Philip Seymour Hoffman is the odds-on favourite to take the Oscar for his interpretation of writer Truman Capote. Irish bookmakers Paddy Power are offering 1/7 on Hoffman taking the Best Actor gong on Sunday/Monday
PSH isn't the only odds-on Oscar favourite, Ang "Brokeback Mountain" Lee is 1/10 for Best Director and Reese Witherspoon is 1/5 for the Best Actress award. Best Supporting Actress sees Rachel Weisz at 4/11 and Brokeback Mountain 2/9 to win Best Picture.
My tip for Oscar betting has to be the 100/1 long-shot offered by Paddy Power:
Best Actress to walk on stage with toilet roll stuck to her shoe at the 2006 Oscars – 100/1
On a more serious note I might be interested in Crash for best picture if I can get a good price on it. My money is on Reese Witherspoon for her portrayal of June Carter, in Walk the Line