Moonlight has won for Best Picture at this year’s Oscar after La La Land was originally announced and accepted the Oscar. Moonlight paid $400 for every $100 bet. It is the first time a -1000 or higher favorite – La La Land – has failed to win for Best Picture in modern times.
Presenter Warren Beatty apparently had the wrong envelope, which read "Emma Stone - Moonlight". Beatty hesitated reading off what was on the envelope until Faye Dunaway grabbed the envelope and announced what she believed was the winner, La La Land.
The La La Land crew spent over a minute on stage offering an exception speech before the blunder was eventually noticed.
Earlier in the day, Gambling911.com had predicted this could be the first time a big favorite would lose in this category since Moonlight's short odds and gaining momentum could provide the upset.
Moonlight won two Oscars in addition to Best Picture.
Do to confusion, gambling sites are likely to delay in grading this bet