handicapping odds for film's finest