$50,000 on a Kiwi dead cert

A Hawkes Bay man is so sure Peter Jackson will win an Oscar that he has staked $50,000 on the New Zealand film maker with an Australian online betting agency.

But the 20-1 odds are so low that the gambler will make only $2500 if Jackson gets the Academy Award for best director, says Centrebet spokesman Mark Worwood.

He said thousands of New Zealanders were putting their money on the line in anticipation of national glory at Monday's Oscars ceremony, and a lot more wagers were likely to be laid before betting closes just before the ceremony.

A hot favourite with punters on both sides of the Tasman, Jackson is paying $1.05 for every dollar bet, well ahead of Sofia Coppola and Australian Peter Weir ($11), Clint Eastwood ($15) and Fernando Meirelles ($67).

Mr Worwood thinks his agency will be paying the Hawkes Bay man.

"I've backed Peter Jackson with another bookie myself, so I want him to win."

His own flutter was not as big as the New Zealand punter's, but "still considerable", he said.

"In my opinion it will be a disgrace if Jackson doesn't win. I think there will be a lynching."

The Lord of the Rings: The Return of the King is the same short price as its maker to become the first fantasy film in Oscar history to win the best picture award.

New Zealand's Keisha Castle-Hughes is fourth favourite for best actress at $13, behind Australia's Naomi Watts, third at $12.

Frontrunners for the big acting awards are Sean Penn ($1.80), Charlize Theron ($1.10), Tim Robbins ($1.25) and Renee Zellweger ($1.15).

Mr Worwood said Keisha Castle-Hughes was being strongly backed by New Zealand bettors.

* British bookmakers have stopped taking bets on the Oscars following strong support for The Lord of The Rings: The Return of The King.

The odds for the final film of the Tolkien trilogy closed at the equivalent of $1.08 for Best Picture, easily the hottest favourite ever.

Ladbrokes had cut the odds on it winning to $1.08 from $1.17 after its success at the Screen Actors Guild awards.