It is Oscar week in California and that means that many of the top celebrities in the world are starting to congregate in Hollywood. The Academy Awards ceremony takes place on Sunday night at the Kodak Theatre, but betting on the event has already started at sports books in Las Vegas.

The most popular of the bets that can be made are in the Best Picture, Best Lead Actor and Lead Actress categories. For Best Picture, The King’s Speech is an overwhelming favorite. Gamblers would have to wager $9 for every $2 they wished to win.

The Social Network is the second choice at 7/2. Every other film in the category has odds of at least 35/1. The long shot at 200/1 is The Kids Are All Right. True Grit and Black Swan have both received rave reviews, but they have odds of 35/1 and 40/1, respectively.

In the Best Actor category, it is Colin Firth that is favored. Firth’s odds of 1/33 are some of the highest odds that have ever been placed on an actor in this category. James Franco appears to be the only actor that could pull the upset, but with odds of 18/1, sports books are not suggesting the upset is likely.

Natalie Portman appears to be a shoe-in to win the Best Actress award. Portman has odds of 1/12. Annette Bening at 13/2 has odds that suggest this could be one of the categories that produces an upset on the evening. Jennifer Lawrence also has odds that keep her within striking distance of the favorites at 28/1.

Anne Hathaway and James Franco will be hosting the event, and hundreds of celebrities are expected to be on hand for the award presentations. Traditionally, the after party’s have become as popular as the award ceremony itself, with many of the top stars hosting the party’s either at their homes or at nightclubs in California.…