WILLEMSTAD, CURACAO (February 27, 2006)-All eyes will be on Hollywood's brightest stars Sunday when the winners of the 78th Annual Academy Awards are revealed. Pinnacle Sportsbook was the first bookmaker in the world to open betting on this year's Oscars, releasing odds only minutes after the nominees were announced on January 31st. With the official awards ceremony taking place this weekend, Pinnacle Sportsbook has released updated 2006 Academy Awards odds in the six major Oscar categories.

The largest sports betting site on the Internet, Pinnacle Sportsbook currently lists Brokeback Mountain as a 1/4 favorite to capture Best Motion Picture honors after originally opening at 1/13 odds to win the award. Philip Seymour Hoffman remains a huge favorite (1/7) to win the Best Actor award for his role as Truman Capote, while Reese Witherspoon is the odds-on favorite to take the Best Actress Oscar at 1/4 odds. The most hotly contested Oscar race appears to be for Best Supporting Actor, where Paul Giamatti (10/11) is a slight favorite over George Clooney (2/1). Pinnacle Sportsbook continues to favor Rachel Weisz to capture Best Supporting Actress honors at 1/2 odds. The lock at this year's Academy Awards appears to be Brokeback Mountain director Ang Lee, who is an overwhelming 1/10 pick to take the Best Director award.

Check Pinnacle Sportsbook for all the current 2006 Academy Awards Odds.